ML18092B465
| ML18092B465 | |
| Person / Time | |
|---|---|
| Site: | Peach Bottom, Salem, Hope Creek, Limerick, 05000000 |
| Issue date: | 03/13/1987 |
| From: | Corbin McNeil Public Service Enterprise Group |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| Shared Package | |
| ML18092B463 | List: |
| References | |
| NLR-N87043, NUDOCS 8703200005 | |
| Download: ML18092B465 (8) | |
Text
Public Service Electric and Gas Company Corbin A. McNeill, Jr.
Vice President -
Public Service Electric and Gas Company P.O. Box236, Han cocks Bridge, NJ 08038 609 339-4800 Nuclear MAR 13 1987 NLR-N87043 United States Nuclear Regulatory Commission Document Control Desk Washington, DC 20555 GUARANTEED RETROSPECTIVE PREMIUMS FOLLOWING NUCLEAR INCIDENT OPERATING LICENSE NOS. DPR-70 AND DPR-75 SALEM GENERATING STATION DOCKET NOS. 50-272 AND 50-311 HOPE CREEK GENERATING STATION OPERATING LICENSE NO. NPF-57 DOCKET NO. 50-354 As required by the 1975 Amendments to the Price-Anderson Act (Public Law 94-197), the owners of Salem Generating Station, Units No. 1 and 2, and Hope Creek Generating Station, Unit No. 1, submit the following statements and supporting documents to satisfy guarantee requirements as provided under Alternative No.
5:
- 1.
1986 Stockholders' Annual Report of each owner.
- 2.
Summary of Owners' 1987 Projected Internal Cash Flow Statements supported by individual certified Internal Cash Flow Statements showing 1986 Actual and 1987 Projected with Explanation of Significant Variations.
Similar documents will be filed by Philadelphia Electric Company for the owners of the Peach Bottom Generating Station Units 2 and
- 3.
Sincerely,
~.
0005 970313
.,- s7o32o K 05000272 PDR ADOC PDR I
Enclosures
Document Control Desk 2
C Mr. R. Wood, Financial Analyst (w/o e*nclosure)
Off ice of State Programs Mr. D. H. Wagner (w/o enclosure)
Licensing Project Manager -
Hope Creek Mr. R. w. Borchardt (w/o enclosure)
Senior Resident Inspector -
Hope Creek Mr. D. C. Fischer (w/o enclosure)
Licensing Project Manager -
Salem Mr. T. J. Kenny (w/o enclosure)
Senior Resident Inspector -
Salem
JOINT OWNERSHIP OF NUCLEAR GENERATING STATIONS (SALEM AND HOPE CREEK)
SUMMARY
PROJECTED INTERNAL CASH FLOW STATEMENT FOR THE YEAR 1987 (Thousands of Dollars)
Public Service Philadelphia Atlantic City Delmarva Electric and Electric Electric Power & Light Gas Company Company Company ComEany Total Net Income
$ 505 285
$ 556 299
$ 61 839 81 777
$1 205 200 Less Dividends Paid 445 798 528 815 55 190 71 942 1: 101 745 Retained in Business 59 487 27 484 6 649 9 835
$ 103 455 e Adjustments:
Unrecovered Revenue
$(181 962)
$ (181 962)
Levelized Energy Clause - Net (19 707)
(19 707)
Depreciation 429 402 258 703 51 944 62 819 802 868 Amortization and Other (38 726)
(9 781)
(11 822) 9 980 (50 349)
Deferred Income Taxes and Investment Tax Credits 158 890 196 112 19 286 27 720 402 008 SFAS 90 Effect (15 011)
(15 011)
Allowance for Funds Used During Construction (59 329)
(118 004)
(3 734)
(3 277)
(184 344)
Total Adjustments
$ 475 226
$ 145 068
$ 35 967 97 242 753 503 Internal Cash Flow
$ 534 713
$ 172 552
$ 42 616
$ 107 077
$ 856 958 Average Quarterly Cash Flow
$ 133 678 43 138
$ 10 654 26 769
$ 214 239 e Nuclear Generating Stations Percentage of Ownership Salem 1 42.59%
42.59%
7.41%
7.41%
100%
Salem 2 42.59%
42.59%
7.41%
7.41%
100%
Hope Creek 1 95.00%
5~00%
100%
Maximum Contingent Liability (Severally and not Jointly) 18 018 8 518 1 982 1 482 30 000
PHILADELPHIA ELECTRIC COMPANY SYSTEM Projected Internal Cash Flow Statement For Year 1987 - Compared to 1986 Actual (Thousands of Dollars)
Net Income Less:
Dividends Paid Retained in Business Adjustments:
Projected-1987
$556,299 528,815
$ 27,484 Unrecovered Revenue
$(181,962)
Depreciation 258,703 Def erred Income Taxes and Investment Tax Credits 196,112 Allowance for Other Funds Used During Construction (118,004)
Nuclear Fuel - Limerick 36,928 Amortization and Other (46,709)
Total Adjustments Internal Cash Flow Average Quarterly Cash Flow
$145,068
$172,552
$ 43,138 Actual - 1986
$566,323 494,916
$ 71,407
$(112,472) 217,723 162,062 (157,980) 77,232 195,925
$382,490
$453,897
$113,474 (1) Significant variation equals $10 million and 10%.
Explanation of Significant Variations (1)
Full year of revenue phase-in plan.
Limerick #1 in service for full year.
Increase due to Deferred Fuel.
Limerick #1 in service for full year.
Scheduled refueling for Limerick #1 in 1987.
Decrease in Deferred Fuel.
The Corrpany has sufficient cash flow to ensure that its respective premiums would be available for payment.
