ML19257A778
| ML19257A778 | |
| Person / Time | |
|---|---|
| Site: | Beaver Valley |
| Issue date: | 03/28/1979 |
| From: | Wilson M PENNSYLVANIA POWER CO. |
| To: | Saltzman J NRC OFFICE OF THE EXECUTIVE LEGAL DIRECTOR (OELD) |
| Shared Package | |
| ML19257A779 | List: |
| References | |
| NUDOCS 8001080427 | |
| Download: ML19257A778 (3) | |
Text
W Q 0og PENNSYLVANIA POWER COMPANY
^
1 EAST WA$HINGTON STREET NEW CASTLE. PA. 16103
- 412 652 5531 M. L WILSON TREASUAER I! arch 28, 1979 U. S. Nuclear Regulatory Co= mission
--Washington, DC 20555 Artention: lir. Jerome Saltzman, Chief Antitrust ard Indemnity Group, Nuclear Reactor Regulation
Subject:
Docket No. 50-334 - Beaver Valley Power Station Unit No. 1 Centle=en:
Pursuant to our election of alternative No. 5, regarding tha Price-Anderson Act retrospective praatun systen guarantee requirements, and the applicable requirement for annual submittals pertaining to the reiluirements, you will find enclosed:
1.
A copy of our 1978 annual Report to Stockholders which includes financial statements certified by our independent public accountants; 2.
A copy of our earnings statement for the quarter ended Dececher 31, 1978; and 3.
A one-year internal cash flow projection for 1979, and the actual cash flov for 1973. This state =ent indicated that
$1,750,000, our portion of the $10 million retrospective prendums for the unit in question, would be available for the payment of such premiums.
With respect to item No. 4 of alternative No. 5, please be advised that the cash flow projection indicates that no capital expenditure cur mf1-ent would have to take place in order to make the retrospective premium available for payment.
k cause Pennsylvania Pcuer Company is currently paying an indennity fee which is greater than $1,000, it is our understanding that payment of the $1,000 mini =u:a annual inde=nity fee is not accessary, as the guarantee of payment of deferred premiums for its operating reactors.
Very truly yours, EW: dam
./
Enclosures 0 80 '/N 1705.51J so o 1
PENNSYLVANIA POWER COMPANY Incoce Statecent for 3 }bnchs Ended December 31, 1978 (Dollars in Thousands)
(See Note 1)
Operating Revenues
$35,905 Operation and Maintenance Expenses 21,925 Provision for Depreciation 3,033 Taxes - General 2,093
- Federal Income (5)
- - State Income 20
- Federal and State Income Taxes Deferred - Nec 744
- Investment Tax Credit - Net 607 Operating Income 7,488 Other Income and Deductions:
Allowance for Other Funds Used During Construction 1,501 Hiscellaneous, Less Applicable Income Taxes - Net 7
Total 1,508 Total Income 8,996 Interest and Other Charges:
Interest on Long-Term Debt 4,013 Amortization of Debt Discount, Premium and Expense - Net 29 Other Interest Expense 609 Allowance for Borrowed Funds Used During Construction - Credit (856)
Net Incoce (Before Preferred Stock Dividend Requirements) 5,201 Preferred Stock Dividend Requirements 1,165 Net Income for Coc=on Stock
$ 4,036 Shares of Coccon Stock Outstanding - Average During Period 3,810,000 NOTE:
(1) This statement is on the basis of interim figures and is subject to audit and adjusteents.
1705 312
e PENNSYLVANIA POER COMPANY 1979 Interna.1 Cash Flow Projection for Beaver Vallev Power Station Unit No. 1 (Dollars in Thousands)
Prior Year Projection Actual Total Year Total Net Income After Taxes
$10,327
$14,200 Less: Dividands Paid 5,452 8,300 Retained Earnings 4,875 5,900 Adjustments:
Depreciation and Amortization 11,887 13,800 Deferred Income Taxes and Investment Tax Credits 1,893
'5,500 Allowance for Funds Used During Construction (4,592)
(8,300)
Total Adjustments 9,188 11,000 Internal Cash Flow
$14,063-
$16,900 iverage Quarterly Cash Flow
$ 3,516
$ 4,225 Percentage Ownership in Nuclear Unit 17.5%
Maximum Total Contingent Liability
$1,750 T705 30
.