ML19289D805
| ML19289D805 | |
| Person / Time | |
|---|---|
| Site: | 05000471 |
| Issue date: | 06/30/1978 |
| From: | Rhonda Butler BOSTON EDISON CO. |
| To: | Parr O Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML19289D799 | List: |
| References | |
| NUDOCS 7903140474 | |
| Download: ML19289D805 (5) | |
Text
9 BOOTON EOtDON COMPANY o sar... c ari=r. eco mov6.,o s,.ar, no.,o~.............on.,
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~.= m....o June 30,1978 Olin D. Parr, Chief Light Water Reactors Branch Nc. 3 Division of Froject Management Office of Nuclear Reactor Regulation U.S. Nuclear Regulatory Comission Washington, D.C.
20555 In care of:
Mr. M. Licitra Light Water Reactors Branch No. 3 Division of Project Management Office of Nuclear Reactor Regulation U. S. Nuclear Reactor Regulation 7920 Norfolk Avenue Bethesda, Maryland 20014 Docket No. 50-471
Dear Mr. Parr:
In response to your May 31, 1978 request for further information we e-e submitting the items listed below.
It is to be noted that certain identified items are being submitted separately accompanied by a letter of application requesting proprietary treatment pursuant to 10 CFR 52.790.
Items for which no proprietary treatment is requested
)
5.
Monthly Financial Statement for May 1978.
> 6.
Order of Single Justice on Motion for Stay re. $3.8 million of rate relief due on appeal of DPU 19300.
Items for which propri tary treatment is requested (submitted secarately) if
(\\ Month (Revised June Boston Edison Company Forecast of Net Income, 1978, by 21,1978).
The material supplied with these two letters, together with information submittea on June 2,1978 and June 23, 1978, completes our responses to you on this matter.
Very truly yours, fkCW~WMY HacL Convi3cusb %
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COMM3HWEALTB OF MASSACHUSLm S SUITOLK, SS.'
SUPREME JUDICI AL COURT NO.78-101 CIVIL
.\\
BOSTON EDISON COXPANY VS.
-: DEPARTMENT OP PUBLIC UTILITIES q.
ORDER OF SINGLE JUSTICE OH MOTION FOR STAY This cEtter came on to bc Seard upon the motion for stay filed by Boston Edison. Con:pany on May 31, 1978 e-and'was' argued by counsel; and thercopon it is hereby ORDEP2D that the motion be and is hereby allowed, and IT.25 ORDERED, that interim relief'in the total amount of S3,863,000 per annum be avarded of which
$1,632,.000 is on account of an adjustment to reflect increased property taxes _and $2,231,00b of which is on
~
j account of adjustment for APUDC not nortulized, and,,"
IT IS FURTHER ORDERED, that the rate adjustment bercin aIlowed be granted under bond in the amount of.
$3,863,000, per annum; and 'that.if the Full Court does not render a de, cision on this appeal within one year.
l of 'this Order the Company shall post an additional bond in the sanc a s unt, and
-c i
IT IS FURTHER ORDEPSD, that if the h211 Court decides that the Cotapany was not entitled to the full f
, s m i.X L T L.
- ~
~~--
a;:iount of inter rate relicf granted her 'n, the
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' 7.'. '.
company shall refund to its customers, insof ar as they can bc found, any excess of the aucunt collected under such interim rates over the suz:.s to which the Company f is ent,itled under the rates which the Pull Court finally. determines to be lawful, but in no event.shall l
the Company be obligated to refund more than the amounts s
I collected pursuant to this intarin order, and l
IT IS rux m R ORDERED, that the interim rate i
1 adjustment herein allowed be calculated on an annual basis in a manner consistent with the rate calculations "N
j made pursuant to the Department's order IN DPU 19300; said rate adjus h nt shall be effective so
' and that as to apply to all meter readings taken on and after
.s.
i l June 27, 1978, and IT IS FURTHER ORDERED, that appropriate schedules w nt are to be filed',
I to implement.the said rate adjus
~
l with the Department, together with supporting data demonstrating that such schedoles are in compliance with this Order and ilo bills are to be u. ailed by the Company y
under said schedules carlier than three business days q
~
[ af ter said filing, unless a shorter period.is ordered by the i>epartment.
i By the Court, (Wilkins, J.)