Certified by:
'?/#~
M. W. Rimerman Vice President Finance and Accounting
. Date rz;It_ /d, lftf7
Net Income Less Dividends Paid Retained in Business Adjustments:
Depreciation and Nuclear Fuel Burnup Amortization and Other Deferred Income Taxes and Investment Tax Credits Statement of Financial Accounting Standards No. 90 - Regulated Enterprises - Accounting for Abandonments and Disallowances of Plant Costs (SFAS 90)
Allowance for Funds Used During Construction Total Adjustments Internal Cash Flow Average Quarterly Cash Flow PUBLIC SERVICE ELECTRIC AND GAS COMPANY Projected Internal Cash Flow Statement For Year 1987 - Compared to 1986 Actual (Thousands of Dollars)
Actual-1986
$ 428.283 453 932
$ (25 649)
$ 320 461 74 833 59 922 183 826 (241 317)
. $ 397 725
$ 372 076 93 019 Projected-1987
$ 505 285 445 798 59 487
$ 429 402 (38 726) 158 890 (15 011)
(59 329)
$ 475 226
$ 534 713
$ 133 678 ExElanation of Significant Variations Rate relief, lower interest charges.
Reacquisition of Preferred Stock, conversion of
$1.40 Dividend Preference Connnon.
Principally in-service of Hope Creek No. 1.
~
Temporary cessation of amortization of Hope Creek No. 2 cancellation. Will resume in 1988.
Lower Deferred Fuel Recovery off set by lower Investment Tax Credits.
The Company preadopted SFAS 90.
Figures represent the effect of SFAS 90 on the direct and indirect disallowances for Hope Creek in 1986, and the accretion to income of the discount in 1987.
Principally in-service of Hope Creek No. 1 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 $18,018,000 as shown on the Summary Sheet "Projected Internal Cash F Statement".
PUBLIC Parker C. Peterman DATE
_ "?/tD,/~1
Net Income Less Dividends Retained in Business Major Adjustments:
Depreciation and Amortization Levelized Energy Clause - Net Deferred Income Taxes*and Investment rax Credits Unrecovered.Purchased Power Costs Allowance for Funds Used During Construction Other Total Adjustments Average Quarterly Cash Flow Nuclear Generating Station Percentage Ownership Salem :Unit /fl Salem Unit /12 Hope. Creek fl 1 Maximum Contingent Liability (Severally and not Jointly),*
Actual 1986
$ 69,550 53,227 16,323 42,515 8,711
- 36,769 (15' 700)
(17,020) 14;179 69;454
$ 85';777
$ 21,444 ATLANTIC CITY ELECTRIC COMPANY PROJECTED INTERNAL CASH FLOW STATEMENT FOR YEAR 1987 ~ COMPARED TO 1986 ACTUAL (Thousands of Dollars)
Projected 1987
$ 61,839
'55, 190 6,649 51,944 (19,707)*
19,286 (16,910)
(3,734) 5,088 35,967
$ 42,616
$ 10,654 7.41%
7.41%
' 5.00%
1, 982 Explanation of Significant Variations In-service of Hope Creek Nuclear Generating Station.
Actual represents the net increase in th.e continuing deferral of excess fuel related revenues collected.
Projected represents the giveback of previously deferred revenues and *the excess of fuel dollars spent over that collected.
Actual includes the deferred tax effects on costs associated with reacquired debt, and Projected reflects the TRA'86 repeal of*ITC.
In-service of Hope Creek.
. Primarily net changes in working capital items.
As indicated by this statement, the Average Quarterly Cash Flow fully covers the maximum contingent liability of Atlantic City El.ectric Company which amounts to $1 0982,000 as shown above.
ATLANTIC COMPANY Date. J..- J-'.;..g 7
Net Income Less Dividends Paid Retained in Business Adjustments:
Depreciation Amortization and Other Deferred Income Taxes and Investment Tax Credits Allowance for Funds Used During Construction Total Adjustments Internal Cash Flow Average Quarterly Cash Flow DELMARVA POWER & LIGHT COMPANY Projected Internal Cash Flow Statement For Year 1987 Compared to 1986 Actual (Thousands of Dollars)
Actual - 1986 Projected - 1987
$ 81,777 71,942 Explanation of Significant Variations
$ 96,123 68,979 27,144
$ 64,657
( 11,871) 53,579 (3,518) 102,847
$129,991*
$ 32,498 Note 1 Note 2 9,835
$62,819 9,980 Note 3 27,720 Note 4 (3,277) 97,242
$107,077
$ 26,769 The Company has sufficient cash flow to insure that its respective premiums would be available for payment.
- Per annual report $157,176.
The difference of $27,185 is due to a different format that was used in annual report, which reflected various working capital items.
Date __
2+-( 2_1_./....;;..'67..__ ____
e
NOTE 1 NOTE 2 NOTE 3 NOTE 4
/-
EXPLANATIONS OF SIGNIFICANT VARIATIONS Net income is expected to decrease due to the full year impact of rate decreases effective in the second half of 1986, higher regular operating expenses, and lower comparative non-regulated income than the previous year.
Delmarva increased the annualized common stock dividend rate from $2,02 to $2.12 in December 1986.
No additional common shares and no additional preferred shares, except possibly for refinancing purposes, are expected to be issued in 1987.
Amortization and Other will increase due to the final amortization of the credit in all jurisdictions except Virginia related to the sale of contracts for a nuclear steam supply system.
Deferred taxes and ITC, net, are expected to decrease due t6 the effects of the 1986 Tax Reform Act and lower deferred taxes and ITC associated with non-regulated income.