ML19257B605

Forwards Documentation to Support Util Request for Commercial Paper Rating.Five Annual Repts to Shareholders, Quarterly Financial Statement for Mar-June 1978,util 8K,10K & 10Q Repts & List of Commercial Banks Encl

ML19257B605
Person / Time
Site:	Crane
Issue date:	10/20/1978
From:	Baldassari D GENERAL PUBLIC UTILITIES CORP.
To:	Faber A STANDARD & POOR'S CORP.
References
TASK-TF, TASK-TMR NUDOCS 8001170770
Download: ML19257B605 (14)

Text

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GPU Service Corporation hgg.gg 260 Cherry rtil Road Parsppany f 'ew Jersey 07054 201 263-4900 October 20, 1978 Mrs. Ann Faber Standard S Poor's Corporation 25 Broadway New York, New York 10004

Dear Ann:

In connection with our recent conversations relating to securing a commercial paper rating for Metropolitan Edison Company, I have enclosed the following for your review and file:

1.

A copy of each of the last five years Annual Reports to Shareholders and the Quarterly Financial Statements for March and June 1978.

2.

A copy of each of Met-Ed's most recent 8K, 10K and 10Q Reports to the Securities and Exchange Commission.

3.

A copy of the final prospectus relating to the sale by Met-Ed of $50,000,000 Principal Amount of First Mortgage Bonds, 9% Series due 2008.

4.

A list of the commercial banks with which Met-Ed currently maintains lines of credits and the chief company contact or loan officer for each.

In addition, there are also included three sets of statistical information relating to operations and capital requirements for the forecast periods 1978 through 1982 for Met-Ed and for the GPU System.

As is indicated on such forecast, the short-term capital requirements of Met-Ed during this five year period are relatively modest as a result of high internal cash genera-tion and a somewhat smaller than normal construction program precipitated primarily by a large reserve capacity position resulting from the placing into service of Unit #2 of the Three Mile Island nuclear generating station.

In this vein, it is the intent of Met-Ed to utilize the proceeds from the sale of commercial paper as a supplement to its overall short-term capital program.

The us' of such short-tcrm debt is essential to Met-Ed in filling the lag between the time its day to day operating expenses must be met and the associated revenues are collected, to provide an immediate source of capital for unforeseen contingencies, and to provide in the gaps between permanent financings a temporary source of funds for conctruc-tion expenditures.

Met-Ed's level of total short-term debt

/

GPU Pervice Co'Dorat on is a sotscary of Genera! Pubuc Un i: es Corpora'on 3oo1170:7 '7 62

/ Page 2 r/

(bank loans outstanding plus commercial paper) will fluctuate considerably over a given period of time, and will rise to peaks immediately prior to permanent financings.

However, it is anticipated by Met il that it will maintain informal lines of credit with banks in an amount sufficient so as to provide for 100% of the maximum short-term capital required.

That is to say, that at no time should the aggregate of short-term bank loans and commercial paper outstanding, exceed the total level of unsecured lines of credit available to Met-Ed.

I trust that the above mentior.ed information will be suf ficient for you to commence your review process and I look forward to contacting you within the next week or two in order to schedule a meeting date at which, the appropriate officers of Met-Ed and GPU Service Corporation will enterain any further questions which you may have.

Very truly yours, c;j;)(

Dennis Baldassari Assistant Treasurer DB/lc Enclosures cc:

J.

G.

Graham R.

E.

Gehman

'LCC

,J

. z--

GENERAL IUBLIC UTILITIES CORIORATION OPERATING IMTA IsCTUAL FORECI6T 1977 1978 1979 1980 1981 1982 CAPACITY AT TIME OF SYSTD1 PEAK (FU)

EXISTItG C,WACITI COAL 2 977 OIL-STEAM 518

-Or' S 1 719 FUCLEAR 1 468 111SCEL!1d;EOUS 356 O!/JJGES IN CAPACITY 3MI #2 (Nuclear) 906 Ilaner City #3 (Coal) 325 Gilbert #8 (Conbined Cycle) 126 Ibtirunents & Retatings (85) 8 i