/s/ John E. Powers Clerk JUNE 27,'i9.78 ENTERED:
g S
l g
s' BCBTON E* DI D O N COMPANY GENC..L Drrscts B00 ScvLeTow Statt?
B o s f o N. Mas e AC+1u s tTis 0 219 9 RCst T M. B UTLE.
Nm=u... 0 #."ot...,t.EN, June 30,1978 Olin D. Parr, Chief Light Water Reactors Branch No. 3 Division of Project Management Office of Nuclear Reactor Regulation U.S. Nuclear Regulatory Comission Washington, D.C.
20555 In care of:
Mr. M. Licitra Light Water Reactors Branch No. 3 Division of Project Management Office of Nuclear Reactor Regulation U. S. Nuclear Reactor Regulation 7920 Norfolk Avenue Bethesda, Maryland 20014 Docket No. 50-471
Dear Mr. Parr:
In response to your May 31, 1978 request for further information we are submitting the items listed below.
It is to be noted that certain identified items are being submitted separately accompanied by a letter of application requesting proprietary treatment pursuant to 10 CFR 62.790.
Items for which no proprietary treatment is requested
[ Monthly Financial Statement for May 1978.
[ Order of Single Justice on Motion for Stay re. $3.8 million of rate relief due on appeal of DPU 19300.
Items for which proprietary treatment is requested (submitted separately)
) Plc) Boston Edison Company Forecast of Net Income,1978, by Month (Revised June 21,1978).
The material supplied with these two letters, together with information submitted on June 2,1978 and June 23, 1978, completes our responses to you on this matter.
/bd - ADP CA/CL Cup'n?ttLe D "
Very truly yours, lh$. ' (~
bWl84'M Jd'fM4'fG'--)'
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BOSTON EDIBON COMPANY or~ra.6 orrie e eco sauerou stat.v S D e VO N. M.e s.C M u s.Tt e D 219 9 RoerBT M S.; Tg. e
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June 30,1978 Olin D. Parr, Chief Light Water Reactor Branch No. 3 Division of Proje:t Management Office of Nuclear Reactor Regulation U. S. Nuclear Regulatory Comission Washington, D. C.
20555 Docket No. 50-471 RE:
Boston Edison Company, et al.
Pilgrim Unit No. 2 Application for Proprietary Treatment Pursuant to 10 CFR 52.790
Dear Mr. Parr:
By a letter of even date we have forwarded material to you in connection with the Staff's review of Boston Edison's financial qualifications.
Certain items requested by the Staff are being separately submitted in this letter of application for proprietary treatment of these items.
These items are:
Plc)
Boston Edison Company Forecast of Net Income, 1978, by month (Revised June 21,1978).
On behalf of Boston Edison Company I am requesting that the Nuclear Regulatory Comission accord proprietary status to these items.
In support of this request I am including an affidavit of Thomas J. May, Assistant Treasurer of Boston Edison Company.
Very truly yours,
) %f. F
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/
WRG/cac
In the Matter of
)
)
Boston Edison Company, et al.)
Docket No. 50-471 (Pilgrim Nuclear Generating
)
Station, Unit No. 2
)
Affidavit Pursuant to 10 CFR S 2.790 Respectina Certain Proprietary Information I, Thomas J. May, being duly sworn, hereby depose and say as follows:
1.
I am an Assistant Treasurer in the Treasury Organ.ization of Boston Edison Corpany and am duly authorized to make this affidavit in connection with the NRC Staff review of Boston Edison Company's financial qualifications.
By letter dated June 30, 1978 to Olin D. Parr, Chief, Light Water Branch No. 3, Division of Project Management, Office of Nuclear Reactor Regulation, Nuclear Regulatory Commission, the Company has submitted in confidence to the Commission certain items of information for which proprietary treatment is requested.
