ML17303B165

Southern California Public Power Authority 1986-87 Annual Rept. W/880526 Ltr

ML17303B165
Person / Time
Site:	Palo Verde
Issue date:	12/31/1987
From:	Drews G, Van Brunt E ARIZONA PUBLIC SERVICE CO. (FORMERLY ARIZONA NUCLEAR, SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
To:	NRC OFFICE OF NUCLEAR MATERIAL SAFETY & SAFEGUARDS (NMSS)
References
161-01055-EEVB, 161-1055-EEVB, NUDOCS 8806070100
Download: ML17303B165 (16)

Text

REGULATO INFORMATION DISTRIBUTION ~TEM (RIDS)

ACCESSIUNE NBR: 8806070100 DOC. DATE: 88/05/26 NOTARIZED: NO DOCKET FACIL: STN-50-528 Palo Verde Nuc lear Stationi Unit ii Arizona Pub l i,05000528 STN-50-529 Palo Verde Nuclear Stationi Unit 2T Arizona Publi'5000529 STN-50-530 Palo Verde Nuclear Stationi Unit 3 Arizona Pub AUTH. NAME AUTHOR AFFILIATION li 05000530 VAN BRUNTI E. E. Arizona Nuclear Power ProJect (formerly Arizona Public Serv REClP. NAME RECIPIENT AFFILIATION Of f ice of Nuclear Material Safety) 5 Saf eguardsi Director

SUBJECT:

Forwards proJected cash Floe statements for 1988. SK F~~-ci> /

DISTRIBUTION CODE: M004D COPIES RECEIVED: LTR TITLE: 50. 71 (b ) Annual Financial Report i ENCL 2 SIIE:

NOTES: Standar dized plant. 05000528 Standardized plant. 05000529 Standardi zed plant. 05000530 RECIPIENT COPIES RECIPIENT CQP IES ID CODE/NAME LTTR ENCL ID CODE/NAME LTTR ENCL PD5 PD 1 1 LICITRAiE 1 0 DAVIS' 1 0 INTERNAL: AEOD/DOA 1 1 AEOD/DSP/TPAB B12 1 NUDOCS-ABSTRACT 01 1 1 EXTERNAL: LPDR 1 1 NRC PDR NOTES: 1 1 TOTAL NUMBER OF COPIES REQUIRED: LTTR 11 ENCL

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Arizona Nuclear Power Project P.O. BOX 52034 ~ PHOENIX, ARIZONA 85072-2034 161-01055-EEVB/JRP May 26, 1988 Docket Nos. STN 50 528/529/530 Director of Nuclear Material Safety and Safeguards U.S. Nuclear Regulatory Commission Mail Station Pl-137 Washington, D.C. 20555 Dea'r Sir:

Subject:

Palo Verde Nuclear Generating Station PVNGS Units 1, 2, and 3 License Guarantee of Payment of Deferred Premium File: 88-003-240 Pursuant to the requirements in 10CFR140.21, as defined in subpart (e) of this section, Arizona Public Service Company, for itself and on behalf of the participants in Palo Verde Nuclear Generating Station, herewith submit projected 1988 cash flow statements.

Should you have any questions, please feel free to call.

Very trul your ,

E. E. Van Brunt, Jr.

Executive Vice President Project Director EEVB/JRP/pvk Attachments cc: G. W. Knighton E. A. Licitra J. B. Martin T. J. Polich

e 161-01055-'EVB/JRP May 26, 1988 Letter to: Director of Nuclear Material Safety and Safeguards From: E. E. Van Brunt', Jr.

Subject:

Licensee Guarantee of Payment of Deferred Premium Page 2 bcc: N. L. Cocanour J. A. Brackney J. J. Hardy F. Lindy C. W. Montoya J. L. Wilkins J. R. McNamara J. E. Wasiak E. A. Cotton N. E. Nichols D. J. Fogarty A. C. Rogers R. A. Bernier

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Salt River Project Agricultural Improvement and Power Oistrict INTERNAL CASH FLOW PROJECTION FOR PALO VERDE NUCLEAR GENERATING STATION FOR FISCAL YEARS ENDED APRIL 30, 1987 AND 1988

($ 000) 1987 1988 ACTUAL PROJECTED Net Income after taxes 74,761 24, 752 Less dividends paid:

Preferred dividend requirements Dividends on common stock Retained Earnings 74,761 24, 752 Adjustments:

Depreciation and amortization 133,324 151,316 Deferred Income Taxes and Investment Tax- Credits Allowance for Funds Used During Construction (59 902) ('44 468)

Total Adjustments 73, 422 106, 848 Internal Cash Flow 148,183 131,600 Average Quarterly Cash Flow 37,046 '32,900 Percentage Ownership in all nuclear units Unit 1 17 49~ 17. 49%

Unit 2 17.49$ 17.49~

Unit 3 17.49$ 17.49

ARIZONA PUBLIC SERVICE COMPANY 1988 Net Cash Flow Projection for Palo Verde Nuclear Generating Station

($ 000)

Partipipant: Arizona Public Service Company 1987 1988 Actual Projected Net income after taxes 4313,873 $ 275,984 Less dividends paid:

2. Preferred dividend requirements 32,950 34,154

3. Dividends on common stock 205,242 210,944 Retained Earnings 75,681 30,886 Adjustments:

5. Depreciation and amortization( 1) 192,020 240,518

6. Deferred income taxes (2) 165,123 119,007

7. ITC net deferred (1,824) (6,548) 8 ~ Allowance for funds used during construction (105,448) (25,703)

(equity and borrowed) 9 ~ Palo Verde cost deferrals (156,250) (136,862) 10 ~ Other(3) (30,258)(4) (2,035)

11. Total Adjustments $ 63,363 $ 188,377 12 'nternal cash flow (line 4 + line 11) 139,044 219,263

13. Average quarter ly cash flow (line 12/4) 34,761 54,816 Percentage ow0ership in all nuclear units:

Unit 1

- 29.1~~

Unit 2 - 29. 14(5)

Unit 3 - 29.1<

Naxirum total contingent liability for PVNGS =

430,000,000 ($ 10,000,000 per unit)

(1) Includes nuclear fuel amortization.

