Text

Revised Application for Amend to License DPR-20,requesting Approval of Transfer of Ownership of Plant from CPC to Newly Formed Michigan Corp,Palisades Generating Co & to License Palisades Generating Co to Possess But Not Operate Plant
	ML18057A243
Person / Time
Site:	Palisades
Issue date:	05/23/1990
From:	; CONSUMERS ENERGY CO. (FORMERLY CONSUMERS POWER CO.)
To:	;
Shared Package
ML18057A242	List: ML18057A241; ML18057A243;
References
	NUDOCS 9005310099
	Download: ML18057A243 (52)
	v • d • e

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OC1189-0026-NL02 ENCLOSURE.1 Consumers Power Company Palisades Plant Docket 50-255 REVISION 1 OF ATTACHMENT 1 TO CPC LICENSE CHANGE REQUEST DATED FEBRUARY 27, 1989 May 23, 1990 10 Pages

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OC1189-0026-NL02 ATTACHMENT 1 Consumers Power Company Palisades Plant Docket 50-255 LICENSE CHANGE REQUEST TRANSFER OF PALISADES OWNERSHIP TO PALISADES GENERATING COMPANY May 23, 1990, Revision 1 10 Pages

Consumers Power Company Docket 50-255 Request for Change to the License

. License DPR-:20 For reasons hereinafter set forth, it is requested that Provisional Operating License DPR-20, Docket 50-255, issued to Consumers Power Company for the Palisades Plant, be amended as described in Section I below:

I.

Proposed Changes 1

This Request for Change to License DPR-20 requests NRC to approve the transfer of ownership of the Palisades Plant from Consumers Power Company (CPC) to a newly-formed Michigan corporation, Palisades Generating Company (PGC), and to license PGC to possess but not to operate the Palisades.

Plant.

CPC will continue to retain its license authority to operate the Palisades Plant.

A discussion of the terms of the transfer of ownership is included in Section II. Attachment 2 sets forth the proposed changes to the license. is the Asset Purchase Agreement between CPC and PGC. is a copy of the Power Purchase Agreement as executed by CPC and PGC (a draft form thereof being Exhibit 9 to the Asset Purchase Agreement) and Amendment 1 thereto. is a statement I

of estimated sources and applications of funds f nr the years of plant life following the transfer.

The proposed change to Section 5.1 of Appendix A to the License deletes.

the statement that the site shall be "owned by Consumers Power Company".

As discussed ;i.n Section II, a portion of the existing plant si.te is being sold to PGC.

The remainder will continue to be owned by CPC.

For pur-poses of Appendix A, the existing plant site is considered to be unchanged, notwithstanding the partial change in title ownership, since control will remain with the licensees.

The definition of "site boundary" in Section 1.4 of Appendix A continues to be "that line beyond which the land is neither owned nor otherwise controlled by the licensee."

The proposed change to Section 5.1 of Appendix A also deletes the number of acres in the site a~ not being material, the significant factor being the distance to the nearest boundary, which is not changed from that depicted in Figure 5-1 of Appendix A.

Moreover, the acreRge figure has been determined to be erroneous, the correct acreage for the area shown in Figure 5-1 being 432 rather than 487.

The effective date of the ownership transfer will be proposed by subse-quent correspondence as soon as all necessary approvals by other agencies have bee~ obtained.

OCl 189-007-6-NT,02

2 II. Discussion CPC wishes to transfer its ownership of the Palisades Plant to PGC in order to settle certain claims, improve plant reliability, and benefit its customers and shareholders.

CPC will continue to operate the Palisades Plant as a contractor to PGC.

PGC's capital stock will be owned by CPC, Bechtel Power Corporation (BPC) or persons associated with BPC (Bechtel), and one or more additional investors.

PGC will purchase the real and personal property comprising the Palisades Plant, and assume certain liabilities, as described in the Asset Purchase Agreement included herein as Attachment 3.

Although the plant site purchased by PGC will be smaller than the existing plant site, the portion not sold to PGC will continue to be owned by CPC.

CPC and PGC will grant each other easement rights with respect to their respective parcels to assure necessary ingress, egress, control, etc.

The purchase by PGC will include certain switches and transmission lines connecting the Palisades Plant to the switchyard, but otherwise CPC will continue to own the switchyard and its equipment.

Other property being sold includes machinery, equipment, furniture and other items of tangible personal property at the site, records and technical drawings pertaining to the plant, spare parts and construction work in progress (CWIP).

I Financing for PGC is expected to consist of approximately $455 million I

in secured indebtedness, $40 million in CPC equity, $30 million in equity provided by Bechtel, and an additional $20 million in equity provided by other investors, for a total of approximately $545 million.

The purchase I

price for the Palisades Plant and other property being purchased by PGC will be the net book value at the closing date.

Assuming the closing occurs after the steam generator replacement, the approximate purchase I

price and other costs to be financed would be:

I Palisades Plant CWIP Spare Parts and Prepaid Insurance Purchase Price Working Capital (cash)

Organizational Costs Total

($ millions) 498.6 12.6 10.8 522.0 13.0 10.0 545.0 I

I I

An additional $8.9 million portion of the purchase price will be I

paid in deferred annual installments from PGC's revenue during the period I

in which CPC purchases power from PGC under the Power Purchase Agreement.

