ML17341B615
| ML17341B615 | |
| Person / Time | |
|---|---|
| Site: | Saint Lucie, Turkey Point, 05000000 |
| Issue date: | 01/17/1983 |
| From: | Robert E. Uhrig FLORIDA POWER & LIGHT CO. |
| To: | Saltzman J NRC OFFICE OF STATE PROGRAMS (OSP) |
| References | |
| 830117, L-83-22, NUDOCS 8301270449 | |
| Download: ML17341B615 (20) | |
Text
ACCESSION NBR:
FACIL.50 000
'0 250 50"251 50"335 AUTH BYNAME UHRIGg R ~ E ~
iR EiC I.P ~ NAME SALTZMANiJ~
REGULATORY I RMATION DISTRIBUTION SYS,
('RIDS) 6301270449 DUC ~ DATE: 83/01/1'2 NOTARIZED:
t40 Generic Docke.t Turkey Point Plantr Un,it 3i Florida Power and Light 'C Turkey Point Plantr Unit 4i Florida Power and Light C
St, Lucie Plantr Uni~t 1i Florida Power 8 Light Co.
AUTHOR AFFILIATION Florida Power L Light Co, RECIPIENT AFFILIATION Off i ce of State Programsi Director DOCKET 05000000 05000250 05000251 05000335
SUBJECT:
Forwards,Exhioits 1-3 re financia'1 statements 8 in.ternal cash flow DISTRIBUTION CODE:, M004S COPIES RECEIVED:LTR, ENCL 'IZE:
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P OX 14000, JUNO 8EACH, FL 33408 Q l/g FLORIDAPOWER 8( LIGHTCOMPANY January 17, 1983 L-83-22 Director of Nuclear Reactor Regulation Attention:
Mr. Jerome Saltzman Office of State Programs U. S. Nuclear Regulatory Commission Washington, D.C.
20555
Dear Mr. Saltzman:
Re:
Turkey Point Units 3 5 4 St. Lucie Unit 1
Docket Nos. 50-250, 50-251, 50-335 Pri ce-Anderson Guarantees In accordance with 10 CFR 140.21, Florida Power 8 Light Company submits the attached financial information.
Exhibit 1 is. Florida Power 8 Light Company's 1981 Annual Report.
The most recent quarterly financial statement (September 1982) appears as Exhibit 2.
Exhibit 3 provides the Company's internal cash flow excluding retained earnings for the 12 months ended September 30, 1982 and for the projected 12 months ended September 30, 1983.
Very truly yours, Robert E. Uhrig Vice President Advanced Systems 5 Technology REU/SAV/cab Attachments cc:
J.
P. O'Rei lly, Regional Administrator, Region II (w/o attachments)
Harold F. Reis, Esquire (w/o attachments) 8301270449 830ll7 PDR ADOCK 05000250
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Florida Power 5 Light Company Consolidated Financial Statements September 1982 (Unaudited)
EXHIBIT 2
HIGHLIGHTSDetails on pages 4 and 5 Operating Results
~ Earnings per share $5.29 for 12 months ended September (excludes 73c per share related to unbilled revenues).
Rates
~ Final retail rate case hearings held.
~ Petition for wholesale rate increase filed with the FERC.
Regulation
~ Cost of 500 kv lines is being recovered through oil-backout factor.
Nuclear Units
~ Permanent steam generator repairs begun on Turkey Point Unit No. 4.
FPL P.O. Box 529100 Miami, Florida.33152 J. L. Howard Vice President-Treasurer (305) 55M073 The information furnished herein concerning the Company is not in connection with any sale or offer for sale of, or solicitation of an offer to buy, any securities.
October 25, 1982
CONDENSED CON OLIDATED STATEMENTS OF INCOMF e tember 30.
Increase 1982 1981 (Decrease)
Thousands of Dollars Page I 040
~Chan e
QUARTER ENDED OPERATING REVENUES (Notens I and 2).
OPERATING EXPENSES:
Fuel, imerchange and purchased powernet Other operations h)aimenance Depreciation Income taxes...
