ML18101A635

Forwards 1994 Stockholders Annual Repts & Individual Certified Projected Internal Cash Flow Statements for 1995 Compared to 1994 Actual,To Satisfy Guarantee Requirements as Provided Under Alternative 5

ML18101A635
Person / Time
Site:	Salem, Hope Creek
Issue date:	04/12/1995
From:	Eliason L Public Service Enterprise Group
To:	NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
Shared Package
ML18101A636	List: ML18101A635 ML18101A637 ML18101A638 ML18101A639 ML18101A643
References
LR-N95053, NUDOCS 9504180344
Download: ML18101A635 (6)

Text

Public Service Electric and Gas Company Leon R. Eliason Public Service Electric and Gas Company P.O. Box 236, Hancocks Bridge, NJ 08038 609-339-1*100 Chief Nuclear Officer & President Nuclear Business Unit APR 121995 LR-N95053 United States Nuclear Regulatory Commission Document Control Desk Washington, DC 20555 Gentlemen:

GUARANTEED RETROSPECTIVE PREMIUMS FOLLOWING A NUCLEAR ACCIDENT SALEM AND HOPE CREEK GENERATING STATIONS DOCKET NOS. 50-272, 50-311 & 50-354 FACILITY OPERATING LICENSE NOS. DPR-70, -75 AND NPF-57 Pursuant to the 1975 Amendments to the Price-Anderson Act (Public Law 94-197), the owners of Salem Generating Station, Unit Nos. 1 and 2, and the Hope Creek Generating station submit the following statements and supporting documents to satisfy guarantee requirements as provided under Alternative No. 5:

1. 1994 Stockholders' Annual Report of each owner.

2. Individual certified Internal Cash Flow Statements showing 1994 Actual and 1995 Projected with Explanation of Significant Variations.

Sincerely, Enclosures (8)

.~~~~~~.,---=---~~\

/-.-9--504180344 950412 I . PDR .. ADD,CK 05000272 I * .PDR

Document Control Desk APR 121995 LR-N95053 C All w/o 1994 Stockholders' Annual Reports (unless indicated)

Mr. T. T. Martin, Administrator - Region I U. S. Nuclear Regulatory Commission 475 Allendale Road King of Prussia, PA 19406 Mr. David H. Moran Licensing Project Manager - Hope Creek U. S. Nuclear Regulatory Commission Mr. Leonard N. Olshan Licensing Project Manager - Salem

u. s. Nuclear Regulatory Commission USNRC Resident Inspector Office (S09)

(with 1994 Stockholders' Annual Reports)

Mr. K. Tosch, Manager IV N.J. Department of Environmental Protection Ms. Pamela J. Curham Manager - Joint Generation Atlantic Electric Company P.O. Box 1264 Pleasantville, NJ 08232 Ms. Robbie Kankus Nuclear Strategic Support PECO Energy Company, 63-C-5 965 Chesterbrook Blvd.

Wayne, PA 19087-5691 Mr. Carl D. Schafer Manager - External Operations Delmarva Power & Light Company 800 King Street P.O. Box 231 Wilmington, DE 19899 Mr. Robert Wood

u. s. Nuclear Regulatory Commission One White Flint North 11555 Rockville Pike Mail Stop 12E4 Rockville, MD 20852 95-4933

PUBLIC SERYICE ELECTRIC A.ND GAS COMPANY (Salem and Hope Creek)

Projected Internal Cash Flow Statement For Year 1995 Compared to 1994 Actual (Thousands of Dollars)

Actual - 1994 Projected EXPlanation of Significant Variations Net Income $659,406 $630,194 Less: Dividends Paid 545.767 533.850 Retained in Business $113.639 $ 96.344 Adjustments:

Depreciation $547,032 $561,869 Amortization of Nuclear Fuel 95,173 100,649 Anticipated additional outages.

Def erred Income Taxes and Investment Tax Credits 34,788 66,396 Primarily Deferred Taxes on Liberalized Depreciation and Company Owned Life Insurance.

Statement of Financial Accounting Standards No. 90 - Regulated Enterprises - Accounting for Abandonments and Disallowance of Plant Costs (SFAS 90) $ (4,213) $ (3,685) Accretion to Income related to various abandonments.

Allowance for Funds Used During Construction $(38,108) $(23,544) Reduced construction expenditures.

Total Adjustments $634 672 I $701.685 Internal Cash Flow $748.311 $798.029 Average Quarterly Cash Flow $187.078 $199.507 As indicated by this statement, the Average Quarterly Cash Flow covers the maximum contingent liability of Public Service Electric and Gas Company, as defined by the Nuclear Regulatory Commission. The presentation of this statement is consistent with that of prior years' filings.