I OC1189-0026-NL02

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For seven years following the closing, CPC and BPC will have additional contingent commitments to provide up to $20 million each if cash flow is insufficient to fund necessary capital additions.

PGC, as the owner of the Palisades Plant, will sell the electrical output of the plant to CPC under a Power Purchase Agreement included herein as.

Under the terms of the Power Purchase Agreement, which is subject to Federal Energy Regulatory Commission (FERC) jurisdiction and approval, 100% of capacity will be dedicated to CPC through December 31, 2006.

The rates under the Power Purchase Agreement are expected to provide sufficient revenues to cover the projected costs of debt service, opera-3 I

tion and maintenance, capital improvements, insurance, taxes, and decommissioning based on the Palisades Plant achieving an average capacity factor of 56% over its remaining life. The projected capital improvements I

include plans for about $255 million (1988 dollars) in capital expendi-I tures during the approximately 16 year period following the plant sale.

I Funding during outages will be provided by PGC's working capital, by

/

minimum capacity charge payments by CPC during outages after the first three months of the outage and for up to nine months thereafter (except under certain circumstances) to cover fixed operation and maintenance expense and debt service (exclusive of debt held by CPC), by a $40 I

million revolving line of credit with senior debt lenders and, if need be, by the additional $40 million aggregate contingent commitments of CPC and BPC for capital expenditures.

Nuclear fuel cost, nuclear insurance (both liability and property), retrospective assessments under the Price-Anderson Act and nuclear insurance policies, and FERC-approved decommissioning charges will be passed through to CPC.

PGC intend~ to determine decommissioning costs based on a site-rfecific assessment, and to fund such costs using external trust funds. -

PGC intends to reassess the decommissioning cost estimate periodically.

Revisions to the decommissioning cost estimate will be evaluated for conformance to NRC criteria and then submitted to FERC for rate adjust-ment.

A decommissioning funding report will be submitted to the NRC by July 1990 in accordance with the NRC's new decommissioning rule.

Compliance with this rule will provide reasonable assurance that decommissioning funds will be available.

OC1189-0026-NL02

CPC will continue to operate the Palisades Plant under the provisions of an Operating Agreement (the form of which is included herein as Exhibit 8 of Attachment 3) that will become effective innnediately upon the transfer.

Pursuant to the Operating Agreement, CPC will operate and maintain the Palisades Plant in accordance with prudent utility practices, applicable laws, and the terms of the Operating Agreement, and is responsible for the safe operation of the plant.

Among other things, CPC is responsible for maintaining the site (including handling and storing spent fuel);

procuring supplies and materials (including fuel) required for plant operation; entering into subcontracts; hiring, training and supervising plant personnel; and decommissioning the plant in accordance with the Operating Agreement.

While the Operating Agreement defines appropriate standards of conduct to which CPC as the operator must adhere (eg, com-pliance with regulations, prudent utility practice, etc) and provides PGC certain rights regarding finances, budgeting, outage planning, information and audits, it does not restrain CPC from taking such actions as are necessary and appropriate for the safe operation of the Palisades Plant.

PGC will reimburse CPC for all actual and reasonable costs of the per-formance of CPC's duties under the Operating Agreement.

The safe and effective operation of the Palisades Plant by CPC is actively encouraged by the provision for a Management Target Fee that correlates compensation with achievement of safety and management effectiveness goals (see Exhibit C to the Operating Agreement).

Although terminable at PGC's option after three years, the Operating Agreement has an initial five-year term and can be renewed by PGC for an unlimited number of additional two-year terms.

Before the Operating Agreement is terminated, for whatever reason, NRC approval of a license amendment will be obtained, transferring operating authority to PGC or to a new operating service company.

Since CPC will continue to operate the Palisades Plant at least for the next three years, PGC's initial activities will be limited.

In essence, PGC will service the transactional debt, perform financial and budgeting activities, oversee outage planning, and monitor performance of con-tractual requirements under the Operating Agreement and the Power Purchase Agreement.

Reflecting this limited activity, PGC's organization will be small, consisting of a ~oard of Directors and a small number of officers and employees.

OC1189-0026-NL02 4

III.

Supporting Information Concerning PGC A. Name:

B. Adclress:

Palisades Generating Company Suite 701 777 E Eisenhower Parkway Ann Arbor, MI 48108 5

C.

Description of Business:

PGC's business is to own the Palisades Plant and s~ll at wholesale the electricity generated by the Palisades Plant.

D.

Organization PGC is a corporation organized and existing under the laws of the State of Michigan.

All of PGC's directors and principal officers are citizens of the United States.

