ML19282B822
| ML19282B822 | |
| Person / Time | |
|---|---|
| Site: | Salem  |
| Issue date: | 02/13/1979 |
| From: | Schneider F Public Service Enterprise Group |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML18078B026 | List: |
| References | |
| 790312, NUDOCS 7903160225 | |
| Download: ML19282B822 (7) | |
Text
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s Frederick W. Schneider Public Service Electric and Gas Company 80 Park Place Nee ar k, N.J. 07101 201/430-7373 Vice Pres.d.:nt Product ion March 12, 1979 Mr. Jerome Saltzman, Chief Antitrust & Indemnity Group Nuclear Reactor Regulation U. S. Nuclear Regulatorf Ccmmission Washington, D.C.
20555 Mr. Saltzman:
RE:
SALEM GENERATING STATION UNIT NO. 1 DOCKET NO. 50-272 GUARANTEEING RETROSPECTIVE PREMIUMS FOLLOWING NUCLEAR INCIDENT As required by the 1975 Amendments to the Price-Anderson Act (Public Law 94-197), the owners of Salem Generating Station Unit No. 1 submit the following statements and supporting documents to satisfy guarantee requirements as provided under Alternative No. 5:
1.
1978 Stockholders' Annual Report of each owner.
2.
Summary of Owners' 1979 Projected Internal Cash Flow Statements supported by individual certified Internal Cash Flow Statements showing 1978 Actual and 1979 Projected with Explanation of Significant Variations.
Similar documents will be filed by Philadolphia Electric Company for the owners of the Peach Bottom Generating Station Unit 2 and 3.
Very truly yours,
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SALEM GENERATING STATION OWNERS
SUMMARY
PROJECTED INTERNAL CASH FLOW STATEMENT FOR THE YEAR 1979 Public Service Philadelphia Atlantic City Delmarva Electric and Electric Electric Power & Light Gas Company Company Company Company Total (Thousands of Dollars)
Net Income
$233,149
$199,208
$34,790
$ 51,500
$318,s47 Less Dividends Paid 196,232 189,833 26,860 40,600
<1 i 3, 3 2 7 Retained in Business 36,917 9,373 7,930 10,900 63,120 Adjustments:
Depreciation 173,499 122,032 23,365 34,300 353,196 Amortization and Other 46,027 11,986 (755) 4,800 62,058 Deferred Income Taxas and Investment Tax Credits 106,483 80,288 14,406 18,000 219,177 Allowance for Funds Used During Constru_ tion (50,601)
(43 228)
(7,295)
(15,400)
(118,324)
Total Adjustments 275,408 169,078 29,721 41,700 315,907 Internal Cash Flow
$312,325
$178,43l
$37,651
$ 52,600
$ 381,027 Average Quarterly Cash Flow
$ 78,081
$ 44,613
$ 9,413
$ 13,150
$143,237 Nuclear Generating Stations Percentage of Ownership Salem 1 42.59%
42.59%
7.41%
7.41%
100%
1 Maximum Contingent Liability (Severally and not Jointly) $
4.259
$ 4.259 741 741
$10,000
i PJBLIC r.EbVICE EUC1RIC A4 GAS COMPANY Projected Internal Cash Flow Statement For Year 1979 - Compared to 1978 Actual (Thousands of Dollars)
Actual-1978 Projected-1979 Explanation of Significant variations Net Income
$ LJ8 iti6 S 2M 14 9 Less Dividends Paid 1 "i 204 196 23?
Additional Preferred and Common st. ares; hight r Common Stock rate.
Retained in Business 55 502 36 917 Adjustments:
Depreciat. ion 16J 523 173 499 Salem Unit la going into service.
Amortization and Other 26 039 41 027 Amortization of' nuclear fuel at higher ta.rnup rate.
Deferred Income Taxes and Investment Tax 197a includes tax effects of Atlant ic Project abandonment.
Credits 139 030 IN 463 Allowance for Funds Used During Construc-tion (41 vs)
(so c,ol)
Total Adjustments PM :>95
?7s 40o Internal Cash Flow S 3 ". 7 79' S 31 W5 Average Quarterly Cash Flow S 64 4i9 S 78 081 As indicated by this statement, the Average Quarterly Cash Flow fully cavers the muimum contingent liability of Public Service Electric and Gas Company which sm,unts to $4,259,000 as shown on the Curnmary sheet " Projected Internal Cash Flow Statement" PUBLIC SERVICE 'LECTRIC AND FAC C0KPANY Date March 12, 1979 B,
Parker C. Petennan Vice President and Comptroller i
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$1-7 5 e r.
