ML18082A426
| ML18082A426 | |
| Person / Time | |
|---|---|
| Site: | Salem  |
| Issue date: | 05/13/1980 |
| From: | Schneider F Public Service Enterprise Group |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML18082A427 | List: |
| References | |
| NUDOCS 8005200697 | |
| Download: ML18082A426 (7) | |
Text
Frederick W. Schneider Vice President Public Service Electric and Gas Company 80 Park Place Newark, N.J. 07101 201/430-7373 Production Mr. Jerome Saltzman, Chief Antitrust & Indemnity Group Nuclear Reactor Regulation May 13, 1980 U.S. Nuclear Regulatory Commission Washington, D. c.
20555 Mr. Saltzman:
RE:
SALEM GENERATING STATION UNIT NO. 1 DOCKET NO. 50-272 GUARANTEEING RETROSPECTIVE PREMIUMS FOLLOWING NUCLEAR INCIDENT As required by the 1975 Amendments to the Price-Anderson Act (Public Law 94-197), the owners of Salem Generating Station Unit No. 1 submit the following statements and supporting documents to satisfy guarantee requirements as provided under Alternative No. 5:
- 1.
1979 Stockholders' Annual Report of each owner.
- 2.
Summary of Owners' 1980 Projected Internal Cash Flow Statements supported by individual certified Internal Cash Flow Statements showing 1979 Actual and 1980 Projected with Explanation of Significant Variations.
This is being filed in accordance w~th extensions granted by your office which provided for a May 15 filing date rather than the original date of March 15, 1980.
Similar documents will be filed by Philadelphia Electric Company for the owners of the Peach Bottom Generating Station Unit 2 and 3.
Very truly yours,
Net Income Less Dividends Paid Retained in Business Adjustments:
Unperrecovered Electric Energy Costs Depreciation Amortization and Other
. Nuclear Storage and Deconunissioning Deferred Revenue Taxes Deferred Income Taxes and Investment Tax Credits Allowance for Funds Used During Construction
~otal Adjustments Internal Cash Flow Ave~age Quarterly Cash Flow Nuclear Generating Stations Percentage of ownership Salem 1 Maximum Contingent Liability.. - _
(Severally and not Jointly)
SALEM GENERATING STATION OWNERS
SUMMARY
PROJECTED INTERNAL CASH FLOW STATEMENT FOR THE YEAR 1980 Public Service Electric and Gas Company (See Note)
$ 221 946 219 745
'1 2 201 172 748 so 140 100 007
( 82 441) 240 454
$ 242 655 60.664
. 42.59\\
4 259 Philadelphia Electric Atlantic City Electric Company Company (Thousands of Dollars)
$ 220 622 207 567 13 oss 124 033
( 31 272) 12 61J..
43 029
( 54 550) 93 950
. $ 106 905 26 726 42.59%
4 2S9 3S 078 28 836 6 242 16 103 25 836 3 382
..,* 599 4 510
(
.7* 316) 50 104
$. 56 346 14 086 7.41%.
741 Delmarva Power & Light Company SS 200 46 100 9 100 38 300 1 700 13 700 16 700) 37 000 46 100
- 11. S2S 7.41%
741 NOTE:
Does not reflect rate relief granted effective. Apr'fl 17 ~* 1980 nor. recoupment. of underrecovered electric energy costs.
Total 502 248 30 598 e 16 103 360 917
- 23. 9.so 12 611 7 589 161 245
~-I 421 408
$ 452 006
$ 113 002 100%
10 000 J
Net Income Less Dividends Paid Retained in Business Adjustments:
Underrecovered Electric Energy Costs Depreciation Amortization and Other Deferred Income Taxes and Investment Tax Credit Allowance for Funds Used During Construction Total Adjustments Internal Cash Flow Average Quarterly Cash Flow Actual-1979
$ 233 329 190 981 42 348 (119 985) 165 658 25 349 109 606
( 56 593) 124 035
$ 166 383 41 596 PUBLIC SERVICE ELECTRIC AND GAS COMPANY Projected Internal Cash Flow Statement For Year 1980 -
Compared to 1979 Actual (Thousands of Dollars)
Projected-1980*
$ 221 946 219 745 2 201 172 748 50 140 100 007
( 82 441) 240 454
$ 242 655 60 664 Explanation of Significant Variations Additional Preferred and Common Shares.
Deferral of 1979 underrecoveries to be recovered starting in 1980.
Salem No. 2 Going Into Service.
Amortization of Nuclear Fuel at Higher Burnup Rate, Atlantic Write-off.
1980 Budget Includes Tax Effects of Atlantic Project Abandonment.
- Does not reflect rate relief granted effective April 17, 1980 nor recoupment of underrecovered electric energy costs.
As indicated by this statement, the Average Quarterly Cash Flow fully covers the maximum contingent liability of Public Service Electric and Gas company which amounts to $4,259,000 as shown on the Summary Sheet "Projected Internal Cash Flow Statement".
PUBLIC SERVICE ELECTRIC AND GAS COMPANY Date __ /H
~..,;J..