Their names and business addresses are as follows:

Directors Frederick W Buckman Blake 0 Fisher, Jr Philip J Luks Robert H Stone 212 W Michigan Ave, Jackson, MI 49201 212 W Michigan Ave, Jackson, MI 49201 50 Beale St, San Francisco, CA 94105-1895 15740 Shady Grove Rd, Gaithersburg, MD 20877 Principal*Officers Frederick W Buckman, President Robert H Stone, Executive VP David L Brannen, Vice President David P Hoffman, Vice President Philip J Luks, VP & Secretary 94105-1895 Martin R Walicki, Treasurer 212 W Mich Ave, Jackson, MI 49201 15740 Shady Grove Rd, Gaithersburg, MD 20877 15740 Shady Grove Rd, Gaithersburg, MD 20877 1945 W Parnall Rd, Jackson, MI 49201 50 Beale St, San Francisco, CA 212 W Michigan Ave, Jackson, MI 49201 PGC is not owned, controlled or dominated by an alien, a foreign corporation, or a foreign government.

Under the equity terms of the Asset Purchase Agreement between CPC and PGC, CPC is allocated 4/9 of PGC's stock, Bechtel is allocated 3/9 of the stock, and the remaining 2/9 will be held by a third-party investor or investors whose identity will be provided to the NRC as soon as firm commitments are obtained.

OC1189-0026-NL02

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Technical Qualifications Following the ownership transfer, there will be no significant change in the number or qualifications of CPC's personnel who now manage and operate the Palisades Plant.

CPC will continue to conduct operational activities, including security, quality assurance, and emergency planning and training.

CPC will continue in its current role in the Site Emergency Plan as contact for all local, state and federal agencies.

CPC will continue as the party responsible for all communi-cations with the NRC.

CPC will continue to direct all security functions related to the Palisades Plant.

Therefore, implementation of the amendment sought by this request will cause no change in the technical qualifications of the facility operator.

CPC, as the operator, is not changing its operating organization as currently described in the Updated Safety Analysis Report for Pali-sades and as reflected in the Facility License.

This organization includes well-defined lines of authority, responsibility and communi-cation from the highest management levels through intermediate levels to and including all onsite operating organization positions involved with activities affecting the safety of the ~alisades Plant *. These lines of responsibility and communication will be unaffected by PGC's acquisition of ownership. 2/ At least initially, the President of CPC (Mr Buckman) will also serve as President of PGC; thus, the same individual will have responsibility over both the operational and financial aspects of the Plant.

Financial Qualifications PGC is being established as a fully capitalized and self-sufficient corporation to own and market the power generated by the Palisades Plant.

As discussed *below, the capitalization of the company, the projected revenues from sales of power (including certain pass-through items),

and the arrangement of an extended line of credit are designed to be sufficient to cover the cost of safely operating and shutting down, and eventually decommissioning, the Palisades Plant.

Because PGC will be an entity recovering the costs of electricity generated at the Palisades Plant through rates regulated by FERC, it qualifies as an electric utility under the NRC's regulations at 10 CFR 50.2 and 50.33(f).

Nevertheless, the following information is provided for the NRC's review.

2/

To comply with Michigan law governing the practice of professional engineering, certain functions are expected to be performed by ES Services Company, a wholly-owned engineering subsidiary of CPC.

The personnel performing the work are expected to remain the same as at present.

The extent to which reporting relationships will be affected is still under study and, when determined, will be the subject of a future submittal.

OC1189-0026-NL02 6

i

Apart from the initial capitalization of P.GC, CPC, Bechtel and other

shareholders in PGC will not,_ as such, have further obligations to fund PGC's activities, although CPC and BPC have made contingent commitments to provide an additional $20 million each to fund capital expenditures determined by the Board of Directors of PGC to be neces-sary, to the extent other funds are unavailable.

These commitments will expire seven years after PGC acquires the Palisades Plant.

A statement of the operating costs and expenses (excluding fuel related costs) for the Palisades Plant for 1987 and the first half of 1988 is contained in Exhibit 16 to the Asset Purchase Agreement.

Estimates of sources and applications of funds for the PGC ownership period are provided as Attachment 5 to this request.

At the date of ownership and license transfer, the Power Purchase Agreement will have been approved by FERC.

The Power Purchase Agreement will provide the necessary funding to cover the costs of operations and decommissioning.

7 Under the Power Purchase Agreement, CPC will pay for "available energy", which is the summation over a period of time of the potential electrical output at any instant after deducting the output (a) required for operation and maintenance of the Palisades Plant, and (b) not available because of outages.

The price that CPC will pay for available energy will be comprised of a "capacity charge" and an "energy charge."

The capacity charge is stated in cents per kwh and relates to the base plant investment plus a yearly allowance for capital additions.

The base plant investment and projected capital additions have been amortized through the year 2006 to arrive at an amortized base plant investment and amortized capital additions (expressed* in ¢/kwh).

The precise capacity charge for available energy each year is the sum of the amortized base plant investment (expressed in ¢/kwh based on 55%

capacity) and the amortized capital additions (in ¢/kwh based on 55%

capacity) multiplied by a nuclear capital cost escalator that is based on certain published-Bureau of Labor Statistics indices (see Exhibit I to the Power Purchase Agreement). If PGC rewinds or replaces the I

existing main generator, CPC will pay additional capacity charges I

related to such capital investments.

