ML19282C668

Forwards Requests for Updated Financial Info

ML19282C668
Person / Time
Site:	05000514, 05000515
Issue date:	03/07/1979
From:	Varga S Office of Nuclear Reactor Regulation
To:	Lindblad W PORTLAND GENERAL ELECTRIC CO.
References
NUDOCS 7903300520
Download: ML19282C668 (9)

Text

s' '

f

/

~

[

UNITED STATES

[- ),

NUCLEAR REGULATORY COMMISSION

j WASHINGTON, D. C. 20555

't i

MAR 7 1979 Docket Nos:

50-514 50-515 Mr. William J. Lindblad Vice President

?

Portland General Electric Company 121 S. W.

Salmon Street Portland, Oregon 97205

SUBJECT:

REQUESTS FOR ADDITIONAL INFORMATION FOR PEBBLE SPRINGS Enclosed are requests for updated financial information for the Pebble Springs application.

Your responses are requested by April 15, 1979.

Si;ncerely ^ 3 ark C

ef Light Water Reactprs Branch No. 4 Division of Project Management

Enclosure:

As stated cc:

See next page 79033005 00

~~

ATTAChT4ENT FOR i TEM NO. 2.h.

FINANCIAL STATISTICS

' ~

12 months' endec 1978 1977 1976 (coliars in millions)

Earnings available to common equity Average common equity Rate of return on average common equity Times total interest earned before FIT:

Gross income (both including and excluding AFDC) + current and deferred FIT + total interest charges 4 amortization of debt discount and expense Times long-term interest earned before FIT:

Gross income (both including and excluding AFDC) + current and deferred FIT + long-term interest charges + amortization of debt discount and expense Bond ratings (end of period)

Standarc and Poor's Moody's Times interest and preferred dividends earned after FIT:

Gross income (both including and excluding AFDC) + total interest charges + amortization of debt discount and expense + preferred dividends.

AFUDC Net income after preferred dividends Market price of common Book value of common Market-book ratio (end of period)*

Earnings avail. for comon less AFDC +

depreciation and amortization, deferred taxes, and invest. tax credit adjust.-

deferred.

Coman dividends Ratio Short-term debt Bank loans Comercial paper Capitali:ation (Amoun & Percent) long-term debt Preferred stock Cor=on equity

• if subsidiary company, use parent's data.

ATTACHMENT FOR ITEM NO.

2.f.

RATE DEVELOPMENTS Electric Gas Steam Granted Test year utilized Annual amount of revenue increase requested-test year basis (000's)

Date petition filed Annual amount of revenue increase allowed-test year basis (000's)

Percent increase in revenues allowed Date of final order Effective date Rate base finding (000's)

Construction work in progress included in Rate base (000's)

Rate of return on rate base authorized Rate of return on canmon equity authorized Revenue Effect (OCO's) knount received in year granted Amount received in subsequent year (If not available, annualize amounts received in year granted)

Pendino Recuests Test year utilized Amount (000's)

Percent increase Date petition filed Date by which decision must be issued Rate of return on rate base requested Rate of return on common equity requested Amount of rate base requested Anount of construction work in progress requested for inclusion in rate base

All AtilitNI FOR litM No.2.a._

Applicant:

Nclear riant:

J FR0 f 0RMA SOURtt$ Of IUtiD5 IDR 5t$ltil-Wl0! 10fl5lPutt10M 11I'lHDlIUrt5 AND I ArilAt SIRUtlUR[

IAJRiliG FlRIOU rir (6MIRittlDR W%DJt(I IJItllAR IUTlli H Afil

~

tillllions oFElliii)

Construction fears of Subject Nclear rower Plant littRflAL TINAllClffG twen slid ~

t i

l l

1 1

rreterred stoct tong-term debt-flotes payable Contrlistions frors Other funds (dese.rlbe) parent net Total Internal f unds jnflRTlAQT_GINERAllDIA51%

teet Irwae Less:

preferred dividends coasann dividends Retained earnings Uaferred tanes e

invest tan cred.-deferred Derreciaton and amrt.