Taxes other than income taxes Total operating expenses OPERATING INCOME Allowance for other 'funds used during construction Other income and deductions INCOME BEFORE INTEREST CHARGES Interest charges Allowance for borrowed funds used during construction.
NET INCOME Preferred Stock dividend requirements.......
NET INCOMEAPPLICABLETO COMMONSTOCK 949.426
$ 9)2.997'536 429 504,267 94,537 40,257 48,216 67,348 64 470 414,021 1)8,286 39,636 50,227 77,822 64.617 (90,245) 23,749 (621) 2,010 10,473 147
~54.4S4 18,055 5,770 2.528 26,353 7,658 (10.645)
'9,341 827 5 285I3 4,857
$0.43
$0.08 819.097 764,612 130,329 7,620 (2.694) 148,384 13,390
~l66) 135,255 65,867 (7,630) 161,609 73,526
()8.276) 77,018 8.886 l06,359 9.713 5
96 645 5
6S. I 3 I 49,306
$ 1.96
$0.84 Average number of common shares outstanding (000)
Earnings per share of Common Stock Dividends per share of Common Stock YEAR-TO-DATE OPERATING REVENUES (Notes I and 2)
OPERAT)NG EXPENSES:
Fuel, interchange and purchased power-net Other operations h)aintenance Depreciation Income taxes..............
Taxes other than income taxes....................
Total operating expenses..
OPERAT)NG INCOh)E Allovance for other funds used during construction Other income and deduc'tions INCOME BEFORE INTEREST CHARGES Interest charges.........
Allowance for borrowed funds used during construction..
INCOME BEFORE CUMULATIVEEFFECT OF CHANGE IN ACCOUNTIN Cumulative effect of a change in method ofaccounting for unbilled revenues NET INCOh1 E Preferred Stock dividend requirements NET INCOMEAPPLICABLE TO COMMONSTOCK 44,449
$ 1.53
$0.76
~523.9I3).
52 276.590
'$2.252.676 1,177,586 276,243 124,534 139,4) 4 110,418 166.029
() 69,024) 54,591 4,544 9,196 26,000 5 044
~69.646
" 45,733 15,189 (538) 60,384 29,661 (28.670) 59,392 34 350 93,743 638 S 93 I05 3,283 1,008,561 330,835 129,079 148,610 136,418 171.074
'.924,580 1.994.227 282,363 22,532 58 328,096 37 722 (480)
, 365,338 211,128 (52.355) 304,953 181,466 (23,685)
)47,173 G METHOD (Note I) 206,565 34.350 240,916
) 47,173 27 358 26 720 213.558 120.452 47,386 44,102
$3.78 0.73
$4.51
$2.44
$2.73
$2.73
$2.20
$ 1.05 0.73
$ 1.78
$0.24
$3,064.706
$2,874,580
$ 190,125 1,389,802 434,590 177,779 196,984 192,488 226.36)
(71,988) 70,937 15,277 15,936 53,861 (6 835 l00.859 89,266 13,280 (822) 101,723 44,023 (33.340) 9),040 34,350 125,391 542
$ 124.848 1,461,791 363,653 162,501 181,048 138,626 2(8 526 2,61 g,006 2,517,146 357,433 33,)17 62 446,699 46,397
~759) 492,337 390,613 276,325 232,302 (67,5)7) '34.)77) 283,529 34,350 192,489 317,880 36 l79 192,489 35.636 156.852 28),701 Average number of common shares outstanding (000).
Earnings per share of Common Stock:
Before cumulative effect ofchange in accounting method Cumulative effect of a change in method ofaccounting forunbilled revenues...................
Net income Dividends per share of Cotnmon Stock 12 MONTHS ENDED OPERATING REVENUES (Notes I and 2)
OPERATING EXPENSES:
Fuel, interchange and purchased powernet Other operations Maimenance Depreciation Income taxes Taxes other than iricome taxes.
Total operating expenses OPERATING INCOME Allowance for other funds used during construction Other income and deductions INCOME BEFORE INTEREST CHARGES Interest charges Allowance forborrowed funds used during construction.
INCOME BEFORE CUMULATIVEEFFECT OF CHANGE IN ACCOUNTINGMETHOD (Note I)
Cumulative effect of a change in method ofaccounting forunbilled revenues NET INCOME Preferred Stock dividend requirements NET INCOMEAPPLICABLETO COMMONSTOCK..............