(2) Excludes deferred income taxes on deferred fuel.

(3) Includes amortization of tax benefits sold in 1981.

(4) Also includes the impact of unbilled revenues.

(5) Does not reflect the sale/leaseback of Palo Verde Unit 2.

THERN A RNI ED N PANY 1988 Internal Cash Flow Projections (Dollars in Thousands) 1987 1988

~A Pr Net Income After Taxes $ 789,000 Dividends Paid Retained Earnings

~64~

$ 225,000 Adjustments:

Depreciation S. Amortization 549,000 548,000 Deferred Taxes 161,000 129~000 Allowance for Funds Used During Construction Total Adjustmnents $ 594,000 $ 632,000 Internal Cash Flow kmmm Average Quarterly Cash Flow Percentage Ownership in All Nuclear Units:

,San Onofre Nuclear Generating Station Unit 1 Southern California Edison Company 80.00%

San Diego Gas & Electric Company 20.000 San Onofre Nuclear Generating Station Units 2 and 3 Southern California Edison Company 75.05%,

San Diego Gas E Electric Company 20.004 City of Anaheim 3.16%

City of Riverside 1.79<

Palo Verde Nuclear Generating Station Units 1 and 2 15.804 Maximum Total Contingent Liability:

San Onofre Nuclear Generating Station Unit 1 $ 10,000 San Onofre Nuclear Generating Station Unit 2 $ 10,000 San Onofre Nuclear Generating Station Unit 3 $ 10,000 Palo Verde Nuclear Generating Station Unit 1 1,580 Palo Verde Nuclear Generating Station Unit 1,580 Palo Verde Nuclear Generating Station Unit 2

3 ~10 Company policy prohibits disclosure of financial data which will enable unauthorized persons to forecast earnings or dividends, unless assured confidentiality. The Net Estimated Cash Flow for 1988 is expected to be comparable to the Actual Cash Flow for 1987.

1720%/25

1987-88 lNTERNAL CASH FLOW PROJECTION EL PASO ELECTRIC COMPANY (THOUSANDS OF DOLLARS) 1987 1988 eeeeee <<<< << <<<<<<<<e Net income After Taxes $ 45,008 $ 81,631 Less Dividends Paid 66,687 65) 456

<<<<eeeeee Increase in Retained Eaxnings (21)679) 16,175 Adjustments; Depreciation and Amortization 26,773 33,511 Deferred Income Taxes and ZTC 23,783 21,212 AFUDC 54>399 23,356 eeee 'e <<

Total Adjustments 104,955 78>079

%<<eeee eeee <<

Internal Cash Flow )838276 394,234 Average Quarterly Cash Flow $ 20,819 $ 23,564 Percentage Ownership in Unit 1 15.8g Palo Verde Nucleax Generating System Unit 2 15.85-Unit 3 15,85 Maximum Total Contingent Liability $ 4)140

1988 Proforma Cash Flow Statement for Public Service Company of New Mexico (Electric and Water Operations Only)

($ 000's) 1987 Actual (1) 1988 Projected (2)

Net Income After Taxes 108,183 101,512 Less Dividends Paid 120,121 (3) 84,266 Retained Earnings (11,938) 17,246 Adjustments:

Depreciation and Amortization 50,950 62,526 Deferred Income Taxes and Investment Tax Credits , (3,257) (548)

Allowance for Funds Used During Construction (4) (47,390) (42,602)

Total Adjustments 19,3 6 Internal Cash Flow ~(11, 635 36 622 Average Quarterly Cash Flow (2,909) 9, 156 Percentage Entitlement in all Nuclear Units Palo Verde Unit 1 10.2%

Palo Verde Unit 2 10.2%

Palo Verde Unit 3 10.2%

(1) Source: Monthly Financial Summary December 1987 (2) Source: April Revised Whitebook For 1988 (3) Represents 90% of Total Corporate Preferred and Common Dividends (4) Includes Deferred Carrying Costs On Uncommitted Electric Generating Capacity

0 A 4.

1988 Internal Cash Flow Projection of Los Angeles Department of Water and Power for Palo Verde Nuclear Power Station

((Thousands of Dollars)

Prior Year Projection Actual Total Year Total Ne< Income 186,847 155,200 Less Transfer to City (67,913) (70,200)

Retained Earnings 118,934 85,000 Adjustments Depreciation and Amortization 115,629 127,500 Allowance for funds used during construction (7,759) (11,700)

Total Adjustments 107,870 115,800 Internal Cash Flow 226,804 200,800 Average Quarterly Cash Flow 56,701 50,200 Percentage Ownership in all operating nuclear units Palo Verde 5.7%

Maximum Total Contingent Liability 1,140,000

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