ML19261D611
| ML19261D611 | |
| Person / Time | |
|---|---|
| Site: | Millstone  |
| Issue date: | 06/15/1979 |
| From: | Oconnor L NORTHEAST UTILITIES |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML19261D612 | List: |
| References | |
| NUDOCS 7906200374 | |
| Download: ML19261D611 (3) | |
Text
A NORTHEAST eo. Box m UTILITIES
%"IIsik "'" "
LECN ARD A. O'CONNOR vict persrot%7 AND Tagasunte June 15, 1979 Mr. Jerome Saltzman, Chief Antitrust & Indemnity Group Nuclear Reactor Regulation United States Nuclear Regulatory Commission Washington, D.C.
20555 Attention:
Mr. Ira Dinitz, Indemnity Specialist Gentlemen:
Re Docket Nos. 50-425, 336, 423 and Your Letter Dated June 15, 1977 With respect to the tnree owner-licenses addressed in your letter (The Connecticut Light and Power Company, The Hartford Electric Light Company, and Western Massachusetts Electric Company), these companies have elected to meet their guarantee requirements for deferred retrospective premiums by the use of Alternative Five [" Annual certified financial statements and cash flow projections showing either that a cash flow (i.e., cash available to a company after all operating expenses, taxes, interest charges and dividends have been paid) can be generated and would be available for payment of retrospective premiums within three (3) months after submission of the statement, or a cash reserve or a combination of cash flow and cash reserve".]
I am enclosing herewith copies of the annual reports to shareholders for the three named owner -licenses for the calendar year 1978. On page five of each report there is a " Statements of Sources of Funds for Gross Property Additions" for both 1978 and 1977. Using The Connecticut Light and Power Company's figures as ar example, you will see that for 1978 there were " net funds generated from operations" (after dividends) of $55,426,000.
I am also enclosing a single page statement taken from our system budget for 1979 which shows income accounts for each of the three owner-licenses.
Again using The Connecticut Light and Power Company's figures as an example, you will see that that Company is expected to have cash flow in 1979 of
$35,564,000.
This figure is roughly comparable to the 1978 figures of $55,426,000.
I say roughly comparable because it is not possible to achieve the same precision working with budget figures as is possible working with audited financial figures.
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TF E H ARTFCPD ELECTRIC UGHT CCUDANY AESTERN MASSACHUSETTS ELECTRIC CCMPANY HOLYCME WATER PCWER CCMPANY NCRTHEAST UYlLITIES SERvtCE CCMPANY smSuelulemens
Mr. Jerome Saltzman, Chief Antitrust & Indemnity Group Nuclear Reactor Regulation United States Nuclear Regulatory Commission Washington, D.C.
20555 From the same statement The Hartford Electric Light Company's cash flow in 1979 is expected to be $16,006,000 and Western Massachusetts Electric Company's cash flow in 1979 is expected to be $4,490,000.
I should point out that a substantial portion of the Western Massachusetts Electric Company's " Current Income" tax figure of $8,791,000 per the budget will be deferred and thus provide additional cash flow. Our budget procedures do not yet distinguish between deferred and current income taxes but show them all as current income taxes.
I hope the enclosed materials will meet your satisfaction as fulfilling our requirements under the Regulations.
If not, of course, please call me and we will do whatever that you feel is necessary.
Very truly yours, LAO:bd Enclosures bb
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[ b-Ou Wt A c J U U \\ d-
- 3 NORTHEAST UTILITIES 1979 BUDGET kSTERN kAh!EN E
.GNS T
ME CONN LIGHT HARTFORD MAS $.
g80hERCU.-
LECTA8C SLECTA&&
L2 MONTHS DECEM8ER 1979 OPERATING REVENUES:
465 278* 259 537. 162 130 JECTRIC
.-_. 42 2
-- 14-441.-
A-.-
TOT AL OPER ATING REVENUES
'547 595-278 378 162 130.
OPERATING EXPENSES:
_4PEk Af ION-ELEC. PA000CT10N
-- el 84-J84 97 - 95 3 e -45 S2 9--
-0THER
..A31 634-55 120- 22 408 MAINTENANCE
/a 795 6 794 9 482, Rh O
R S /I Pauvl51uN FOR TAXES:
CURRENT INCOME 1 949 2 496-8 791
~ OgFERRED 7
' ('
~
'NCOME
$ h4 T A0J /
29 649 C
e N
15 784 1 120 OTHER FEDERAL AND $ ATE MUNICIPAL 21 440 12 904 15 192
--4A1N/ LOSS 08 59 UTIL SL T= MET-TOT AL OPERATING EXPENSU 457 779 227 934, 136 990 OPERATING INCOME 89 816 50 445.
25 139 OTHE R INCOME AND DEDT. TION $s -
3 409 g488 AFuoC-0THER PUNOS V 9 295.
0 ONS TAAES APPLICABLE TO OTHER INCDME AND DEDUCTIONS I 1573-t 1044.
( 2364.
NET OTHEA INCCME ANO DE&bCT40ME 12 gy, g aiy,,__4_455-. -
INCOME SEFOAE INTE8EST CNGS 102 453 -
57 387 - 29 794-4MTEREST CHARGEss INTEkEST ON LONG TERN DEBT 56 424
.29 320. 17 994 -
NO EN!5E N
240-138 14-M kREST$N
!TNER (OAN
~~ 2 937 I '77I.-[ '7 5 9 -
INTEREkT 12p'
Ff' if"ni1MPMM!"/
!' nf' L' *2P 9 t!2 -
EXPENSES 568-184 -
OTHER d
NET INCOME
$1 433 30 620.
12 381.
PREFERREO ST0cu DIVIDEN05
/ __ 14 n45 6.626._ 2 98 6-36 Pas.
9 397.
84 4 9.-.
23 994 EAkNINGS FOR COMMON SHAAES V 87.289.
88.762 E ARNINGS PER SH ARE-avg.
COMMON OUTSTANDING EARNINGS PER S H A R E-MT H.
END
$4.119 57.289.
88.T62.
COMMUN SHAAES OUTSTANDING MONTH ENO 8 931, 3 292 1 372 g _,
Indicates Line Items Used in Calculating Cash Flow (Comon Stock Dividend _s Assumed,__ _ _
To Be At Same Level As In 1978) up p e
eme=
h e-m me ew 6 **
me*+e 6mN 6
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