ML18139B220
| ML18139B220 | |
| Person / Time | |
|---|---|
| Site: | Surry, North Anna  |
| Issue date: | 03/31/1981 |
| From: | Johnson B VIRGINIA POWER (VIRGINIA ELECTRIC & POWER CO.) |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML18130A329 | List: |
| References | |
| 165, NUDOCS 8104030376 | |
| Download: ML18139B220 (5) | |
Text
.*
B.D.JonNsoN VICE PRESIDENT AND CONTROLLER VIRGINIA ELECTRIC AND POWER COMPANY RICHMOND,VIRGINIA 23261 March 31, 1981 Mr. Jerome Saltzman, Chief Antitrust & Indemnity Group Office of Nuclear Reactor Regulat~on Nuclear Regulatory Commission Washington, D.C.
20555 Serial No. 165
Dear Mr. Saltzman:
Pursuant to the guarantee requirements set forth in alternative 5 of Commission's letter dated June 15, 1977, regarding implementation of cer-tain provisions of the 1975 amendments to the Price-Anderson Act (Public Law 94-197) relating to the retrospective premium system, we are providing, herewith~ the following:
- 1.
Annual Report to Shareowners for 1980.
- 2.
Comparative Statement of Income for the three months ended December 31, 1980.
- 3.
Internal cash flow projection for calendar year 1981 with certification by officer of the Company.
- 4.
Statement ensuring availability of f'unds for payment of retrospective premium with-out curtailment of construction expenditures.
In accordance with the regulations, we are not submitting the $1,000 fee.
Our Indemnity Fees for Surry Units One and Two and North Anna Units One and Two have been paid and are well in excess of $1,000.
Very truly yours, Enclosures
- 8 1 0 4 0 3 03 t/at
Operating Revenu~s:
Electric Gas Total Operating Expenses:
VIRGINIA ELECTRIC AND POWER COMPANY STATEMENTS OF INCOME (UNAUDITED)
Operation - Fuel used in Electric generation
- Purchased and interchanged power
- Other Maintenance Depreciation Amortization of abandoned project costs Taxes - Federal income
- Other Total Operating Income Other Income:
Allowance for other f'unds used during construction Miscellaneous, net Income taxes associated with miscellaneous, net Total Income before interest charges Interest Charges:
Interest on long-term debt Other Allowance for borrowed f'unds used during-construction*
Total Net Income Preferred and Preference Dividends Balance for Common Stock Common Stock - average for period (thousands of shares)
Earnings per share of Common Stock Cash Dividends paid per common share Three Months Ended December 31 1980 1979 (Thousands of Dollars)
$475,524
$451,049 21,487 497,0ll 17,221 468,270 158,637 170,069 55,605 60,981 68,118 58,155 19,380 27,417 *
- 35,171 31,075
- i,844 1,839 16,849 16,876 27,699 383,303 27,003 3932415 113,708 74,855 16,530 18,100 535 (25)
(426)
(89) 162639 17,986 130,347 92,841 64,392 54,705 3,673 3,190 (10,490)
. (7,918) 57,575 49,977 72,772 42,86!1-14,322 132952
~ 58,4'50
$ 2t\\912 99,649 90,624
.59
.32
.35
.35
VIRGINIA.ELECTRIC ANTI POWER COMPANY 1981 ESTIMATED INTERl."\\TAL CASH FLOW (Millions)
January April July Thru Thru Thrll March June
§eptember perating Revenues
$539.1
$451.3
$568.4 ess:
Operating Expenses Taxes Paid Interest and Other Charges Paid Dividends Paid - Preferred and Preference
- Common Stock Advance to Laurel Run Mining St1bsidiary Cancellation Charges Change in Working Capital Internal Cash Flow Proceeds from Sale of Bath County Facilities Total Cash Flow 337.8 289.0 328_.6 15.2 45.4 19.0 62.9
- 64.9 68.2 14.3 14.3 14.3 35.0 35.2 35,5 (1.2)
.5 1.0 2.1 2.2 26.7 22.4 J12.22 12.4 50.6 19.7 166.2
$ 50.6
$*19.7 October Thru December
$518.8 303.4 41.5 59.2 14.3 35.8 6.2 2.1
- (65.6) 121.9 3.1
- . $125. 0 1981 Total
$2,077.6 1;258.8 121.1 255.2 57.2 141.5 6.5 33.1 (50.7)
IB 4 4.. '
2.2.
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- _,_ **---*. ___,_____ **--....,...,.,,.. ** ----....... --. ~ -.-~- _**:.. -. ~-- :_*. _*.
.i~:£.:",,A%';.;~
.Al, VIRGINIA ELECTRIC AND POWER COMPANY CERTIFICATE I, the undersigned B.. D. Johnson, do hereby certify, pursuant to the guarantee req_uirements set forth in the Commission's letter dated June 15, 1977, that the cash flow projection for 1981, provided herewith, is based on the best available information and is a reasonably accurate projection of the Company's 1981 cash flow.
March 2 7, 1981 and Controller
- e.
VIRGINIA ELECTRIC AND POWER COMPANY STATEMENT The Company currently estimates 1981 construction expenditures to be $643 million.
In addition, the Company must.provide $124 million for refunding and mandatory sinking fund payments.
Of the $767 million required, about $197 million will be raised through the sale of securi-ties, and about $169 million is expected from the sale 9f a portion of
. the Bath County Pumped Storage Project.
The Company is reasonably assured that, based on the best available cash flow projections which are pro-vided herewith, curtailment of capital expenditures would not be required to cover the retrospective premium of $40 million ($10 million per oper-ating reactor) which is only 5% of the total 1981 capital requirements.
March 27, 1981