7 URAL 7 038 8 310 8 310 8 310 8 318 8 318 PEAK IDAD (FM)*

5 760 6 155 6 415 6 640 6 955 7 260 RESERVE CAPACITY (FM) 1 278 2 155 1 895 1 670 1 363 1 058 RESERVE OVER PEAK 22%

35%

30%

25%

20%

1 55 N0;UAL PEAK ID/iD GRGfIII 1%

7%

4%

4%

5%

4' i

ENERGY SALES (FMll-MILLIQJS) i RESIDD? RIAL 10.3 10.8 11.1 11.6 12.1 12.6 i C071ERCIAL 6.8 7.2 7.4 7.8 8.3 8.7 INIUSTRIAL 10.9 11.4 12.0 12.7 13.3 13.9 OlllER 1.8 2.0 2.2 2.0 1.9 1.9 l

'IOTAL ENERGY SALES 29.8 31.4 32.7 34.1 35.6 37.1 N20AL GRG1111 IN SALES 4%

6%

4%

4%

4%

4; SOURCES OF ENERGY (% BY RTI)

COAL 46 50 48 48 46 44 OIL 9

8 7

7 7

7 tUCLEAR 27 30 39 35 35 34 PURCi!ASED IWER & INTERCIANGE 18 12 6

10 11 14 011fER

]*

1 1

'IUPAL 100 100 100 100 100 100 M

ENERGY COST (MILLS /KMI)

COAL c>

11.2 13.3 14.1 15.2 16.3 17.4 OIL 4

29.7 28.5 28.2 31.1 33.5 35.1

!UCLEAR A

2.1 2.3 2.9 3.2 3.6 4.1 AVERAGE 10.2 11.0 10.5 11.8 12.7 13.6

• (Winter) mm mm

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C 8

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CENERAL PUBLIC UTILITIES CORPORATICN CAPITAL REQUIREMENTS AND SOURCES OF CItPITAL

($ MILLIONS)

ACTUAL FORECAST 1977 1978 1979 1980 1981 1982 CAPITAL RECUIREMENTS CU SIRUCTION EXPENDITURES }

411 430 480 60 0 655 760 SINKING FUNDS 10 10 8

13 15 15 REFINANCING 63 21 49 22 16 23

'1CIAL 484 461 537 635 686 798 SOURCES OF CAPITAL II 250(2) 290(2) 265 270 '

II I,

IfvlERNAL FUNDS-177 210 IDNG-7ER4 DEBT 156 159 15G

(

SPECIFIC FINANCING

)

PREFERRED STOCK 50 25

(

PLAIS MlE IDP YET

)

CCI'.MQJ ECUITY 82 55(3) 95

(

AVAIlliBLE

)

II SliORT-Tere! CORRG9INC3, NET 19 37 11

(

)

Total 484 461 537 635 686 798 MAJOR COMPONENIS OF INIERNAL LEFhtCIATION 97 114 140 146 153 159 N40RTIZATION OF NUCLEAR FUEL

• 17 22 39 41 48 55 DEFERRLD TAXES 36 46 36 62 42 41 INVES1 MENT TAX CREDITS, NET 42 52 32 37 16 12 i

CAPITALIZATION.

ILNG-1EhM DEBT 1946 2077 2179 PREFERRED S'IOCK 519 516 538 CCf1 MON ECCITY 1311 1366 1461 TorAL 3776 3959 4178 i

i S!! ORT-TEP14 LEBT 72 109 120 TOTAL 3848 4068 4298 4

CAPITALIZATION RATIOS - %

(

IT IS TIIE CQ1PANY

)

~

LONG-1EhM DEST N

51 51 52 51 52 51

(

GJAL TO MAINTAIN A

)

s PREFERRED STOCK 14 13 13 13 13 12

(

CAPITAL STRUCTURE OF

)

?

CCf4 MON EQUITY 35 34 35 33 35 34 '

(

ABOUr 53% LTD, 12% P/S

)

)

SliORT-TERM DEBT 2

3 3

(

AND 35% C/E.