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

/') -----* "1('~

BY.;. ~<@~* -""*~>?t~A:~liA~*~(_*. ._, ,_c-"-"';~'""'-.__.'_6-_- DATE:

Patricia A. Rado ~

Vice President and Controller

PECO ENERGY COMPANY SYSTEM Projected internal Cash Flow Statement For Year 1995 - Compared to 1994 Actual (Thousands of Dollars)

Actual Projected (I) 1994 1995 Explanation of Significant Variations Net Income $426,713 $622,375 Actual reflects charges for Voluntary Retirement and Separation programs.

Less: Dividends Paid 377,883 388,974 Retained in Business 48,830 233,401 Adjustments:

Depreciation 421,845 434,692 Deferred Income Taxes and Investment Tax Credits (35,368) 81,626 Increase in Income Taxes due pdncipally lo AMT credits.

Allowance for Other Funds Used During Construction (10,180) (10,500)

Early Retirement and Separation Programs 254,106 0 Actual reflects charges for Voluntary Retirement and Separation programs.

Nuclear Fuel - Limerick 75,580 60,215 Decreased average unit cos l of fuel.

Statement of Financial Accounting Standards No. 92 (l,544) (l,576)

Amortization and Other (33,957) (13,455) Change in Deferred Fuel Expense.

Total Adjustments 670,482 551,002 Internal Cash Flow $719,312 $784,403 Average Quarterly Cash Flow $179,828 $196,101 (I) Significant variation equals SlO million and 10 percent *n1e Company has sufficient cash flow to ensure that its respective premiums would be available for payment.

Certified by:

ATLANTIC CITY ELECTRIC COMPANY PROJECTED INTERNAL CASH FLOW STATEMENT FOR YEAR 1995 - COMPARED TO 1994 ACTUAL (Thousands of Dollars)

Actual 1994 Projected 1995 Explanation of Significant Variations Net Income $ 93,174 $111, 619 Actual reflects special charge for employee separation programs.

Less Dividends 100,198 95,826 Projected reflects effects of common stock repurchase program.

Retained in Business ~) 15,793 Major Adjustments:

Depreciation and Amortization 73,344 78,568 Largely due to recently completed scrubber projects.

Levelized Energy Clause - Net (3,819) 7,519 Projected reflects increased rates to recover deferred costs.

Deferred Income Taxes and Investment Tax Credits 6,116 (4,022) Reflective of the differences between book and tax income recognition.

Unrecovered Purchased Power Costs 14,920 17 I 272 Allowance for Funds Used During Construction (6,406) (3,168)

State Excise Tax (37,029) 9,560 Actual reflects final installment for additional gross receipts and franchise tax payment required by state law that was deferred, whereas projected reflects the amortization of deferred amounts.

Employee Separation Costs 26,600 Actual reflects special charge for employee separation programs.

Other (17,971) (22,749) Primarily changes in working capital components.

55,755 82,980 Total Adjustments $~ $ 98, 773 Average Quarterly Cash Flow $ 12,183 Nuclear Generating Station Percentage ownership Salem unit Ill 7.41%

Salem Unit 112 7.41%

Hope Creek Ill 5.00%

Maximum Contingent Liability $1,982 (Severally and Not Jointly)

As indicated by this statement, the Average Quarterly Cash Flow fully covers the maximum contingent liability of Atlantic City Electric Company which amounts to $1,982,000 as shown above.

By: Date _.3~:,A<-::::2.-*~...,.,d'-"'_'S Frank F. Frankowski V.P. - Controller & Assistant Treasurer

Delmarva Power & Light Company Projected Internal Cash Flow Statement.

For Year 1995 Compared to 1994 Actuai

($000) 1994 1995 Actual Projected Explanation of Significant Variances Net Income $108,310 $116,777 In 1994, an early retirement option offered to employees decreased net income by $10. 7 million.

Common & Preferred Dividends Paid (100,639) (102,492)

Retained in Business 7,671 14,285 Adjustments:

Depreciation 109,523 111, 152 Deferred Income Taxes and Investment Tax Credits 2,931 7,515 In 1994, deferred tax expense was reduced by the early retirement offer.

Allowance for Funds Used During Construction (5, 163) (3,973 Provision for early retirement offer 17,500 0 An early retirement offer is not planned for 1995.

Other non-cash expense (income) (3,282) (2,654 il Total Adjustments 121,509 112,040 Internal Cash Flow $129, 180 $126,325 Average Quarterly Cash Flow $32,295 $31,581 mpan~ sufficient cash flow to ensure that its respective premiums would be available for payment.

• \--;' Date February 28, 1995 s P. Lavin ptroller and hief Accounting Officer