ML17310A321

Forwards Projected 1993 Cash Flow Statements as Evidence of Licensee Guarantee of Payment of Deferred Premiums

ML17310A321
Person / Time
Site:	Palo Verde
Issue date:	06/01/1993
From:	Conway W ARIZONA PUBLIC SERVICE CO. (FORMERLY ARIZONA NUCLEAR
To:	NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
References
102-02529-WFC-J, 102-2529-WFC-J, NUDOCS 9306110150
Download: ML17310A321 (9)

Text

ACCEI ERAT DOCUMENT DISTMBUTION SYSTEM

'r -"i REGULAT INFORMATION DISTRIBUTION(STEM (RIDE)

ACCESSION NBR:9306110150 DOC.DATE: 93/06/Ol NOTARIZED: NO DOCKET FACIL".STN-50-528 Palo Verde Nuclear Station, Unit 1, Arizona Publi 05000528 S7N-50-529 Palo Verde Nuclear Station, Unit 2, Arizona Publi 05000529 STN-50-530 Palo Verde Nuclear Station, Unit 3, Arizona Publi 05000530 AUTH. NAME AUTHOR AFFILIATION CONWAYFW.F. Arizona Public Service Co. (formerly Arizona Nuclear Power RECIP.NAME RECIPIENT AFFILIATION Document Control Branch (Document Control Desk) I

SUBJECT:

Forwards projected 1993 cash flow statements as evidence of D licensee guarantee of payment of deferred premiums.

DISTRIBUTION CODE: M004D COPIES RECEIVED:LTR TITLE: 50.71(b) Annual Financial Report l ENCL L SIZE:

NOTES:STANDARDIZED PLANT 05000528 Standardized plant. 05000529 A Standardized plant. 05000530 D

RECIPIENT COPIES RECIPIENT COPIES ID CODE/NAME LTTR ENCL ID CODE/NAME LTTR ENCL D PDV LA 1 1 PDV PD 1 1 TRAMMELL,C 1 1 TRAN,L 1 1

'INTERNAL: AEOD/DOA 1 1 G FIL 01 1 1 EXTERNAL: NRC PDR 1 1 D

D D

NOTE TO ALL"RIDS" RECIPIENTS:

S PLEASE HELP US TO REDUCE %ASTEI CONTACT THE DOCUMENT CONTROL DESK, ROOM Pl-37 (EXT. 504-2065) TO ELIMINATEYOUR NAME FROM DISTRIBUTION LISTS FOR DOCUMENTS YOU DQN'T NEED1 TOTAL NUMBER OF COPIES REQUIRED: LTTR 7 ENCL 7

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Arizona Public Service Company P.O. BOX 53999 ~ PHOENIX. ARIZONA 85072<999 102-02529-WFC/J RP WILLIAMF. CONWAY June 1, 1993 EXECUTIVEVICEPRESIDENT NUCLEAR U. S. Nuclear Regulatory Commission ATTN: Document Control Desk Mail Station P1-37 Washington, DC 20555

Subject:

Palo Verde Nuclear Generating Station (PVNGS)

Units 1, 2, and 3 Docket Nos. STN 50-528/529/530 Licensee Guarantee of Payment of Deferred Premium File: 92-003-240 Pursuant to the requirements of 10 CFR 140.21 (e), Arizona Public Service Company, for itself and on behalf of the PVNGS participants, herewith submits the projected 1993 cash flow statements.

If you should have any questions, please contact Thomas R. Bradish of my staff at (602) 393-5421.

Sincerely, WFC/JRP/ap Enclosure cc: J. B. Martin J. A. Sloan A. H. Gutterman

.I r,rir. M PDR J 'DR 9306110150 930601 ADDCK 05000528

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ARIZONA PUBLIC SERVICE COMPANY 1993 Net Cash Flow Projection for Palo Verde Nuclear Generating Station (000's) 1992 1993 Actual Projected Participant: ARIZONA PUBLIC SERVICE COMPANY Net Income After Taxes $ 246,805 $ 259,468

, Less:

2. Dividends Paid. on Preferred Stock 32,574 31,432

3. Dividends Paid on Common Stock 170,000 170,000

4. Retained Earnings 44,231 58,036 Adjustments:

5. Palo Verde Accretion Income (Pretax) (1) (67,421) (74,881)

6. In-Lieu Refund/Obligation Revenues (Pretax) (1) (21,374) (21,375)

7. -

Depreciation and Amortization (2) 255,723 263,101

8. Deferred Income Taxes 84,097 89,479

9. Deferred ITC (Net) (6,804) (6,925)

10. Allowance for Funds Used During Construction (Equity 8 Borrowed) (7,595) (6,339)

11. Decommissioning (6,512) (6,516)

12. Total Adjustments 230,114 236,544

13. Internal Cash Flow (Line 4+ Line 12) 274,345 294,580

14. Average Quarterly Cash Flow (Line 13/4) 68,586 73,645 Percentage Ownership in All Nuclear Units:

Unit 1 29.1%

Unit 2 29.1% (3)

Unit 3 29.1%

Maximum Total Contingent Liability for PVNGS is $ 30 million ($ 10 million per Unit)

(1) Related to 12/91 ACC settlement agreement.