)

j 70rAL 100 100 100 100 100 100 h

(1)

INCLUDES AFC OF 70 70 40 58 80 105 (2) SUBSIDIARY INTERtAL I

(3)

INCLUDES RETAINED EARNINGS AND PRCCEEDS OF CCf'J4CU STOCK i

DATE: 10/78

JERSEY CEhTRAL EG;ER & LIG:T CmPANY OPERATItJG DATA ACTUAL IVPIC16T 1977 1978 1979 1980 1981 1982 CAPACITY AT TIME OF CmPIMI PEAK (MV)

EXISTI!;G CAPACITY CGE 280 OIL-STEte!

591

-CT'S 910 tK LEAR 818 MISCELIANEOUS 187 CifANGES IN CAPACITY IMI #2 (Nuclear) 220 FeratL:gs

])

12 101AL 2 786 2 805 (1) 3 037 3 037 3 037 3 037 FEAK LOAD (!".9)*

2 714 2 609 (1) 2 870 3 010 3 150 3 295 RESERVE CliPACITY(MV) 72 115 167 27 (113)

(258)

RESERVE CVER PEAK 3%

4%

6%

1%

(4)%

(8) 4GPU RESERVE AT TIME OF CO. PEAK 20%

20%

30%

261 21%

16%

IJ0;UAL PEAK IEAD GRG;TH 15%

(1)%

7%

5%

51 5%.

ENERGY SALES (Mill-MILLIONS)

RESIDELTIAL 4.9 5.2 5.4 5.7 6.0 6.3 CWMERCIAL 3.2 3.4 3.5 3.7 3.9 4.2 INDUSTRIAL 3.4 3.6 3.7 3.9 4.0 4.2 OIllER

.4

.4

.4

.4

.5

.4 5

TOTAL E!;ERGY SALES 11 9 12.6 13.0 13.7 14.4 15.1 IJ0;UAL GRGiTli IN SALES 4%

6%

3%

5%

5%

51 i SOURCES OF ENERGY (% BY Mill)

CCAL 10 11 11 10 10 9

OIL 19 19 16 17 17 17 ITJCLEAR 35 40 45 41 40 38 EURCIIASED PGiER & IhTERCl!ANGE 35 31 29 33 33 37 Orl!ER 1

(1)

(3)

(1)

(1)

TOTAL 100 100 100 100 100 100 l

D;ERGY COST (MILIS/KWH)

~

COAL 9.3 10.5 10.1 10.8 11.6 12.3 N

OIL 28.6 27.2 27.5 30.0 32.3 34.0-NUCLEAR 2.4 2.8 3.1 3.4 3.6 4.0 g

AVERAGE e

11.4 10.7 9.9 11.1 12.3 13.1 N

• (Summer)

DATE: 10/78 (1) Ictual

JERSEY CENTRAL IWER & LIGIT CG4PANY CONSTRUCTION

($ MILLIONS) 7Ur/L ACIUAL FORECAST

!GJOR PRCUECT TYPE SIZE IN-SERVICE 197.7 1978 1979 1980 1981 1982 OIT (NA)

GENERATION:

86 GILBERT #4-#8 T

126 1977 7

4 71!REE MILE ISIIAT) #2 (25%)

N 227 1978 26 15 1

166 FORKED RIVER N

1168 1983 35 90 135 180 205 191 1185 SEWARD #7 (10%)

C 63 1985 3

(4) 1 2

6 55 OI11ER GENERATING UNITS (4) 7 7

1 5

MODIFICATION OF EXISTING UNITS 38 39 22 22 17 11 70rAL GENERATION 102 158 161 203 225 213 COAL RESERV' S 1

7 9

9 10 d

t NUCIEAR FUEL 37 19 43 82 84 159 t

I TRANSMISSION

.10 21 49 67 61 49 DISTRIBUTIGJ 33 36 42 46 55 57 GENERAL 3

F 3

3 1

2 1DTAL CG;STRUCTION 185 240 305 410 435 490 D'

Key: N - Nuclear, C - Coal, CC - Canbined Cycle CD O

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METRCPLITAN EDISON COtPANY OPERATING DATA F0FECAST 1982 ACTUAL 1980 1981_

1977 1978 1979_

CAPACITY AT TIME OF CCt4Pld;Y PEAK (FM)