If the Palisades Plant achieves an average capacity factor of 56% through 2006, these capital c_osts I

are expected to be entirely recovered.

If the plant operates at a higher average capacity factor, greater returns will be realized.

The energy charge consists of a fixed energy charge and a variable energy charge stated in cents per kwh for available energy.

The fixed energy charge accounts for operation and maintenance (O&M) expenses, other than fuel cycle costs.

A base O&M expense has been determined for all contract years and each year this base amount is to be multi-plied by a nuclear O&M cost escalator.

The nuclear O&M cost escalator is based upon changes in the O&M cost of 25 operating pressurized water reactor units which went into service in 1968 to 1978.

The variable energy charge accounts for all fuel cycle costs (including disposal and any associated fuel lease charges) amortized over the OC1189-0026-NL02

l

active life of the fuel to which the costs relate.

These amortized expenses--will be calculated on a monthly basis.

In addition to the capacity and energy charges, Consumers will pay decommissioning funding charges, actual nuclear insurance costs (both property and liability) and any retrospective assessments under nuclear insurance policies or the Price Anderson Act.

CPC will also pay on a monthly basis a minimum capacity charge during portions of unit outages.

This minimum charge consists of a fixed expense component, as escalated by the nuclear O&M cost escalator, and a 8

carrying charge for certain debt service.

I Subject to and as more particularly described in Section J0.1.4 of the Power Purchase Agreement and exhibit M thereto, CPC is not obligated to pay minimum capacity charges during the first 91 days of an outage nor any days beyond the 365th day of an outage, nor on any day where the average of the preceding 730 days of available energy results in a capacity factor greater than 55% unless contingent commitment payments of BPC and CPC are or would thereby become outstanding, nor under certain circumstances where such charges could not be passed through to CPC's customers.

In addition to the foregoing and the $13 million of cash working capital, PGC will have a $40 million line of credit with senior debt lenders, and a portion of the initial debt financing will provide for a revolving credit facility that will allow borrowing on previously repaid principal payments.

This should assure sufficient backup funding to cover all O&M costs.

The tables in Attachment 5 to this request show, in addition to the projected cost and capital expenditures, the revenues that will be generated under the Power Purchase Agreement if the Palisades Plant operates at capacity factors of 55%, 56%, 60% or 65%.

Additionally, no minimum capacity charges have been assumed in these projections.

At average capacity factors of 56% or more, PGC should have the necessary I

funds to support its operations.

Moreover, in the event that the plant I

does not achieve an average capacity factor of 56% through 2006, PGC's I

contractual rights nevertheless assure that the Plant can be shut down I

and maintained in a safe condition.

I Statement of Purposes for Which Transfer is Required and Nature of Transaction Necessitating or Making the License Transfer Desirable The proposed transfer of ownership is part of a business transaction that is mutually advantageous to CPC and BPC and is also part of a settlement of claims relating to the cancelled Midland Nuclear Plant.

It will afford BPC an opportunity to increase and diversify its nuclear experience and at the same time bring additional nuclear expertise to the project.

The agreements among the parties in the transaction create incentives for more efficient operation and greater stability and predictability of power rates, which will benefit CPC's customers.

OC1189-0026-NL02

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9 Agreement to Limit Restricted Data This Request for Change does not contain any restricted data or other information sensitive to national security and it is not expected that any will become involved.

Nevertheless, CPC and PGC agree that they will appropriately safeguard such information if it does become involved and will not permit any individual to have access to restricted.data until the Civil Service Commission (or its successor) has made an investigation and has reported to the NRC on the character, association, and loyalty of such individual, and the NRC has determined that permitting such person to have access to restricted data will not endanger the common defense and security.

Offsite Power PGC and CPC have agreed to a Contract for Electric Service for Auxil-iary or Standby Power (Exhibit 11 to Attachment 3).

This agreement provides a firm commitment by CPC to supply offsite power to the Palisades Plant, subject to obtaining a local franchise.

PGC and CPC have also prepared a Facilities Agreement (Exhibit 10 to Attachment 3), which provides for the ownership, construction, operation and maintenance of facilities connecting the Palisades Plant to CPC's system.

It also includes provisions requiring CPC and PGC, before undertaking any additions, modifications, repairs or replacements to the connection facilities, to consult, develop plans, and coordinate schedules so as to provide for continuous and reliable operation of the connection facilities, the plant and CPC's system.

The Facilities Agreement also obligates CPC to maintain the electrical connection with the plant and, in the event of an interruption, to restore power in compliance with NRC's requirements.

No Significant Hazards Consideration This license change involves no significant change in the facility (its systems, hardware, or ability to exercise control of the site),

the manner in which the Palisades Plant is operated, or the number or technical qualifications of the personnel who operate the Palisades Plant.

There will be no significant change in CPC's responsibility for the conduct of operational activities, including security, quality assurance, and emergency planning and training.

Therefore, the proposed License Change to License DPR-20 does not:

1.

Involve a significant increase in the probability or consequences of an accident previously evaluated; or

2.

