ML18101A635
| 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: |
| 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 LR-N95053
,,,. APR 121995 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
Net Income Less:
Dividends Paid Retained in Business Adjustments:
Depreciation Amortization of Nuclear Fuel Def erred Income Taxes and Investment Tax Credits Statement of Financial Accounting Standards No. 90 - Regulated Enterprises - Accounting for Abandonments and Disallowance of Plant Costs (SFAS 90)
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
$659,406 545.767
$113.639
$547,032 95,173 34,788
$ (4,213)
Projected
$630,194 533.850
$ 96.344
$561,869 100,649 66,396
$ (3,685)
EXPlanation of Significant Variations Anticipated additional outages.
Primarily Deferred Taxes on Liberalized Depreciation and Company Owned Life Insurance.
Accretion to Income related to various abandonments.
Allowance for Funds Used During Construction
$(38,108)
$(23,544)
Reduced construction expenditures.
Total Adjustments
$634 I 672
$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-_-
Patricia A. Rado
~
DATE:
Vice President and Controller
Net Income Less: Dividends Paid Retained in Business Adjustments:
Depreciation Deferred Income Taxes and Investment Tax Credits Allowance for Other Funds Used During Construction Early Retirement and Separation Programs Nuclear Fuel - Limerick Statement of Financial Accounting Standards No. 92 Amortization and Other Total Adjustments Internal Cash Flow Average Quarterly Cash Flow (I) Significant variation equals SlO million and 10 percent Certified by:
Actual 1994
$426,713 377,883 48,830 421,845 (35,368)
(10,180) 254,106 75,580 (l,544)
(33,957) 670,482
$719,312
$179,828 PECO ENERGY COMPANY SYSTEM Projected internal Cash Flow Statement For Year 1995 - Compared to 1994 Actual (Thousands of Dollars)
Projected 1995 Explanation of Significant Variations (I)
$622,375 388,974 233,401 Actual reflects charges for Voluntary Retirement and Separation programs.
434,692 81,626 Increase in Income Taxes due pdncipally lo AMT credits.
(10,500) 0 Actual reflects charges for Voluntary Retirement and Separation programs.
60,215 Decreased average unit cos l of fuel.
(l,576)
(13,455)
Change in Deferred Fuel Expense.
551,002
$784,403
$196,101
- n1e Company has sufficient cash flow to ensure that its respective premiums would be available for payment.
Net Income Less Dividends Retained in Business Major Adjustments:
Depreciation and Amortization Levelized Energy Clause - Net Deferred Income Taxes and Investment Tax Credits Unrecovered Purchased Power Costs Allowance for Funds Used During Construction State Excise Tax Employee Separation Costs Other Total Adjustments Average Quarterly Cash Flow Nuclear Generating Station Percentage ownership Salem unit Ill Salem Unit 112 Hope Creek Ill Maximum Contingent Liability (Severally and Not Jointly)
Actual 1994
$ 93,174 100,198
~)
73,344 (3,819) 6,116 14,920 (6,406)
(37,029) 26,600 (17,971) 55,755
$~
$ 12,183 ATLANTIC CITY ELECTRIC COMPANY PROJECTED INTERNAL CASH FLOW STATEMENT FOR YEAR 1995 -
COMPARED TO 1994 ACTUAL (Thousands of Dollars)
Projected 1995
$111, 619 95,826 15,793 Explanation of Significant Variations Actual reflects special charge for employee separation programs.
Projected reflects effects of common stock repurchase program.
78,568 7,519 (4,022) 17 I 272 (3,168) 9,560 (22,749) 82,980
$ 98, 773 7.41%
7.41%
5.00%
$1,982 Largely due to recently completed scrubber projects.
Projected reflects increased rates to recover deferred costs.
Reflective of the differences between book and tax income recognition.
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.
Actual reflects special charge for employee separation programs.
Primarily changes in working capital components.
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:
Frank F. Frankowski Date _.3~:,A<-::::2.-* ~...,.,d'-"'_'S __ _
V.P. - Controller & Assistant Treasurer
1994 Actual Net Income
$108,310 Common & Preferred Dividends Paid (100,639)
Retained in Business 7,671 Adjustments:
Depreciation 109,523 Deferred Income Taxes and Delmarva Power & Light Company Projected Internal Cash Flow Statement.
For Year 1995 Compared to 1994 Actuai
($000) 1995 Projected Explanation of Significant Variances
$116,777 In 1994, an early retirement option offered to employees decreased net income by $10. 7 million.
(102,492) 14,285 111, 152 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 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 il