EXISTING CAPACITY 922 CG1L OIL-STE701 353

-CT'S 409 t;UCLEAR 14

~

MISCELLANEOUS

~

~

CHANGES IN CAPACITY 453

'IMI #2 (Nuclear) 5

_2 156 2 156 Feratings

_1 693 2 156 2 156 2 156 1 680 70TAL 1 428 1 495 1 560 1 555 1 620 PEAK LOAD (!G)*

270 661 59 6 60 1 536 476 RESERVE CAPACITY (FM) 19%

44%

38%

39%

33%

2 81

'~ 29F 25%

20%

1 51 46 RESERVE OVER PEAK 26%

35%

4%

- (1) 4%

-GPU RESERVE AT TIME OF CO. PEAK 1%

5%

At0;UAL PEAK IJ3AD GROWTH 2.5 2.6 2.7 2.8 Et;ERGY SALES (!GH-MILLIONS) 2.3 2.5 1.7 1.7 1.8 CODIERCIAL 2.9 3.1 3.3 3.4 3.6 3.8

[

RESIDEt(IIAL 1.5 1.5 1.6

.5

.5 l

.7

.5 OIHER 7.4 7.8 8.1 8.2 8.5 8.9 INDUSTRIAL

. 7_

. 7_

4' l

1%(1) 4%

10TAL ENERGY SALES 6%

4%

5%

idC;UAL GRC%Til IN SALES f

SOURCES OF ENERGY (% BY F%H) 63 59 55 59 54 53 1

2 CC71L 2

2 1

1 51 OIL 34 38 56 51 53

??JCLEAR (1)

(1)

(14)

(12)

(10)

(7 IURCHASED IGER & INTERCFANGE 2

2 2

1 1

2

]

lg

JH9, lg lg

Jg0, JM CTIllER IOTE D;ERGY COST (MILIS/h.0) 12.5 14.6 15.5 16.6 17.8

'19.0 l

CCAL 41.4 39.3 42.3 45.4 48.8' 52.0 }-

4.2 OIL 1.7 1.7 2.7 3.1 3.7 NUCLEAR 9.5 10.1 9.2 10.5 11.2 12.0 i

oo i

AVERACE DATE: 10/78

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METROMLITIJJ EDISOJ CGtPldY CAPITAL REOUIRDIEITrS At:D SOURCES OF CAPITAL (S I4ILLIG;S)

ACTUAL FORECAST 1977 1978 1979 1980 1981 1982 CAPITAL REOUIRD'D7PS CU;STRUCrICU EXPENDITURES 102 90 60 70 95 110 sit; kit;G FUtDS 2

2 2

2 2

2 REFINAtCII;G 4

4 12 8

10rAL 108 96 62 84 97 120 SOJRCES OF CAPITAL ItirEntutL FLUDS 54 35 65 75 75 75 IDt;G-TER'4 DEBT 35 59

(

SPECIFIC FINA!;CItX3

)

PREFEIUED S'10CK

(

pud;S ARE IUP YET

)

CAPITAL COTRIBUTIOJS

(

AVAIUsBLE

)

SilOR1'TEIO! BORRGYI?;CS, hTr 19 2

(3)

(

)

Total 108 96 62 84 97 120 t'A70R COMIO:; DTRS OF ItTTERNAL ILPRECIATIGJ 24 26 37 38 40 40 N:OI(PIZATIGJ OF I;UCLEAR FUEL 4

5 13 14 17 20 EEEERPID TA7IS 5

18 12 18 15 14 ITNES1!4D7r TAX CREDITS, NLT 7

16 3

2 1

1 CAPITALI2ATIGJ:

ILUG-TE101 DEBT 494 547 545 Pl<EFERRED SIOCK 140 140 140 s

CCr@ict1 ECUIT'l 369 369 369 l

StfrAL 1003 1056 1054 t

SIlORT-TDDI DEBT 31 33 30 l

f 10rAL 1034 1089 1084 CAPITALIZATIQ1 RATIOS - %

(

IT IS 7llE OCr4PANY

)

[

ILUG-TEIO1 DEBT 49 48 52 50 52 50

(

G)AL TO MAIITTAIt1 A

)

j PREFERRED STOCK 14 14 13 13 13 13

(

CAPITAL STRUCIURE OF

)

CCtCIOJ ECUIT'l f

37 35 35 34 35 34,

(

ABOUT 53% LTD, 12% P/S

)

SHORT-TERM DEBT 3

3 3

(

AND 35% C/E.

