ML17258A556

Forwards Matl Required Under Alternative Method 5 to Support Guarantee to Pay Retrospective Premiums Which Might Be Required Under Secondary Financial Protection Sys

ML17258A556
Person / Time
Site:	Ginna
Issue date:	02/17/1982
From:	Kowba S ROCHESTER GAS & ELECTRIC CORP.
To:	Saltzman J Office of Nuclear Reactor Regulation
References
NUDOCS 8202230391
Download: ML17258A556 (8)

Text

l REGULATORY 'RHATION DISTRIBUTION SYS ('RIDS)

ACCESSION NBR:8202230391 DOC ~ DATE: 82/02/17 NOTARIZED: NO, DOCKET FAOIL',:50 '244 Rober.t Emmet Ginna Nuclear 'Plant< Unitt ir Rochester G 05000244/

AUTH ~ NAHE AUTHOR AFFILIATION KONBAR'ST 'Rochester 'Gas 8 'El:ectHic:Corp.

REC IP ~ NAME RECIPIENT AFFILIATION SAL<TZHANiJ~ 'Anti',trust 8 Economic" analysis Branch (Utility Finance)

SUBJECT:

For war.ds matl Treauired,under Alternative.:Method '5 ~to support guarantee 'to pay. retr ospective'premiOus 'which rgight be

• rea0ired under secondary financial protection ssys.

DISTRIBUTION CODE: 'HO(1'S COPIES iRECEIVED:LTR, .~ENCL S1ZE:..

TITLE: Insur ance: Indemnitty/Endorsement Agr eements NOTES:1 copy:SEP 'Sect, Ldr ~ 05000244 RECIPIENT )COPIES RECIPIENT .COPIES ID CODE/NAME L'TTR ENCL ID 'CODE/NAME LTTR ENCL INTERNAL::CON ODRIGUEZE J 1 NRR/DL/ADL 07 1 0 01 1 'SP 1 1 EXTERNAL: LPDR NTI'S 03 04 1

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IIIIII II Ifllilll~ll 3K, ROCHESTER GAS AND ELECTRIC CORPORATtON ~ 89 EAST AVENUE, ROCHESTER, N.Y. 14649 STEPHEN KOWBA TELEPHONE ASSISTANT CONTROLLER AREA COOE TIE 546-2700 February 17, 198 RECBNBQ F~B 22 1982 Mr. Jerome Saltzman, Chief 5 JCtQ gg~g~T

~%V Utility Finance Branch QRlfgp pygmy~

noc Division of Engineering Office of Nuclear Reactor Regulation Nuclear Regulatory Commission Washington, D. C. 20555 Re: 10 CFR Part 140, Section 140.21

Dear Mr. Saltzman:

Enclosed is material required under Alternative Method No. 5 to support a guarantee by Rochester Gas and Electric Corporation that it can pay the retrospective pre-miums which might be required under the Secondary Financial Protection system.

Attachment A summarizes the actual cash flow for the calendar year 1981 and the projected cash flow for the calendar year 1982.

Attachment B is a certified financial statement covering the three months ended December 31, 1981 and 12 months ended December 31, 1981.

Ne do not believe that it would be necessary to curtail any capital expenditures if a retrospective premium had to be paid. However, if future circumstances were such as to impact capital expenditures, we probably would delay upgrading distribution facilities which would not have an immediate impact on our service standards.

Very truly yours, Ste en Kowba Enclosures drool

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Attachment A Rochester Gas and Electric Corporation 1982 Cash Flow Projection For R. E. Ginna Nuclear Power Station (000 s) 1981 Actual 1982 Forecasted Net Income After Taxes h

$ 65,750 $ 73,939 Less Dividends Paid 39 050 46 485 Retained Earnings $ 26,700 $ 27,454 Adjustments:

Depreciation and Amortization $ 56,683 $ 56,799 Deferred Income Taxes 6,173 12,214 Deferred Fuel Costs 11,851 (10,487)

Allowance for Funds Used During Construction (21,110) (31,072)

Other Electric Utilities Levelized Sales Profit Adjustments 9 543 (970)

Total Adjustments $ 63,140 $ 26,484 Internal Cash Flow $ 89 840 $ 53,938 Average quarterly Cash Flow $ 22 460 $ 13 485 Percentage Ownership in All Operating Nuclear Units R. E. Ginna 100~

Maximum Total Contingent Liability $ 10,000 h t

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Attachment B Ro ster Gas and Electric Corporat Statement of Income (ooo s)

Three Months Ended Year Ended December 31 1981 December 31 1981 Revenue Electric $ 80,081 $ 320,325 Gas 58,561 2129553 Steam 6 457 26 361

~W9 559M9 Electric sales to other utilities 16 523 54 302

mr',m ,5 Expense Electric and steam fuels 21,491 94,148 Purchased electricity 4,140 26,886 Deferred fuel - electric and steam 3,032 11,408 Purchased natural gas 45,865 138,084 Other operation 30,797 106,514 maintenance 9 700 36 981 Total operation and maintenance expense 115,025 414,021 Depreciation 8,512 32,877 Taxes-Local, state and other 17,179 68,261 Federal income tax - current (1,765) 6,770

- deferred 2 435 11 810 Operating Income 20,236 79,802 Other Income and Deductions, Allowance for, other funds used during construction 3,700 13,704 Other - net 1 506

,~,YK Income before Interest Charges 25,442 100,368 Interest Charges Long-term debt 10,872 38,020 Short-term debt 1 2,594 Other - net 726 1,410 Allowance for borrowed funds used during construction (1 577) (7 4O6) 8

~,62'5,420 Net Income 65,750 Dividends on Preferred and Preference Stock 2 634 10 538 Earnings Applicable to Common Stock $ 12 786 $ 55 212 I hereby certify these Financial Statements to be correct to the best of my knowledge and belief.

ROCHESTER GAS AND ELEC'IRIC CORPORATION

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