(2) Includes Nuclear Fuel Amortization.

(3) Includes Portion of Palo Verde Unit 2 Leased.

NC F93 Surveys

El Paso Electric Projected Statementof'Cash Flow (Unaudited)

$ (000) 12/21/93 1 2/31/94 Cash from Operations 117,601 116,308 Debt service 77,817 90,179 Investing activities (68,424) (82,885)

Financing activities 5,943 8.322 Cash Flow Available to Service Debt 132,937 131,924 Interest Payments First Mortgage Bonds (Class 1) (3O,736) (31,823)

Second Mortgage Bonds (Class 2) (2O,922) (21,767)

Pollution Control Bonds (Class 4 & 10) (5,175) (5,906)

'CF Banks's Debt (Class 3) (9,851) (8,420)

RGRT Reorganization Bonds (2,126) (5,102)

General Unsecured Creditors 8,18 17,161 Total Interest Payments (76,997) (90,179)

Cash After Interest Service 55,940 41,745 Principal Repayments First Mortgage Bonds (Class 1) 0 Second Mortgage Bonds (Class 2) 0 Pollution Control Bonds (Class 4 8 10) 0 RCF Bank's Debt (Class 3) 0 RGRT Reorganization Bonds 0 General Unsecured Creditors 821)

Total Principal Repayments (821)

Cash After Principal Repayments 55.119 Preferred Dividend Payments Cash After Preferred Dividends 55.119

'1.7~5 -<1,954 Beginning Cash Balance 166,835 Ending Cash Balance 221,95 263,699

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INTERNAL CASH FLOW PROJECTION OF SALT R) R PROJECT

• (JOINT OWNER OF PALO VERDE'NUCLEAR GENERATING STATION)

FOR FISCAL YEARS ENDED APRIL 30, 1992 and 1993

($ 000) 1992 1993 ACTUAL PROJECTED Net Income. after taxes 40,228 90,311 Less dividends paid:

Preferred dividend requirements Dividends on common stock Retained Earnings 40,228 90,311 Adjustments:

Depreciation and amortization 170,489 169,746 Deferred Income Taxes and Investment Tax Credits Allowance for Funds Used During Construction (6 222) (7,548)

Total Adjustments 164,267 162,198 Internal Cash Flow 204,495 252,509 Average Quarterly Cash Flow 51,124 63,127 Percentage Ownership in all nuclear units Unit 1 17 49% 17.49%

Unit 2 i s.4~% 17.49%

Unit 3 17 49% 17.49%

I, Dean Yee, Corporate Treasurer of the Salt River Project Agricultural Improvement and Power District certify that the above 1992 figures are based upon our Accounting Records, and agree, as appropriate with our audited financial statements. The 1993 projections are based upon May 1992 through March 1993 actual amounts, plus budgeted figures for the month of April. The 1993 projections do not reflect expected actual figures, as budget is not revised to reflect changing conditions.

Dean Yee C:>1 23DATA)DATA9293(PVNGSICF.WK3

1993 PRO FORMA CASH FLOW STATEMENT FOR PUBLIC SERVICE COMPANY OF NEW MEXICO (Excluding Non-Utility Subsidiaries) 1992 Actual 1993 Pro'ected Net Income After Taxes (104,255) 65,917 Less Dividends Paid 7,750 7,202 Retained Earnings (112,005) 58,715 Adjustments:

Depreciation & Amortization 100,510 95,183 Deferred Income Taxes &

Investment Tax Credits (110,054) 8,387 Allowance for Equity Funds Used During Construction (68) (3,270)

Other, Non Cash 239,590" 93,880 TOTALADJUSTMENTS 229,978 6,420 INTERNALCASH FLOW 117 973 65 135 Average Quarterly Cash Flow 29,493 16,284 Percentage Entitlement in all Nuclear Units:

Palo Verde Unit1---10.2%

Palo Verde Unit 2---10.2%

Palo Verde Unit 3---10.2%

Tom Sategna Controller, Electric and Water