(4)
(18) 25 (2) 16 (7)
)4 76 94 19 12
()40) 38 9
42 II 2&
11 (14) 20 4
7 24 3
(3) 16 67 20 16 (121) 40 64 2
77 38 65 11 (5) 20 9
9 39 8
4 25 40 26 19 (98) 47 65 2
80 Average number ofcommon shares outstanding (000).
Earnings per share of Common Stock:
Before cumulative effect ofchange in accounting method Cumulative effect of a change in method ofaccounting for unbilled revenues..
Net income Dividends per share of Common Stock.
46,787 55.29 0.73
$6.02
$3.20 43,602
$3.60
$3.60
$2.88 3,184
$ 1.69 0.73
$2.42
$0.32 47 67 11
Page 2 CONDENSED CONSOLiDATED BALANCE SHEETS ASSETS tember 30, 1982 1981 Thous58nds of Dollars ELECTRIC UTILITYPLANT:
At original cost Less accumulated depreciation Net Construction work in progress Unamortized nuclear fuel.
Electric utilityplant OTHER'PROPERTY AND )NVESTMENTS..
CURRENT ASSETS:
Cash and temporary investments Customer accounts receivable Materials and supplies..........
Fossil fuel stock Other Total current assets DEFERRED DEBITS:
Accumulated deferred income taxes Other Total deferred debits TOTAL.
$ 5,829,383 1,427.277 4,402,105 1,323,213 744 605 5,869.924 38.237 7,933 332,663 122,816 183,3) 4 69,949
- 7) 6.678 64,710 47.170
- 11).880
$6.736.721
$5,3&3,205 1,267,583 4,)15,621 I',048,753 67 088 5,231,463 23.008 26,216 235,'730 105,612 240,809 81.883 690,253 28,955 21.847 50,802
$5.995.528 LIABILITIES CAP)TAL IZATION:
Common stock Retained earnings.......
Total common equity Preferred stock without sinking fund requirements Preferred stock with sinking fund requirements Long-term debt..
Total capitalization CURRENT LIABILITIES:
Current maturities of )ong.term debt and preferred stock Notes payable Accounts payable-trade Customers'eposits Taxes accrued
)merest accrued Pension cost accrued Other Total current liabilities DEFERRED CREDITS:
Accumulated deferred income taxes.
Unamortized investment credit.
Deferred revenues Other Total deferred credits.
RESERVES:
Storm and property insurance Other Total reserves TOTAL
$ 1,027,904 842.527 1,870,432 311,250 145,000 2.449.370 4 776.053 31,659 183,110 71,727 113;169 108,202 73,882 26,512 99.994 708.259 748,910 360,717 87,362 26.845 7.223,835 17,757 30 SU 28.573 56,736.72 I 869,668 711,879 I 581 548 311,250 113,750 2,757,375 4,163,924 300,828 45,000 107,369 101,381
'115,123 71,765 23,799 71.136 836,404 615,095 301,648 29,263 23,480 969.488 13,615 32 096 25.7I I
$5,995,528
~ p
CONDENSE~ONSOLIDATED STATEMENTS OF C'GES IN FINANCIALPOSITION 12 Months Ended September 30, 1982
)98)
Thousands of Do))ars Page 3 SOURCE OF FUNDS:
Net income before cumulative effect of change in accouming method Depreciation Amortization of nuclear fuel assemblies Deferred investment tax credit-net Deferred income taxes Deferred fuel revenues (costs).
Al!owance for other funds used during construction Gain from sale ofimerest in nuclear facility Total from current operations Issuance of debt Issuance ofCommon Stock.
Sale ofPreferred Stock Sale oi'uc)ear fuel, Proceeds from sale of interest in nuclear facility.
Cumulative effect ofchange in accounting method Other sources Decrease in working capital.
Total APPLICATIONOF FUNDS:
Construction expenditures, Nuclear fuel Retirement and current maturity of long,-term debt and Preferred Stock..
Dividends Other applications Increase in working capital.