These items of information are included in a document entitled:
Attachment Plc) Boston Edison Company Forecast of Net Income, 1978, by Month (Revised June 21,1978).
2.
I have personally reviewed or caused to have reviewed by persons within Boston Edison Company the proprietary infonnation identified herein and to the best of my knowledge, information and belief the follow-ing is true and correct:
The items of information listed above have been prepared from financial accounts, records, supporting documents, and other data only available for internal use by the Company's Treasury Organization, The management of Boston Edison Company has not approved or adopted the in-formation submitted herewith for external use.
Such items of information
and the financial accounts, records, supporting documents and data from which they have been derived have been and will continue to be held in confidence by the Company.
The aforementioned items of information involve forecasts of the future financial performance and conditions of the Company and relate to the Company's financial plans for the future. Assumptions used for purposes of these forecasts represent estimates based on occurrences of events in the future and are subject to uncertainty or to possible changes in economic, regulatory, legislative and other conditions.
To th'e extent assumed events do not materialize, the outcome nay vary substantially from that projected.
It has been the policy of the Company to keep confidential such forecasts and the financial accounts, records, supporting documents and other data from which they are derived.
Except where placed in evidence as required in regulatory proceedings to which the Corpany has been a party, no such forecasts have been available in public sources.
In connection with the submission of such " forecasts" in recent regulatory proceedings, the Company has taken all available steps to limit the likelihood of public dissemination and in this connection has obtained a stipulation of the representative of the Attorney General of Massachusetts, a party to such proceedings, not to publicize the information provided or use it for purposes other than those strictly related to regulatory or court proceedings to which the Company is a party.
Except by recourse to the records of the afore-mentioned proceedings, these forecasts could not be reproduced by recourse to any publicly available information.
2.
t Because the Company's policy has been to decline to issue public forecasts of its financial performance, the publication of the afore-mentioned items could effect the market for the Company's securities.
The dissemination, publication or release of the above items is subject to the Rules of the Securities and Exchange Commission.
Such dissemina-tion, or publication of these items or the release of information contained therein which has not received Company approval or been adopted by the Company may prejudice the Company's operation as a public utility.
The substantial harm that may be caused to the Company and its programs if these aforementioned items are made publicly available far outweigh the right of the public to be fully apprised as to the basis of Commission action relating to the Company.
/
s Thomas J. May
/
Subscribed and sworn to before me this 5thiay of Julf 1978 inn 1rira b.YittGr$
iMtary Publfc
)
~
My Commission Expires: February 2, 1984.
3.
h77M4h16A'*r P.2. c itevb;gl Forecast 01 Net Income
!!0STON EDISON COMPANY Jjoe 21, 1978 FoltECAST OF NET INCOME 1978 (000 onttted)
First Second January February March guarter April May June Ouarter Operating Revenues Electric
$51,205
$48,026
$44,536 $143,767
$43,876
$43,292 545,379
$132,547 Steam 5,544 5,046 3,949 14,539 3,598 2,159 2,038 7,795 904 1,011 917 2,832 931 914 932 2,777 other
_ 57,653 54,083 49,402 161,138 48,405 46,365 48,349 143,119 Total Operating Expenses Departmental - Operation 35,149 31,661 29,304 96,114 24,931 23,094 24,154 72,179
- Maintenance 3 _008 2,873 2,832 8,713 2,469 2,659 2,763 7,891 2
38,157 34,534 32,136 104,827 27,400 25,753 26,917 80,010 Depreciation 3,792 3,792 3,792 11 376 3,792 3,796 3,796 11,384 3
Total 41,949 38,326 35,928 116,203 31,192 29,549 30,713 91,454 Taxes (Chargeable to Operations)
Hunicipal 6,724 6,724 6,724 20,172 6,724 6,724 6,724 20,172 State Franchise 273 271 121 665 373 331 392 1,096 12 12 12 36 12 12 12 36 Hator Excise and liighway Use 502 502 501 1,505 344 345 345 1,014 Payroll 1,719 1,712 674 4,105 2.415 2.124 2,546 7,085 Federal Income Total 9,230 9,221 8,032 26,483 9,868 9,536 10.019 29,423 Total Operating Expenses and Taxes 51,179 47,547 43,960 142,686 41.060 39.085 40,732 120,877 6,474 6,536 5,442 18,452 7,345 7,280 7,617 22,242 Net Operating Income 49 49 48 146 49 50 49 148 ther Income
..alowance for Funds Used During Constr.