)

70rAL N

100 100 100 100 100 100 l

5 (1)

II;CWDES AFO OF O

24 26 3

4 6

8 i

N.

DATE: 10/78 l

pef 0;SYLVANIA ELECTRIC CCMPANY OPERATING DATA ICTUAL FORECisST

_1977 1978 1979 1980 1981 1982 CAPIsCITY AT TIME CF COiPIMI PEAK (F".4)

EXISTING CAPACITY CG;L 1 659 OIL-STE761

-CT'S 160 NUCIIAR 204 MISCELLANEOUS 149 CI!AfCES IN CAPACITY

'IMI #2 (Nuclear) 227 lixaer City #3 (Coal) 325 Feratings 35 8

'IOIAL 2 172 2 759 2 759 2 759 2 767 2 767 PEAK IIMD (E4)

• 2 022 2 220 2 285 2 380 2 475 2 575 RESERVE CAPACITY (K.9) 150 539 474 379 292 192 RESERVE OVER PEAK 7%

24%

21%

16%

12%

7%

GPU RESERVE AT TIME OF CO. PEAK 23%

35%

29%

25%

20%

15%

A!O;UAL PEAK IDAD GRGiTil 1%

10%

3%

4%

4%

4%

ENERGY SALES (MGi-MILLIONS)

RESIDE;lrIAL 2.9 3.1 3.2 3.3 3.5 3.5 l

CCtNERCIAL 2.1 2.3 2.4 2.5 2.6 2.8 INDUSTRIAL 4.4 4.7 5.0 5.3 5.6 5.9 !

OIllER

.7

.9 1.0 1.1 1.0

.9 A!2JUAL GR 11 It 6%

5%

k%

I SOURCES OF ENERGY (% BY K.ill)

CCAL 74 87 86 82 81 78 OIL 1

1 1

1 I?JCLEAR 12 13 20 17 18 17 RJRCHASED FOiER & INTERCIIANGE 13 (2)

(6)

(1) 3 OrilER 1

1 1

1

'IOTAL 100 100 100 100 100 100 ENERGY COST (MILIS/lGGI) e CGTL 9.9 13.1 14.0 15.1 16.2 17.4 OIL N

32.5 37.5 41.3 44.4 47.7 50.4 NUCLEAR 2.1 1.7 2.7 3.1 3.4 4.2 AVERAGE 9.3 11.8 12.0 13.2 14.1 15.0

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PD0;SYLVNJIA ELECTRIC CGiPN;Y AL CItPITAL RECUIREMD7FS NJD SOURCES OF CAPIT (S MILLIO;S) 1982 FORECNiT 1981 1980 1979 ICIUAL 1978 160 1977 125 5

120 5

115 10 100 5

5 Tf5 3

I 122 3

CAPITAL RECUIREMD.TS 3

11 135 G3;SrAUcrIGJ DIC;DITURES 125 129 75 SII; kit;G FUt:DS 103 75

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125 80 IEFIt N;CII;G 75 SPECIFIC FR;N?CR;G

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28 SOURCES CF CAPITAL 50

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17 Ulri:ic;AL FC:DS

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CAPITAL CG.TIUBUTIG;S 35 125

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l 129 51 SilORr-TEIU4 BORROf R;GS,1 LT

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125 48 10 46 9

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7 12 7btal 40 7

13 2

l MrJCR CO"KJ;C.TS OF INTERNTsL 33 2

20 1

2 16 6

14 5

DEPICCIATIO;I MORrIZATIGJ OF I;UCLEAR FUEL 10 12 19 Ul:FElREED T/sXES I!NESTMDTP TAX CREDITS, NET 645 658 610 171 17 2 435 CitPITALIZATICJ:

173 405 Iu;G-TE1:4 DEBT 405 1251 PilEFERRED STOCK 1235 41 1188 17 CU;40; DOUITY 39 1292

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'IUrAL 1252 IT IS SllE CG1PIAY

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CAPITAL STRUCTURE OF-}

'IUPAL El 50 ABOUT 53% LTD,12% P/S

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53 53 13 N

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N;D 35% C/E.

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