Change in warting capital less: Arpt

^~

~

total Internal funds 10lAL IUfsDS 1-~

l

'l 1

l' _~ ~ $

l 1

00fl51RUCIION IIriHDIIURt5*

~ Ruclear power plahls~~

l l

I l

Other total const. esp's.

I 1

I I

I 1

l Subject nuclear plant l' - ~

$~

~ $

~

l'~~~~

1

~~ l

~

1-~ ~~

l' OIHIR CAP lI AL Rf }( JIRIMilti$

Rc E f E on l T HaiTring Ionds Acquisition of Bonds for Sinting f urnis Miscellaneous Requirewwmts (detall)

TDIAL CAPilAL RtyUlptMtstI5

~

CArilAL SIRUclURt ($ 8 s)

~t M te s dibi -

t I

s S 1

I i 1 $

s i s I s 5 s I s

Preferred stock Conaoit eqully 101AL

ATTACHMENT FOR IT E NO. 1 PLANT CAPITAL INVESTME'iT

~

SUFF.ARY BASIC DATA Name of plant Cost basistat start of construction Net capacity MW(e)

Reactor type Location Tvve of cooling Run of river Design and construction period Natural draf t cooling towers Month, year NSSS order Mechanical draft placed cooling towers Month, year of com=ercial Other (describe) operation Length of workweek hm,-s Interest rate, interest during construction

=<-ale? or compound?

COST

SUMMARY

Account Number Account Title Total Cost (thousand dollars)

DIRECT COSTS 20 Land and land rights....................

PHYSICAL PLANT 21 Structures and site facilities..........

22 Reactor plant equipment.................

23 Turbine plant equipment.................

24 Electric plant equipment................

25 Misc. pJant equipment...................

Subtotal........................

S Spare parts allowance...................

Contingency allowance...................

Subtotal........................

S INDIRECT COSTS 91 Construction facilities, equip't, and services..............................

S 92 Engineering and const. mg't. services...

93 Other costs.............................

94 Interest during construction............

Subtoca1........................

S Start of construction cost..............

• Escalation during construction (__* yr.)

Total plant capital investment (S

/KW)

S

• Indicate separate escalation rates for site labor, site materials, and for purchased equipment, if applicable.

MAR 7 1979 REQUEST FOR ADDITIONAL FINANCIAL INFORMATION PEBBLE SPRINGS NUCLEAR STATION, UNITS 1 AND 2 DOCKET NOS. STN 50-514/515 1.

Provide the most recent estimates for each unit grouped as follows:

(a) total nuclear production plant costs; (b) transmission, dis-tribution, and general plant costs; and (c) nuclear fuel inventory cost for the first core. The cost estimates should be in dollars escalated through the year of construction completion. Also, com-plete the attached schedule entitled, " Plant Capital Investment Summary," for each unit using the most recent cost estimates.

Indicate the estimated site labor requirements expressed as " man-hours /kWe." Indicate the average site labor pay rate in dollars per hour (including fringe benefits) effective at month and year of NSSS purchase.

Indicate the estimated month and year of con-struction start for each unit and the earliest and latest estimated dates for completion of construction of each unit.

2.

Provide the following information for each investor-owned applicant:

Complete'the attached schedule entitled, " Sources of Funds a.

for System-Wide Construction Expenditures During Period of Construction of Subject Nuclear Power Plant," through the year of earliest estimated completion of Untt No. 2.

In-dicate the assumptions upon which the " Sources of Funds" statement is based. These assumptions include, but are not necessarily limited to:

(a) rate of return on average com-mon stock equity; (b) preferred stock dividend rate; (c) long-term and short-term debt interest rates; (d) market / book ratio; (e) common stock dividend pa by year capital structure; (yout ratio; (f) target and year g) resultant SEC and indenture interest coverages over the period of construction; and (h) annual growth rate in kWh sales and price per kWh. Provide a brief explanation of the basis for each assumption.

If nuclear fuel for the facility is to be aca.uired by lease or other arrangement than purchase, briefly describe the terms of the lease or other arrangement.

b.