Tota) 5 283,529 196,984 566 59,069 101,034 58,379
'46,'397) 653,166 328,459 157,305 35,000 5;158 34,350
)0,3)9
- 5).223,759 5
730,968 87,372 44,249 186,616 19,982 756 569 II,222.759 5
192,489 181,04S 8,6) 7 40,46S 94,844 12,403 (33,117) 76,2527 490,500 397,450 S3,478 8,954 48,062 14,270 II5.290 51.15S.MS 5
657,944 31;600 303,777
) 60,893 3,79) 51.)58.008 SHundreds dropped; detail does not necessarily add to total.
This report is not complete without reference to the Notes on Page 5 and the Notes to Consolidated Financial Statements appearing in the Company's 1981 Annual Report to Shareholders.
FINANCIALAND OPERATING DATA TIMES LONG-TERMDEBTINTEREST EARNED-BeforeTax"'.................
FIXEDCHARGES COVERAGE {SEC Basis).
I COMMONSHARES OUTSTANDINGEnd of Period (000).
BOOK VALUEPER SHARE-End ofPeriod Quarter Ended September 30, 3 32" 2.66 2.65" 2.35 49,877 44,927 537.50
$35.20 12 Months Ended September 30, KWH Sales (Millions)t Residentia)...
Commercial Industrial.
Other Total.
Customers (000)
KWH sales per Residential Customert..
KWH sales per Total Customerst......
Revenue per KWHResidentialt......
Revenue per KWH-TotalSalest......
'Fuel CostMillsper KWH
'tcam-oil..
Steam-gas Nuclear Gas turbine Combined cycle Allfuels Nct Energy for System Load-~io Oil Natural gas....................
Nuclear Net interchange "Earnings include total AFUDC "Includes unbilled revenues
'End of Period S'Average 1Does not include unbi)led revenues 7,266 4,675 869 1,261 14,071 2 346>>
3,472 6,011 6.79e 6.3 le 43.31 17.67 5.48 64.48 55.56 27.05 45 IS 27 10 o6'o 7,127 4>489 912 1.207
~)3 735 2
4 (5) 4 2
18 19 3
2,282' 3,506 (I) 6,039 7,26c (6) 7.09c (ll) 45.78 (5)
)4.95 18 4.76 15 61.06 6
63.20 (12) 32.61 (17) 1982 22,592
)6,408 3,397 4.157 46,554 2,342)f 10,779 19,878 7.03c 6.59c 42.54 15.86 5.27 53.04 63.41 27.37 48 20 24 1981 23,253 15,583 3,494 4,294 46.624 2,262)t I ),49) 20,614 6.28c 6.15c 47A0 11.76 4.67 47.51 61.14 29.08 52 19 25 4
~/o
~Chan e
(3) 5 (3)
(3) 4 (6)
(4)
)2 7
(10) 35 13 12 4
(6)
4i 0
~ l
Page 4 Operating Results In the following discussion of the factors v'hich had significant effects on the Company's results of operations, all comparisons are with corresponding periods of the prior year.
Earnings per share for the quarter, year to daie and twelve months ended September 30, 1982 were $ 1.96, S3.78 and $5.29, respectively. The year to date and twelve months ended amounts exclude $0.73 due to the recording in January 1982 of an accounting change related to unbilled revenues (see Note 1). The improvement in earnings per share from operations reflects the Company's continued financial recovery resulting from the rate increase granted in 1981, an interim rate increase granted in 19S2 (see "Rates" ) and the impact of the transition adjustment (see Note 2). The 1981 rate re)ief and the 19S2 interim rate relief granted by the Florida Public Service Commission (FPSC) increased operating revenues approximately S87 million, $203 million and $259 million for the third quarter, year to date and the twelve. months ended September 30, 1982.
Total operating revenues for the third quarter and year to date
,declined as a result of a reduction in fuel adjustment revenues due to a 'decrease in oi) prices and consumption which more than offset the impact of rate re)ief. The number of customers served increased by 3.3o/o for the year to date and 3.6~io for the twelve months ended September 30, 1982. A new summer peak of approximately 9,900 mw was reached on August 24.
