ML19283B773
| ML19283B773 | |
| Person / Time | |
|---|---|
| Site: | Peach Bottom  |
| Issue date: | 03/15/1979 |
| From: | Bradley E PECO ENERGY CO., (FORMERLY PHILADELPHIA ELECTRIC |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 7903190282 | |
| Download: ML19283B773 (7) | |
Text
3 PHILADELPHIA ELECTRIC COMPANY 2301 M ARKET STREET P.O. DOX 8699 EDW ARD G. B AUER. JR, EN o' o"EE= At C0tN sEL 12151 a41-4ooo EUGENE J. BR ADLEY As5OCI ATE GENFR AL COUNSEL DON ALD BLANKEN March 15, 1979 RUDOLPH A. Ch.LLEMI E. C. KIR K H ALL T. H. M AHEN CORNELL Ass s ANT GENERAL COUNSEL EDWARD J. CULLEN. JR.
JOHN F. KENNE DY, JR.
ASSIST ANT COUNSEL Mr. Jerome Saltzman, Chief Antitrust and Indemnity Group Nuclear Keactor Regulation United States Nuclear Regulatory Commission Washington, D.C.
20555
Dear Mr. Saltzman:
Ee:
Peach Bottom Atomic Power Station Units 1, 2, and 3 Docket Nos. 50-171, 50-277, and 90-278 In accordance with Section 140.21 of the Commission's Regulations and my letters of July 29, 1977, and February 8, 1978, there are transmitted, herewith, on behalf of the co-owners of the Peach Bottom facility as evidence of guarantee of payment of deferred premiums the following documents:
1.
Philadelphia Electric Company's, Public Service Electric and Gas Company's, Delmarva Power and Light Company's, and Atlantic City Electric Company's Annual Reports for 1978, including for each an annual certified financial statement for the year January 1,1978, through December 31, 1978.
2.
Philadelphia Electric Company's, Public Service Electric and Gas Company's, Delmarva Power and Light Company's, and Atlantic City Electric Company's 1979 Internal Cash Flow Statements, and a Station Owrers' Summary of the Cash Flow Statements. The Cash Flow Statements indicate that it would not be necessary to curtail projected capital expenditures to assure that retrospective premiums would be available for payment.
Two copies of each of the documents are enclosed.
Very truly yours, Eugene
. Bradley g
Enclosures h
7 90319 0 38d-M
\\
J Station Owner's Surmary 1979 Frojected Internal Cash Flow Statement Feach Pottom Atomic Fower Station Ettlic Service Fhiladelphia Atlantic City Delmarva Electric and Electric Electric Power & Light Gan Comrany Conmany Company Company Total (Thousands of Dollars)
Net Income
$233,149
$199,208
$ 34,790
$ 51,r00 5515,6-7 Less Dividends Faid 1 %,232 184,835 26,860 40,600 L5? 5?7 Eetained in Business 2/>, G17 Q,373 7MO 10,000 65.120 Adjustments:
Depreciation 173,499 122.032 23,365 34,300 353,106 Amortization and Other 46,027 11,986 (755) 4,800 62,058 Deferred Income Taxes and Investment Tax Credits 106,k53 80,288 14,406 18,000 219,177 Allowance for Funds Used During Construction i50,6 6 (45,228)*
(7,?Q5) f15,400)
(118,524)
Total Adjustments 5?75,408
$164,078
$ P4,7P1 1 41,700
$519,Q07 Internal Cash Flow 1717,'75
$17R,451 1 A7,651 S 52,600 1581,0??
Tercentage of Ownership Peach Bottom #2 L 2. L ?.
42.49%
7 51%
7 51%
100%
Fesch Bottom #3 42.49 42.*9 7 51 7 51 100 Maximum Contingent Liability (Severally and Not Jointly)
S 8,'96
$ 8,L98 5
1, ROP 5 1,502 5 x ro
'Other Fends (FPC Order Nc. 561) 9
PUBLIC SEI4VICE EIJetRIC AWD CAS COMPANY Projected Internal Cash Flow Statement For Year 1979 - Compared to 1978 Actual (Thousands of Dollars)
Explanation of Significant Variations Actual-1978 Pro]ected-1979
$ 228 786 5 233 149 Net Income 175 One 196 230 Additional Preferred and Couumon shares; higher Camac.n Stc,ck rate.