Create the possibility of a new or different kind of accident from any accident previously evaluated; or

3.

Involve a significant reduction in the margin of safety.

OC1189-0026-NL02

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Thus, CPC has determined that the proposed License Change does not involve a significant safety hazard.

IV.

Conclusion 10 The Palisades Plant Review Committee has reviewed this License Change Request and has determined that this change does not involve an unreviewed safety question and involves no significant hazards consideration.

This change has also been reviewed by the Nuclear Safety Services Department.

A copy of this License Change Request has been sent to the State of Michigan official designated to receive such requests.

CONSUMERS POWER COMPANY By

Hoffman, Nuclear Operations Sworn and subscribed to before me this,,23;ul<lay of ~

1990.

~~~

Notary Public 7

1*

NO ELAINE E. BUEHREA My commission expires T:,W~~,i;~~c=~~~.;:rcH.

PALISADES GENERATING COMPANY

d.

Sworn and subscribed to before me this j3 day of ~

1990.

(seal) j_seall My commission expires OC1189-0026-NL02 Piimela Long Moore, Notary Public Monroeville Soro, Allegheny County

-n Expires Aug. 15, 1991 1

My-....

M.. _. Pennsylvania Association.of Notaries.

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OC1189-0026-NL02 ENCLOSURE 2 Consumers Power Company Palisades Plant Docket 50-255 REVISION 1 TO ATTACHMENT 5 TO CPC LICENSE CHANGE REQUEST DATED FEBRUARY 27, 1989 May 23, 1990 3 Pages

OC1189-0026-NL02 ATTACHMENT 5 Consumers Power Company Palisades Plant Docket 50-255 SOURCES AND APPLICATIONS OF FUNDS FOR OPERATION OF PALISADES PLANT BY PALISADES GENERATING COMPANY May 23,- 1990, Revision 1 3 Pages

t PALISADES GENERATING CXll'ANY ATTACHMENT 5 Sotn:e and AA>licaticn of FU"ds Revision 1 Years 1990-2006 Mill Ions of Dollars eapec i ty Factor 55.0X 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 TOTAL sa.RCES Of FUlllS:

Power Sales Rewi-tJes 0.0 180.5 256.3 272.0 277.6 287.8 298.3 307.9 318.7 328.8 343.7 354.4 371.7 382.5 401.5 425.6 417.4 5224.7 Contingent Caimitment Preferred Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 o.o o.. o 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 o.o Mini-Capeclty Pll)lll!f'lts 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 o.o 0.0 0.0 0.0 0.0 0.0 o.o Borrowires fran Rewlver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.4 6.3 3.8 9.3 14.7 7.5 0.0 0.0 0.0 48.0 TOTAL

SOJRCES OF F\\.llDS 0.0 180.5 256.3 272.0 277.6 287.8 298.3 307.9 325. 1 335. 1 347.5 363.6 386.* 4 390.0 401.5 425.6 417.4 5272.8 APPLICATll* OF FUNDS:

FU"ds for Operations 635. 1 Fuel 0.0 16.7 23.7 24.4

28. 1 29.6 32.6 33.7 37.8 39.3 43.3 44.8 49.3

51. 1 56.7 58.9 65.2 c-...

0.0 73.8 118.7 124.9 121.6 130.6 130.4 130.7 140.9 147.3 149.7 162.0 170.0 172.7 186. 1 194.3 196.3 2349.8 IU:lear Insurance 0.0

3. 1 4.3 4.5 4.7 4.9 5.2 5.4 5.7 6.0 6.3 6.6 6.9 7.2 7.6 8.0 8.4 94.7 Pr~rty Taxes 0.0 4.5 6.5

7. 1 7.4 8.4 9.0 9.1 9.2 9.2 9.2 9.2 9.1 8.9 8.5 8.0 7.2 130.5 Mi igai Sl1"41le Business Tax 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 3.4 3.6 3.8 3.8 4.0 4.3 4.4 5.0 4.9 38.9 Income Taxes 0.0 0.4 0.0 1.5 3.4 3.5 5.0 6.6 6.0 6.8 9.0 9.0 15.3 19.0 21.2 29.8

-37.0 99.4 Workll"4! Capita.I Increase 0.0 0.0 1.5.

1.6 0.6 1.0 1.0 1.0

1. 1 1.0 1.5 1.0 1.7

1. 1 1.9 2.4

-42.1

-23.8 Total

FU"ds for Operations 0.0 98.4 154.7 164.0 165.9 178.0 183.2 188.2 204.1 213.1 222.7 236.5 256.2 264.3 286.4 306.2 202.7 3324.6 FU"ds for Financil"4!

Interest on Debt (t<:apltal Exp. Debt>

0.0

43. 1 56.0 55.9

55. 1 52.9 51.2 48.5 44.7 41.4 37.4 32.5 27.4 21.9 13.8 0.7 0.0 582.4 DebtR~

(t<:apital Exp. Debt) 0.0 11.4 1.2 6.3 17.6.

14.0 22.0 30.8 33.2 37.9 43.5 49.5 58.1 71.4 83.7 22.6 0.0 503.1 Note Interest 0.0 0.7 0.9 0.8 0.8 0.8 0.7 0.7 0.7 0.6 0.6 0.5 0.4 0.4 0.3 0.2 0.1 9.1 Note Repa~t 0.0 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.5 0.6 0.6 0.7.

0.8 0.9 0.9 1.0 8.9 letter of Credit Fees 0.0 1.0 1.5 1.5 1.6 1.9 2.1