Fuel expense was down for each of the periods presented as a result of a decrease in oil prices and reduced oil consumption resulting from increased usage of lower cost natural gas and the continued purchase of coal-generated power from the generating companies ofThe Southern Company system (Southern Companies). Oil expense was down S)04 million, $270 million and $ 173 million for the third quarter, year to date and'twelve months ended September 30, )9S2, respective)y.
During the same, periods, gas expense increased approximately $ 10 million, S45 million and S53 million. Net interchange and purchased power. increased
$30 millionin the third quarter, $43 million in the year to date and S44 million in the tv:elve months ended September 30,
) 982.
Increases in other operations and maintenance expenses in the twelve months ended September 30, 1982 include $ 15 million of employee benefits, $24 million of transmission and distribution, and S)5 million in customer accounts expenses.
The increase in depreciation expense for the same period reflects the two generating units at the Martin Plant which were placed
.in service in December 1980 and dune 1981. Interest charges were $44 million higher for the twelve. months ended September 30, 19S2 primarily as a result of sales of first mortgage bonds in 1981 and in the first nine months of 19S2, as described under "Financing."-
The increase in Allowance for Funds Used During Construction (AFUDC) reflects the following items:
the implementation of the annual compounding of AFUDC authorized by the FPSC, the use of a higher gross AFUDC rate, including the~average balance of short-term borrowings for the previous twelve months and related average short-term debt cost rate and a higher average amount of Construction Work In Progress (CWIP).
Rates In September 1982.the FPSC conducted public hearings in connection with FPL's request for a retail rate increase of approximately S281 million. In the filing, which is based on a projected 1982 test year, the Company requested a )9.00o/o return on common equity and an overall rate of return of 11.82oio.
The Company also requested the inc)usion in rate base of an additional $30 million of CWIP and $ 5 million of nuclear fuel in process to improve cash flow and reduce the amount of AFUDC in earnings.
In addition, the Company sought to include in rate base th rtion of investment in plant which is currently the subject of litigation. This includes the cost of repairs to the Martin Reservoir, the cost of the Turkey Point spent fuel facilities and the cost of the Turkey Point steam generator repairs.
In June
) 982 the FPSC granted the Company an interim rate increase of $44 million, effective Ju)y 22, 1982; The interim rate increase is being collected subject to refund with
- interest, pending the final outcome of the permanent rate request. The FPSC's'final order on the permanent rate request is expected in December, with rates expected to go into effect around the end of 1982.
In September
)982 FPL filed a S36 million two-step, wholesale rate increase with the Federal Energy Regulatory Commission (FERC) based on a projected 1983 test year. The Company requested a S23.2 million first phase to take effect on November 12. In October 1982 the Company negotiated a
tentative'settlement.with its wholesale customers. The proposed sen)ement provides for a $ ) 3 million phase one rate increase effective November 13, 1982. Negotiations for the amount and timing of the phase two increase are in process.
The proposed settlement also provides for a phase three rate increase based on the annual revenue requirements associated with the Company's St. Lucie Unit No. 2. The proposed settlement stipulates that the phase three rates would be placed into effect as soon as the unit goes into commercial operation and its costs are reflected in the Company's retail rates. No
'greement has yet been signed, and any settlement agreement is subject to approval by the FERC.
In August )982~the FERC granted final approval o)'he Company's 1981 wholesale rate case sett)ement of $27 million.
Regulation The FPSC has approved FPL's 500 kv transmission line project for recovery under the FPSC's revised oi)-backout cost recovery factor (oil-backout factor) rules. The oil-backout factor, which will be a projected levelized rate calculated in conjunction with the fue) adjustment clause, will be based on the revenue requirements of the project that wou)d normally be recovered through base rates, the transmission and capacity charges for unit power purchases from the Southern Companies (coal-by-wire purchases),
and two-thirds of the net savings associated with the project. The two-thirds savings is to be applied to the project in the form of accelerated depreciation, thereby accelerating recovery of the project investment. One-
,third of the net savings is to be retained by the customers through the fuel adjustment clause.
During the six-month period from October 1982 through March 1983 a savings of $38.7 mil)ion in fuel costs is expected to be realized due to the 500 kv project and the coal-by-wire purchases.