Imss Dividends Paid 55 502 36 917 Retained in Business Adjustzwnts :
Salee Unit (2 going isto service.
160 5'3 173 499 Depreciation Amortization of nuclear fuel at higher burnup rate.
Amortization and Other 26 039 46 027 Deferred Income Taxes 1978 includes tax efhets of Atlantic Project abandonment.
C di.s 139 038 106 483 Allowance for Funds Used During Construc-(41 305)
(50 601) tien Total Adjustmenes 7 64 295 275 400 Internal Cash Flow S 337 797
$ 31? s25 Average Quarterly Cash Flow S 84 449
$ 70 081 As indicated by this statement, the Average Quarterly Cash Flow fully covers the maximum contingent liability of Public Service Electric and Gas Company which amounts to 18,t.c8 coo as shown on the Sunnary sheet " Projected Internal Cash Flow Statement".
PUBLIC GERVI ELECTRIC AND GAS C04PANY Ste March 12, 1979 By Parker C. Peteman Vice President and Comptroller
l'hiladelphia Electric Company System Projected Internal Cash Flow Statement For Year 1Q79 - Corrpared to 1978 Actual (Thousands of Dollars)
Actual-1978 Projected-1979 Explanation of Significant Variations (1)
Net Ince:::e
$184,861 8199,208 Less Dividende Paid 179,5,64 189,845 Retained in Business 5,?97 9,373 Adjustments:
Derreciation 116,527 122,032 Amortization and Other 24,371 11,986 Reduction in the Amortization of Deterred Fuel Deferred Income Taxes and Investment Tax Credits 71,057 80,288 Allowance for Other Funds Used During Construction (37,617)
(45,P?8)
Total Adjustments 174,338 169,078 Internal Cash Flow
$179,635 5178,45it Average Quarterly Cast P'ow S 44,co9 5 44,613 (1) Significant variation equals $10 million and 10%.
Since the Company has sufficient cash flow to ensure that its respective premiums would be available for payment, it does not plan to curtail any capital expenditures.
Cersified by:
(/ N df --*
Da t e Ma rc h 9, 1979
~
laquette, J ce President
=
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KILWrIC CIW ELECTRIC 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 S 30,064 S 34,790 Less Dividends Paid 24,109 26.860 Eetained in Business 5,955 7,930 Adjustments:
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 a:mrtization of 1978 deferred energy clause revenms.
Deferred Income Taxes 1
and Investment Tax credits 13,542 14,406 Allowance for Funds Used Durine o'o n s truc-
' Increase due to 107, interest in Forked River purchased in 1979 tion (5,541)
(7,295) i Total Adjustments 36,010 29,721 Internal Cash Flow
$ 41,965 S 37,651 Average Quarterly Cash Flow
,$ 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 $1,502,000 as shown on the summary sheet (Projected Internal Cash Flow Statement).
Date March 5, 1979 f
A C C TY ECTRIC COMPANY c e~-
b
/.
V.' G. Salomone
/.'
Controller
,I'
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e er
DELiiARVA POWER & LIGHT COMPAtiY COMPAtlY Projected Internal Cash riow Statement For Year 1979 - Comparc y o 1978 Actual (Thousands of Dollars)
Actual-1978 Projected 1979 Explanation of Sijnificant Varintionn tre t. Income s47,448 8 51,500 flote 1
- r. css cividenas iata 35,663 40,600 flote 2 netainca in nuniness 11,785 10,900 Adjustments:
Depreciation 31,383 34,300 Amortization ana Other 1,307 4,800 flote 3 ocrerrea income Taxes 8,273 18,000 flote 4 and Investment Tax Credits
~
Allowance for run<ls ca nuring conntruc-(10,848)
(15,400) iote 5 30,115 41,700 totai Aajuntments internal cash riow S 41,900 s 52,600 Average Quarterly Cash Flow M M LS S 11 150 _
COMPANY h_ o 4 nate March 9, 1979 ny e >,,
nune Titte Senior Vice President Chief Financial Officer t
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 $20 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.
D 4