2. 1

2. 1 1.9 1.7 1.6 1.3 1.0 0.8 0.8 0.8 23.6 Contingent Conni tment Pref. Dividends 0.0 0.0 0.0 0.0 o.o 0.0 0.0 o.o 0.0 0.0 o.o 0.0 0.0 o.o o.o o.o o.o 0.0 Total

FU"ds for Financi1"41 0.0 56.3 59.8 64.8 75.5

~.9 76.4 82.5

81. 1 82.3 83.7 84.7 88.0 95.4 99.5 25.3 1.9 1127. 1 FU"ds for Capital~itures F ra11 I ntemal Fl ow 0.0 16.7 29.6 31.1 24.1 27.9 26.6 25.1 21.4 21.3 25.1

21. 1 15.4 20.3 23.4 16.3 4.3 349.7 Fran llew Borrowil"4!

0.0 0.0 0.0 0.0 o.o 0.0 0.0 0.0 6.4 6.3 3.8 9.3 14.7 7.5 o.o 0.0 0.0 48.0 Fu-.r:ts for Decamiissioni1"41 Tn.ists o.o 9.1 12.1 12.1

12. 1

12. 1 12.1 12.1 12.1 12.1

12. 1 12.1 12.1 191.0 TOTAL

APPl.ICATll* Of FUllS 0.0 180.5 256.3 272.0 277.6 287.8 298.3 307.9 325.1 335.1 347.5 363.6 386.4 399.7 421.4 360.0 221. 1 5040.4 DISTRIBUTABLE SHAREHll.DER FIJl)S o.o 0.0 0.0 o.o 0.0 0.0 o.o o.o 0.0 0.0 o.o 0.0 0.0

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OC1189-0026-NL02 ENCLOSURE 3 Consumers Power Company Palisades Plant Docket 50-255 AMENDMENT 1 TO THE POWER PURCHASE AGREEMENT SUPPLIED AS ATTACHMENT 4 TO CPC LICENSE CHANGE REQUEST DATED FEBRUARY 27, 1989 May 23, 1990 6 Pages

AMENDMENT HO. 1 ~O THE POWER PURCHASE AGREEMEHT BETWEEH e.

COHSJJMERS POWJ:R COMPANY AND PALISADES GENEBATING COMPAMY WHEREAS, Palisades Generating Company ("Seller") and Consumers Power Company ("Consumers") are parties to the Power Purchase Agreement ("PPA") between Consumers Power Company and Palisades Generating Company dated February l, 1989, WHEREAS, the algorithms used to calculate the capaci~y charges contained in the current Exhibit A to the PPA reflect depreciation rates to be utilized prior to Seller's Operation Date equal to net plant' investment plus additions divided by the remaining book life of the Plant, which Seller and Consumers mutually assumed reflected the actual current depreciation rates and method used by Cons*.imers, WHEREAS, the current actual depreciation rates and method being used by Consumers result in depreciation that is significantly lower than that assumed in calculating Exhibit A, which will, if not corrected, result in Seller siqnificantly under-recovering its investment in the Palisades Generating Plant

("Plant") over the term of the PPA, WHEREAS, Consumers has also applied to the Michigan Public Service Commission ("MPSC") for a modification of the depreciation accrual rates to be applied to its electric plant, including the Plant and its associated transmission facilities to be purchased by Seller, which may have the effect of changing the net plant investment' to be sold to Seller under the Asset Purchase Agreement ("APA") and recovered under the PPA,

---~----*

2 -

WHEREAS, Consumers has scheduled the replacement of the existing steam generators at the Plant prior to Seller's Operation Date as currently projected, NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the Parties agree as follows:

1.

Section 10.1.l shall be amended by inserting the following instead of the second full sentence of that section:

Seller's Operation Date is currently unknown, and it is also unknown whether the depreciation rates currently being

applied by Consumers to the Plant and to the associated transmission facilities to be purchased by Seller will continue to be applied up to Seller's Operation Date.

Accordingly, Seller shall submit to Consumers in writing an Exhibit A, in the form attached to this Amendment No. 1, which shall be calculated to be effective as of Seller's Operation Date to reflect (i) the first of the month and year closest to the actual Seller's Operation Date, and, (ii) if applicable, pursuant to an order of the MPSC that modifies the depreciation rates to be applied by Consumers to.the Plant and to the associated transmission facilities to be purchased by Seller under the APA, the first of the month and year closest to the effective date of the actual revised depreciation accrual rates for book purposes to be applied as a result of such order of the MPSC.