The Company will collect through the oil-backout factor, during that period, $ ) 6 4 mil)ion of transmission and capacity charges for the coal-by-wire purchases,
$ 1.1 million of revenue requirements associated with the project, and S14. I million representing two-thirds of the project's net savings.
The remaining S7.1 million, representing one-third of the net savings, will be retained by the customers through the fuel adjustment clause.
In its decision approving the factor, the FPSC determined that the revenues attributable to the two-thirds net savings and the revenue requirements of the project should be subject to refund because the FPSC's earlier decision that the 500 kv transmission line project qualified for oil-backout treatment may be subject to clarification and/or reconsideration.
The refund provision does not, however, extend to.the transmission and capacity charges for coal-by-wire purchases.
In October 1982 the Florida Public Counsel and another intervenor in the proceedings )i)ed'petitions for reconsideration of the FPSC's decisions approving the Company's project for oil-backout
Page 5
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treatment and the amount subject to collection y the Company du'ring the six-month period beginning October 1982. The matter is pending.
Fuel Oil Supply Fuel oil prices declined ear)y in the third quarter of the year and increased in September.
Exxon Company U.S.A.
contract prices at Port Everglades on October 25, 1982 were
$31.17 per barrel for 1~io sulfur oil and $26.72 per barrel for 2.5<io sulfur oil.
Nuclear Units Turkey Point Unit No. 4 was removed from service in October 1982 to begin permanent repair of its steam generators.
The unit is expected to be out of service for approximately nine months. Permanent repair of Turkey Point Unit No. 3.
steam generators was successfully completed in April 1982.
Permanent repair entails the insta))ation of new steam generator tube bundles, which incorporate different materials and design.
The combined cost of repairs to both units is current)y estimated to be approximately $ 190 mi)lion, of which $ 134 million has been expended through September 1982.
Generation Expansion Plan The construction of Si. Lucie Unit No. 2, the Company's fourth nuclear unit, is approximately 901o completed. The 802 mw unit is expected to go into commercial operation in 1983.
The current total. estimated cost of the unit is approximately
$ 1.4 billion, of which $ 1.1 billion has been spent to date.
The Company intends to perform additional work after the commencement of commercial operation of St. Lucie Unit No. 2 in order to comply with changes in technical specifications and regulatory requirements occurring since the unit was designed.
The estimated cost of the first phase of these retrofit requirements is approximate)y
$ 50 million. The cost of future phases has not been determined, but could exceed the amount estimated
~ for phase one.
ln August 1982 FPL began receiving an increased amount of coal-fired power as a result of an amendment to its long-term interchange agreement vith the Southern Companies.
The amendment increases the amount of coal-fired power for the remainder of 1982 to 650mw from theoriginal 300mw. As a part of the original contract, the Company will receive 300 mw of coa)-fired power. under the long-term interchange agreement in 1983 through 1986. Under the firm-power purchase contract with the Southern Companies, FPL will receive 350 mw of firm unit power beginning in 1983. Firm power-purchases under the contract will increase incrementally to 2000 mw'in 1985, remaining at that
)eve) through 1992 with declining increments thereafter through mid-)995.
The increased power will be transported over two 500'kv lines which willeventually extend from the Georgia border to the Company's Martin Plant located west of West Palm Beach.
The portions of the two lines which extend from Georgia to the Company's Duval substation near Jacksonville, built jointly by the Company and the Jacksonville Electric Authority, have been completed and placed in operation. The Company plans to begin construction in 1983 to extend the two lines from the Duval substation to the Martin Plant, where they willtie into the existing 500 kv system. The extension, is expected to be completed by the mid-1980's.
The Company's current estimate of capital expenditures for 1982 has been increased from $802 millionto $ 867 million.
The increase is due primarily to the anticipated delay until 1983 of the expected sale of a portion of St. Lucie Unit No. 2 to various municipalities and to cost escalations associated with nuclear and transm ssion projects. Expenditures for the period 1982 through:1984 continue to be estimated at $2.5 billion.