Provide copies of the 1978 Annual Report to Stockholders, copies of the prospectus for the Company's most recent security issue and copies of the most recent SEC Form 10-K.

Provide copies of the preliminary prospectus for any pending security issue.

Continue to submit copies of the Annual Report for each year thereafter as required by 10 CFR 50.71(b).

/79

. c.

Provide copies of the most Pecent Officer's Certificate or Net Earnings Certificate prepared in conjunction with the issuance of mortgage bonds or debentures and showing interest coverage calculations using the tests set forth in the applicable in-denture. Explain bondable property addition provisions as they relate to restrictions on the issuance of new long-term debt.

Provide ccpies of the portions of the indenture relating to interest coverage tests or alternative earnings tests and bead-able property additions. Provide calculations of net earnings and interest coverage for the most recent 12-month period using the definitions of net earnings and annual interest requirements (on debt presently outstanding) using the most restrictite test set forth in the mortgage bond indenture. Assuming a range of interest rates considered realisuc by the utility, state the adoitional amount of first mortgage bonds which could be issued under the most restrictive test based on net earnings as defined by the indenture for the most recent 12-month period.

d.

If the corporate charter contains a preferred stock coverage requirement, provide copies of that portion of the charter.

Assuming"a range of dividend f elds considered realistic by i

the utility, state the additional amount of preferred stock that could be issued by applying the most restrictive test for preferred dividend coverage for the most recent 12-month period.

e.

Provide a detailed explanation of all other restrictions, in-denture provisions or constraints on the issuance of short-and long-tenn debt, preferred stock, preference stock and com.on stock.

Short-term debt should include bank lines of credit and commercial paper, if any.

Indicate compensating balance requirements, if any, for bank loans.

f.

Describe the nature and amount of the Company's most recent rate relief action and the anticipated effect on revenues.

In addition, indicate the nature, status, and amount of any pending rate relief proceedings, if any. Use the attached form to provide this information. Provide copies of the hearing examiner's report and recomendation and the interim and final rate orders and opinions, including all exhibits referred to therein. Provide copies of the submitted, financially related testimony and exhibits of the staff and company in the most recent rate relief action or pending rate relief request.

Describe aspects of the cor.pany's regulatory environment including, but not necessarily limited to, the following:

test year utilized (describe nature and timing); prescribed treatment of allowance for funds used during construction and of construction work in progress (indicate ;ercentage and amount included in rate base); form of rate base (original cost, fair value, o*.her (describe)); accounting for deferred income taxes and incestment tax credits; and fuel adjustment clauses in effect or proposed.

g.

Provide a list of generating units, transmission and distribution facilities and general plant projects to be constructed during the period of construction of the subject nuclear power plant, showing the type of facility; net capacity of each generating unit, the dollar amounts to be expended for each facility during each of the years involved, and in-service date of each facility.

h.

Complete the attached form entitled, " Financial Statistics" for the most recent 12-month period and for the years ended December 31, 1978, December 31, 1977 and December 31, 1976.

Portland General Electric Company cesl Mr. Donald W. Godard, Supervisor MAR 7 1979 Siting and Regulation Department of Energy Rcom 111, Labor and Industries Building Salem, Oregon 97310 Mr. E. G. Ward, Senior Project Manager Bebcock & Wilcox Company P. O. Box 1260 Lynchburg, Virginia 23505 Frank Josselsen, Esq.

One Southwest Columbia Portland Oregon 97258 Mr. Lloyd K. Marbet 5103 S. E. 64th Portland, Oregon 97206 Mr. H. E. Morris Bechtel Corporation P. O. Box 3976 Sin Francisco, California 94119 H. H. Phillips, Esq.

Corporate Counsel & Secretary Portland General Electric Company 121 Southwest Salron Street Portland, Oregon 97204 Forelaws on Board 19142 S. Bakers Ferry Road Portland, Oregon 97009 Richard M. Sandvik, Esq.

Department of Justice 520 S. W. Yamhill Portland, Oregon 97204 Ms. Bernice Ireland Coalition for Safe Power 10544 N. E. Simpson Portland, Oregon 97220