To this end, the Parties hereto have developed and agreed to use the calculations incorporated in the Lotus 123 spreadsheet files.contained on the diskette attached to and

J - -

incorporated as part of this Amendment No. l.

This diskette contains certain formulas and input data negotiated between the Parties necessary to calculate Exhibit A to the PPA for Base Capacity Charges when the date of Seller's Operation Date is known and when it is known whether any change in depreciation accrual rates to be used by Consumers for book purposes will become effective prior to Seller's Operation Date.

The first of the month and year closest to Seller's Operation Date, and, if applicable, any revised depreciation accrual rates to be applied by Consumers to the Plant and to the associated transmission facilities to be purchased by Seller (together with the first of the month and year closest to their effective date) pursuant to an order of the MPSC, shall be entered in the appropriate spreadsheet file contained on the computer diskette attached to and incorporated as part of this Amendment No. l, and named PPAMENDA.WKl, and the spreadsheet shall be recalculated*.

An exact paper copy of the spreadsheet data contained in PPAMENOA.WKl shall be generated and named "Closing Date."

The spreadsheet f~le contained on the computer diskette attached and incorporated as part of this Amendment No.

1 and named AMENOEXA.WKl shall then be recalculated, using inputs fr.om the spreadsheet named PPAMENDA. WKl.

An exact paper copy of the spreadsheet data contained in AMENDEXA.WKl shall be generated and named "Exhibit A."

PGC shall submit a notice to Consumers and to the Federal Energy Regulatory Commission ("Commission") containing

4 -

one o~ more Exhibit A's as calculated and described above.

PGC's notice shall be reviewed by Consumers and by the Commission, if at all, only in order to assure compliance with the calculations contained in the two previously named spreadsheets for each Exhibit A contained in the notice.

Only an Exhibit A in any notice which has as its inputs the first of the month and year closest to Seller's Operation Date shall become effective as of Seller's Operation Date.. PGC's notice to Consumers and to the Commission need only contain one or, at PGC's option, more than one Exhibit A, together with the expected month and year of Seller's Operation Date and, if applicable, any revised depreciation rates of Cons.umers and the month and year of their effective date.

The pro forma Closinq Date and Exhibit A attached hereto assume, solely for illustrative purposes, that Seller's Operation Date occurs on March 31, 1991, and that there is no change to Consumers' depreciation rates prior to that date.

2.

The first line of Section 10.1.2 shall be modified to insert the words "or Consumers" after the word "Seller."

5 -

3.

The definitions in Attachment l to Exhibit E shall be modified as follows:

F(B) = Total F accrued as of Beginning of Month (B.O.M.).

Fu(B) = Total Fu accrued as of B.O.M.

~he definitions in Attachment 2 to Exhibit E shall

. I be modified as follows:

L'(B) =Total L' estimated as of Beginning of Month.

4.

The Parties may execute this Agreement in two or more counterparts which shall, in the aggregate, be signed by the Parties, and each counterpart shall be deemed an original instrument as against any Party who has signed it.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of

~~P~OVEO AS TO FORM April 20, 1990 By:.

Title&

By:

Title:

CONSUMERS POWER COMPANY Vice President

~:S~ES GEN~RA,(92 COMPANY

\\_Llv, J ~M<'-'

Vice President

I PPAIUIDUll c

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EXlllRIT A --

PA<;F. I OF 4 l'OIH:ff l'UHCllASE AGHEDH:NT BETllEEN CONSUMEllS POWER COMPANY ANO PALISADES GENEHATING COMPANY DATED AS OP PEBRUARY I, 1989 CAPACITY CHARGE AllOrliwd Base Plant Investment and A11<>rli:r:ed Capilal AJ1lilio11!t cenla/llVh (1988 I)

BILLING YEAR 1989 1990 1991 1992 1993 1994 BASE PLANT 1.671