'Financing Through October 1982 the Company has raised approximately $508 million of long-term capital. Inc)uded in this amount is $325 mi)lion raised through the sale of First Mortgage Bonds,
$97 million raised through the sale of 3 million shares of Common Stock, $35 million raised through the sale of 350,000 shares of Preferred Stock, Series N, and
$51 million raised through the issuance of Common Stock through the dividend reinvestment plan and employee benefit plans.
The amounts and time of issuance of additional securities for the remainder of 1982, ifany, have not been determined.
NOTES (I) To,provide a better matching of costs and revenues, effective January I, 1982, the Company changed its accounting policy of recognizing revenue to provide for accrual ofestimated unbilled revenues. Unbilled revenues result from energy delivered between the customer's cycle reading date and the end of the month. Revenues were previously recognized when billed: The cumulative effect of this. accounting. change as of December 31, 1981 was recorded in.'January 1982 and added approximately
$34 million, which is net ol'income taxes of approximately $33 million, to Net income for the year to date and twelve months ended September 30, 1982.
As a result of fluctuations in the balance of unbilled revenues, the nev'ccounting method had the effect of increasing Income before cumulative effect of change in accounting method by approximately $ 1 million for the quarter and $4 million for the year to date and twe) ve months ended September 30, 1982, respectively.
These amounts represent
$0.03 and
$0.09 per share of Common Stock for the same respective periods.
If this change in accounting method were applied retroactively, the pro forma amounts for Net income and Earnings per share of Common Stock, compared to reported per share amounts, would be as follows (in thousands of dollars, except for per share amounts, for the periods ended September 30):
Pro forma FPSas Net Income EPS reported Quarter 1982
$ 106,359
$ 1.96
$1.96 1981
$ 72,207
$ 1.42
$ 1.53
'Year to Date 1982
$206,566
$3.78
$4.51 1981
$ 152,608
$2.85
$2.73 12 Months 1982
$285,226
$5.32
$6.02 1981
$ 193,144
$3.61
$3.60 (2) In connection with the adoption of the fuel cost recovery clause in 1980, the FPSC ordered a transition adjustment allowing the Company,to recover fuel costs it would have had the opportunity to recover through the prior fuel adjustment clause.
In February 1982 the FPSC voted to authorize the Company to co))ect approximately $44 million over the twelve-month period starting in April 1982. Because of an appeal by the F)orida Public Counsel, the fuel adjustment revenues for the six-month period that started in April I, 1982 (which include $22 million of the $44 million) have been, and $22 million of the fuel adjustment revenues for the six-month period that started October I, 1982 arc being, collected subject to refund with interest, pending resolution of the appeal.
41 0
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EXHIBIT3 0
FLORIDA PONER @ LIGHT COMPANY Internal Cash Flow Excludin Retained Earnin s
Actual Projected 12 Months Ended 12 Months Ended Se tember 30. 1982 Se tember 30 1983 Depreciation and Amortization Deferred Income Taxes and Investment Tax Credits MiQion
$ 197.6 160.1
$ Millions
$ 249.3
$161.3 Internal Cash Flow Excluding Retained Earnings Applied Toward Requirements
$ 357.7
$410.6 Average Quarterly Cash Flow Excluding Retained Earnings (1)
$ 89. 4
$102.7 Percentage Ownership in All Operating Nuclear Units:
Turkey Point.g 3 Turkey Point 44 St. Lucie 41 St. Lucie 42 100 %
100 %
100 %
85.10449
% (2)
Maximum Total Contingent Liability
$ 30 Million
$40 Million(2)
Certified By:
. Howard Vice President Treasurer (1)
Cash flow per quarter is shown as an average.
Under actual conditions, the amount available is.greater in the third and fourth quarters.
(2)
A second nuclear unit at the St. Lucie plant site is anticipated to be placed into corn mercial operation during 1983.
The Company sold 6.08951%
of St Lucie Unit No.
2 to the Orlando Utilities Commission in January 1981.
Florida Muncipal Power Agency (FMPA') and FPL have signed an agreement for the sale to FMPA of 8.806% of the unit.
The actual sale will take place after FMPA obtains the necessary financing and after the Nuclear Regulatory Commission amends the construction permit to name FMPA as an additional owner of the unit
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