- ___,,,_:J..__;_'/_/_t?,_rti_t:J __
Parker c. Peterman Vice President and Comptroller.
Philadelphia Electric Company System Pro.jected Internal Cash Flov Statement For Year 1980 - Com ed to l Actual
\\Thousands of Dollars Explanation of Significant Variations (1)
Net Income Actual-1979
$194,471
~
~
Projected-198Q
$220,622 Higher Baee Ratee Effective in 1980 Less: Dividends Paid Retained in Business Adjustments:
Depreciation Amortization and Other Nuclear Spent Fuel Storage Decommissioning Expense Deferred Income Taxes and Investment Tax Credits Allovance for Other
_ Funds Used During Construction Total Adjustments Internal Cash Flov Average Quarterly Cash Flov 120,6o8 (76,827) 41,835 (1) Significant variation equals $10 million and 10%.
~
..1..1..Q22 124,033 (31,272) 8,773 3,838 43,028
~)
--2.1&2Q
$106,905
$ 26,726 Reduction in Deferred Fuel The.Company has sufficient cash flov to ensure that its respective premiums vould be available for payment.
Certified by:
Date May 5, 1980
.. - -~
Net Income Less Dividends Paid Retained in Business Adjustments:
Levelized Energy Clause (LEC)
Depreciation Amortization and Other Deferred Revenue Taxes on LEC Def erred Income Taxes and Investment Tax Credits Allowance for Funds Used During Construction Total Adjustments Internal Cash Flow Average Quarterly Cash Flow Nuclear Generating Station Percentage Ownership Salem 1 Maximum Contingent Liability (Severally and not Jointly)
ATLANTIC CITY ELECTRIC COMPANY Projected Internal Cash Flow Statement For Year 1980 - Compared to 1979 Actual (Thousands of Dollars).
Actual - 1979
$ 34,307 26,858 7,449 (23,893) 22,590 870 925 19,436 (6,278) 13,650 21,099 5,275 Projected - 1980
$ 35,078 28,836 6,242 16,103
- 25,836 3,382 7,589 4,510 (7,316) 50,104 56,346 14,086 7.41%
741 Explanation of Significant Variations Reflects increased shares of Common Stock.
Reflects the deferral of LEC underrecovery in 1979 and the subsequent amortization of same in 1980.
Reflects Salem No. 2 in service in 1980.
Reflects increased nuclear fuel amortization in 1980.
Reflects increase in LEC billing factor from
.0322¢/kwh to 1.1019¢/kwh and the related increase in deferred revenue taxes..
Reflects the amortization of 1979 deferred taxes on LEC and increased def erred revenue tax on LEC revenue.
As indicated by this statement, the average quarterly cash flow fully covers the maximum contingent liabil-ity of Atlantic Electric which amounts to $741,000 as shown on the summary sheet (Projected Internal Cash Flow Statement).
AT T C E}'.jECTRIC COMPANY (tfVVL-~
\\.
BY Net Income Less Dividends Paid Retained in Business Adjustr:ients:
Depree i a ti on Amortization and Other Deferred Income Taxes and Investment Tax Credits Allowance for Funds Used During Construc-tion Total Adjustments Internal Cash Flow Average Quarterly Cash Fl O~/
DELM/\\RV/\\ POVIER & LIGHT COMPANY Projected Internal Cilsh Flow Statement For Year 1980 Compared to 1979 Actual
{Thousands of Dollars)
Actual - 1979 Projected - 1980
$55. 200 Explanation of Significant Variations
$53,376 42,174
$11,202 33,866 596
.24,759 (16,988) 42,233
$53,435
$13,359 Note 46,100 Note 2
$ 9, 100 38,300 Note 3 1,700 Note 4 13,700 Note 5
( 16,700) 37,000
$46, 100
$11
- 525 As indicated by this statement, the Average Quarterly Cash Flow fully covers the maximum contingent liability of Delmarva Pm*ier & Light Company which amounts to $741,000 as sho~m on the Summary sheet "Projected Internal Cash Flovi Statement."
Date:
May 9, 1980
-)
NOTE 1 NOTE 2 NOTE 3 NOTE 4 NOTE 5 e<
EXPLANATION OF SIGNIFICANT VARIATIONS Net income increased due to higher rates in effect in the Delaware, Maryland, Virginia & FERC jurisdictions.
Delmarva increased the annualized dividend rate from
$1.38 to $1 \\48 on December 28, 1979.
The Company issued $24.2 million in Common Stock on June 1, 1979.
Also included in the projected 1980 amount is a $30 mil~
lion Preferred Stock issue and a Common Stock issue of 1,000,000 shares in November 1980 and 440,000 shares through the Dividend Reinvestment Plan. -
Depreciation increased due to the addition of Indian River #4, a 400 MW coal unit, to plant in-service and the completion of the Northern Division Operations Center.
Nuclear Fuel amortization increased due to the unavail-ability of Salem I in 1979 vs. increased operational status in 1980.
Deferred taxes decreased primarily due to the projected re-covery of deferred fuel in 1980.