1. 459

1. 577

1. 513 I. 525 1.463 1989 0.105 0.269 0.140

0. 133

o. 126 0.119 1990 0.000 0.125 0.382 0.220 0.209 0.198 1991 0.000 0.000 0.174 0.388 0.221

0. 208 1992 0.000 0.000 0.000

0. 151 0.417 0.2H 1993 0.000 0.000 o.ooo 0.000

0. 124 0.325 1994 0.000 o.ooo 0.000 0.000 0.000 0.112 1995 0.000 0.000 0.000 0.000 0.000 0.000 1996 o.ooo 0.000 0.000 0.000 0.000 o:ooo 1997 o.ooo 0.000 0.000 0.000 o.ooo 0.000 1998 0.000 0.000 0.000 0.000 0.000 0.000 1999 0.000 0.000 0.000 0.000 0.000 0.000 2000 o.ooo 0.000 0.000 0.000 0.000 0.000 2001 0.000 0.000 0.000 0.000 0.000 0.000 2002 0.000 0.000 0.000 0.000 0.000 0.000 2003

. 0.000 0.000 0.000 0.000 0.000 0.000 2004 0.000 0.000 o.ooo 0.000 0.000 0.000 2005 o.ooo o.ooo o.ooo 0.000 0.000 0.000 2006 o.ooo 0.000 o.ooo o.ooo 0.000 0.000 Page 15 of 18

).

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e

I Q

'*.I UllllllT A -- l'AGt: 2 OF 4 l'OWEH l'UNCHASE ACau:EMt:NT 8ETWEEN°CONSU.ERS POWt:H COMPANY AND PALISADES CENERATlNG CONPANY DAT£D AS or FillllUAllY 1, 19119 CAPACITY CHARGt:

A90rli&ed Baae Plant lnveat11ent and AllOrli&cd Capilttl AJJilio111; ceata/klfb

( 1988 I)

BILLI NG YEAR 1996 1996 1997 1998 1999 2000 BASE PLANT LUI 1.364

1. 312

1. 257 1.208 1.148 1989 0.113 0.106 0.100 0.093 0.0117 0.0110 1990 0.187 0.176 0.165

o. 155 0.144

0. 133 1991 0.197 0.185 0.174 0.164

o. 153

0. 141 1992 0.228 0.214 0.202 0.189 0.177 0.165 1993 0.155 0.145 0.137 0.129 0.121 0.112 1994 0.282 0.117 0.110 0.103 0.097 0.090 1995 0.114 0.281 0.120 0.113 0.106 0.0!.19 1996 0.000 0.114 0.275 0.118 0.110 0.103 1997 0.000 o.ooo 0.117 0.275

0. 122 0.114 1998 o.ooo 0.000 0.000 0.116 0.264 0.117 1999 0.000 0.000 0.000 0.000 0.121 0.269 2000 0.000 0.000 0.000 0.000 0.000

o. 126 2001 0.000 0.000 0.000 0.000 0.000 0.000 e

2002 0.000 o.ooo 0.000 0.009 0.000 0.000 2003 0.000 0.000 0.000 0.000 0.000 0.000 2004 0.000 0.000 0.000 0.000 0.000 0.000 2005 0.000 0.000 0.000 o.ooo 0.000 0.000 2006 o.ooo 0.000*

0.000 0.000 0.000 0.000

Page 17 of 18 HilllllT A -- PAGE 3 OF 4 l'OWF.R PURCHASE AGREEMF.NT BETWEEN CONSUMEHS POWER COMPANY AND PALISADES GENERATING COMPANY DATED AS or FEBRUARY I, 1989 CAPAC I TY CHARGE Aaortlr.ed Base Plant lnveet... nt end Aaorth:ed Capi lttl Adilitions cente/kllh (1988,,

Bl LLI NG YEAR 2001 2002 2003 2004 2005 2006 BASE PLANT 1.095 1.006 0.918 0.829

o. 745 0.663 1989 0.073 0.067 0.060 O. O!i4 Q.049 0.045 1990 0.123 0.112

. 0.102 0.091 0.0112 0.074 1991 0.131 0.120 0.109 0.098 0.087 0.077 1992 0.153 0.141 0.128

o. 116

o. 104 0.091 1993 0.104 0.096 0.088 0.080 0.072 0.062 1994 0.084 0.078.

0.072 0.065 0.059 0.0!'10 1995 0.092 0.085 0.079 0.072 0.065 0.055 1996 0.096 0.089 0.082 0.075 0.069 0.058 1997 0.106 0.099 0.091 0.084 0.077 0.065 1998 0.109 0.102 0.094 0.086 0.079 0.067 1999

o. 127 0.118 0.109 0.100 0.092 0.078 2000 0.273 0.135 0.125

o. 115

0. IOli 0.090 2001

0. 121 0.248 0.118 0.109 0.100 0.085 2002 0.000

0. 135 0.270.

0.145

o. 133

0. 114 2003 o.ooo 0.000 0.139 0.264 0.147 0.126 2004 0.000 o.ooo o.ooo 0.141 0.251

0. 137 2005 0.000 o.ooo 0.000 0.000 o; 141 0.224 2006 o.ooo 0.000 0.000 o.ooo o.ooo

0.126

POWl::R PURCHASE AGRl::DU:NT Bl::TWl::l::N CON!iUMl::HS-l'OWl::H COMPANY ANO PALISADES GENERATING COMPANY DATl::D AS Of f~BiUARY I, 1989 CAPACITY. CHARGE CALCULATION EIAMPLE FOB 1992 t:Xlll lllT A _:_ l'Ata: 4 UF 4 I. Aaaume the folloNlns waluea hawe been deteralued for the nuclcllr capital coat eacalator:

Year iacalator 1989 1.06 1990 1.10 1991 1.15 1992 1.20

2. The calculation for capacity char1e for 1992 wlll be:

Escalated froa Exhibit A for 1992 Ellcalator V1alue Bue Plant I. 513

1. 5n Capital 1989

0. 133 I. 05

0. 13965 Addition 1990 0.220 1.10 0.242 Year 1991 0.388

. I. 15

0. 4462 1992 0.151 I. 20

o. 1812 2.52205 1992 Capacity Char1e llale (rounded lo nearest 0.001 ):

2.322 cents/kWh l:

fJ

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Page 18 of 18

ML18057A243

Text

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