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In Businoss h. 'C 47 4
,i as+ rents:
- >preciation 116,527 l??,0 '2 Amert uation an i Other 24, M 1 11,986 Mduction in t he Aro: t ic i' ion af Eeferrei Fu-l T-farre* I ric ame Taxes and 4
71,057 8 ),
"a I n ve s t m-r.t Tax Cro Allowance for Other Funda
!; seed Luring Construction (27,617)
IL9,?78)
Total Adjustments 174, T 'S 260.073
__S ! ' _..,..L S_1 Internal Cash Flow
.S 17 7_, t; ~'.c
<. rare Q2arterly Cash Flow 5 kk, VG S Lk,O '
(1) S igni fican t variat icr. eraalo SIC millicn 1.1 M.
1 Since the Company has sufficient cash flow to er.sare that its respacti premiums would be available for payment, it does not plan to curtail any capital ~xpenditures.
Certified by:
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9 ail 2r1C CIA' ELirlRIC RENN Projected Internal Cash Flow Statement For Year 1979 - Compared to 1978 Actual (Thousands of Dol?.ars)
Actual-1978 Projected-1979 Exolanation of Significant Variations l'et Income
$ 30,064 S 34,790 Less Dividends Paid 24,109 26,860 Petained in Business 5,955 7,930 Ad j us tn'ents :
Depreciation 21,614 23,365 1979 increase reflects Salem #2 going into service on 7/1/79.
Amortization and Other 6,395 (755) 1979 includes amortization of 1978 deferred mergy clause revenues.
Deferred Income Taxes and Investment Tax Credits 13,542 14,406 Allowance for Funds Used During Construc-tion (5,541)
(7,295)
Increase due to 10% interest in Forkal River purchased in 1979.
Tota 1 Adjustments 36,010 29,721 i
Internal Cash Flow S 41,965 S 37,651 Average Quarterly Cash Flow
,S 10,491 S
9,413 As indicated by this statement, the average quarterly cash flow fully covers the maximum contingent liability of Atlantic Electric which amounts to $741,000 as shown on the sucnary sheet (Projected Internal Cash Flow Statement).
Date Parch 5, 1979 f
ATLANTIC
-ELECTRIC COMPANY B
/
MJ. G. Salomone Controller f
iARVA POWER & LIGHT COMPANY COMPANY 1
Projected Internal Cash Flow Statement For Year 1979 - Compared to 1978 Actual (Thousands of Dollars)
Actual-1978 Proiected-1979 Explanation of Sisni ficant Variations not Incomo s47,448 8 51,500 Note 1
- 1. css otvidenas raid
_35,663 40,600 Note 2 notained in nusiness 11,785 10,900 Adjustments:
Depreciation 31,383 34,300 Amortization and Other 1,307 4,800 Note 3 oeferred Income Taxes 8,273 18,000 Note 4 and Investment Tax Credits Allowance for Funds u a nuring Construc-(10,848)
(15,400)
Note 5 30,115 41,700 To al Adjuntments interna. Cash riow s41,900 s 52,600 Avorage Quarterly Cash Flow s_lg,475 s 11J10 As indica ed by this statement, the AverafeWrIErly Csli 1: low TtIII[ covers the maximum ccmingent liability of Delmarva Power &
Light O mpany which amounts to $741,000 as shown on the Summary sheet " Projected Internal Cash iIow Statement.
cob par 4Y b
u4_
Date March 9, 1979 Dy th Name Title Senic r Vice President Chief Financial Officer e
... =
EXPLANATION OF SIGNIFICANT VARIATIONS NOTE 1 Net income increased due to higher rates in effect in the Delaware, Maryland & FERC jurisdiction.
NOTE 2 Delmarva increased the annualized dividend rate from
$1.28 to $1.38 on December 27, 1978.
The Company issued 520 million in Preferred Stock on November, 9, 1978. Also included in the projected 1979 amount is a Common Stock issue of 2,000,000 shares in May 1979 and 440,000 shares through the Dividend Reinvestment Plan.
NOTE 3 Nuclear Fuel amortization increased due to the addition of Salem 2.
NOTE 4 Deferred taxes increased due to the additional generation of ITC because of construction at Salem and Indian River combined with the effect of normalization for accelerated depreciation for tax purposes for plant additions after 1975.
NOTE 5 The increase in AFUDC is due to higher CWIP balances primarily involving Indian River #4 a 400MW coal plant.