ML18139B825
| ML18139B825 | |
| Person / Time | |
|---|---|
| Site: | Surry, North Anna, 05000000 |
| Issue date: | 03/26/1982 |
| From: | Johnson B VIRGINIA POWER (VIRGINIA ELECTRIC & POWER CO.) |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML18130A353 | List: |
| References | |
| 188, NUDOCS 8204020518 | |
| Download: ML18139B825 (5) | |
Text
B.D.JoHNSON VxcE PRESIDENT AND CONTROLLER VIRGINIA ELECTRIC AND POWER COMPANY RICHMOND,VIRGINIA 23261 March 26, 1982 Mr. Jerome Saltzman, Chief Antitrust & Indemnity Group Office of Nuclear Reactor Regulation Nuclear Regulatory Commission Washington, D.C.
20555
Dear Mr. Saltzman:
Serial No. 188 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, here-with, the following:
- 1. Annual Report to Shareowners for 1981.
- 2.
Comparative Statement of Income for the three months ended December 31, 1981.
- 3. Internal cash flow projection for calendar year 1982 with certification by officer of the Com-pany.
- 4.
Statement ensuring availability of funds for payment of retrospective premium without cur-tailment 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.
JHS/mlc Enclosures
. 8204020518 820326 PDR ADOCK 05000280 I
PDR Very truly yours,
- I' VIRGINIA ELECTRIC AND POWER COMPANY STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended Tocember 31 1981 1980 (Thousands of Tullars)
Operating Revenues:
Electric Gas Total Operating Expenses:
Operation - Fuel used in Electric Generation
- Purchased and Interr.hanged Power
- Other Maintenance Topreciation Amortization of Abandoned Project Costs
- Truces - Federal income
- Other Total Operating Income Other Income:
Allowance for Other Fi.mds Used Tu.ring Construction Miscellaneous, Net Income Taxes Associated With Miscellaneous, Net Total Income Before Interest Charges Interest Charges:
$525,302 29,736 555,038 142,694 44, 73L~
98,186 39,460 41,679.
4,838 29;644 30,337 431,572
_123,466 10,799 12,059 (6,485) 16,373' 139,839 Interest on Long-Term Debt 72, 731 Other 10,536 Allowance for Borrowed Funds Used DJ.ri;ng Construction (10,574)
Total 72,693 Net Income Preferred and Preference Dividends Balance for Common Stock 67,146 14,274
$ 52,872*
Common Stock - Average for Period ( thousanns of shares) -104, 414 Earnings ;per Sha:re of Common Stock
$- *. 51 Cash Diviil.en<'.s Pain. per Common Share
$ *. 38
$475,524 21,487
.497,011 158,637 55,605 68,118 19,380 35,171 l,8l+4 16,849 27,699 383,303
'*113, 708 16,530 535
_(....._426)
- . 16,639
- 130,347 64,392 3,673 (10,490) 57,575 72,772
. 14,322
$ 58,450
. 99~649 459
.35
=----------
VIRGINIA ELECTRIC AND POWER COMPANY 1982 ESTil-iA TED INTERNAL CASH FLOW (Millions)
January April July Thru Thru Thru March June September October Thru 1982 December Total Operating Revenues
$607.0
$500.2
$641.2 *
.-$591.0
.* : $2,339.4 _*.
Less:
Operating Expenses 349.0 286.2 316.3 313.6 1,265.1
- Taxes Paid 18.2 47.3 24.8 53.3 Interest and other Charges Paid 73.3 80.0 83.0 87.6 Dividends Paid - Preferred and Preference 14.3 14.2 14.3 14.2
- Common Stock 41.2 41.4 41.6
. 44.9 Advance to Laurel. Run Mining.
Subsidiary
- 3.1
.l'.
.1 (1.1)
_* Cancellation Charges 1.0
.6 Change in Working Capital 7.2 8.1*
(26.2)
(40.7)
Internal Cash Flow 99.7 22.3 187.3 119.2.
Proceeds from Sale of Bath County Facilities 168.6 (1)
Total Cash Flow
$ 99.7
$190.9
$187.3
$119.2 (1)
'.Assumes receipt in the seco:rid quarter:,of 1982 of 2(JJ/o'. of Bath County's CWIP at
- December 31, 1981 ($160.8 million) plus 201/o of' 1982 expenditures until time of.
closing ($7.'8 million), representing proceeds of the sale of a portion of.the*
Bath County Pumped Storage Project to Allegheny Power System, Inc.
143.6 323.9 57.0 169.1 2.2 1.6 (51.6)
- 428.5 168.6 c1) 597.1
VIRGINLA. ELECTRIC AND POWER COMPANY CERTIFICATE
- I, the undersigned B. D. Johnson, do hereby certify, pursuant to the guarantee requirements set forth in the Commission's letter dated June 15, 1977,:~that the cash flow projection for 1982, provided herewith, is based on the best available information and is a reasonably accurate projection of the Company's 1982 cash flow.
March 26, 1982 and Controller
VIRGINIA ELECTRIC.AND POWER COMPANY STATEMENT The Company currently estimates 1982 construction expendi"tures to be $799 million.
ln addition, the Company must provide $95 million for debt maturities and mandatory sinking fund payments.
Of the $894 million required, about $307 million will be rais~d through the sale of securities, and about
$169 million is expected from the sale of a portion of the Bath County Pumped Storage Project. The Company is reasonably assured that, based on the best available cash flow projections vthich are provided* h~rewith, -curtailment of (apital expenditures \\'JOuld not,).e required*to cover th_e retrospective pren1ium*
~f $40 million ($10 million p~: operating reactor) which is only 4% of the total 1982 capital requirements.
March 26, 1982