1,070 1,124 1,176 3,370 I 234 1,409 1,614 4,257 t
Net operating and Other Income 7,593 7,709 6,666 21,968 8,628 8,739 9,280 26,0i Deductions Interest on Long-Term Debt 3,994 3,994 3,994 11,982 3,994 4,253 4,253 12,500 592 686 738 2,016 782 850 820 2,452 Interest on Short-Term Loans Amortization (Net)
(2)
(2)
(2)
(6)
(2)
(2)
(2)
(6) 26 26 26 78 26 26 26 78 Other Interest and Deductions Total 4,610 4 704 4,756 14,070 4,800 5,127 5,097 15,024 t
2,9B3 3,005 1,910 7,898 3,828 3,612 4,183 11,a23 459 459 460 1,378 459 459 460 1,378 Net Income Divielends for Preferred fil5 815 814 2,444 815 815 814 2,444 Dividends for Preference 1,709 1,731 636 4,076 2,554 2,338 2,909 7,801 2.345 2,345 2,345 7,035 2,345 2,3p5 2,345 7,035 Inceme for common (636)
(614)
(1,709)
(2,959) 209
' t?)
564 766 tilvidends for Common Earnings Retained in the Business
$0.14
$0.15
$u.05 S0.34
$0.21
$0.20
$0.25
$0.66 Earnings Per Share Av g'.
Sharea outstanding (11,867,833)
80STON EDISON COMI'ANY l'ORECAST 01' ilE r INCot1F.
19_7 tl (000 (knitted) l'i rs t Secosul
' third Fourth Year' Qtiarter quarter Quarter Qu ar't e r 1978
$143,767
$132,547
$155,020
$137,985
'$569,319 S t,..,,
14,539 1,195 6,735 9,621 38,690
.' i _7 7 2. M,8 2 7(d U.M l
Ot c
2,832 t
Total
$161,138
$143,119
$164,423
. g 15,0,351
$619,031
-perating Expenses Departmental - Operation 96,114 72,179 7 tl,705 7 3,8 tit.
320,882
- Maintenance ti,71 1 7,89_I 11,91/
11,274 33.795 104,1127 80,0/0 87,622 82,158 354,677 iI,376 1 1, 3. '.
I1,496 11,553 45,809 Depreciation Tota 1 116,203 91.454' 99,1111 93,711 400,486 Htmicipal 20,172 20,172 20,172 20,172 80,688 State Franchise 665 1,096 2,018 1,509 5,288 Motor Excise and Ifighway Use 36 36 33 33 138 Payroll 1,505 1,034 731 340 3,610 4,105 7, 0115 13,450 9,921 34ji61 Federal Incorne Total 26,483 29,423 36,404 31.973, 124,285 Total Operating Expenses and Taxes 142,686 120,877 135.522 125.686 524,771 18,452 22,242 28,901 24,665 94,260
.e t crating Income 146 148 146 143 583 Otner Income Allowance for Funds Used During Constr.
3,310 4,257 4,905 5,296 17,828 21,968 26,647 33,952 30.104 112,671
'et Operating and Other Income
) eductions Interest on long-Tern Debt 11,9112 12,500 12,759 12,759 50,000 Interest on Short-Terra Loan, 2,016 2,452 2,240 1,9116 8,694 Amortization (Het)
(6)
(6)
(6)
(13)
(31) 78 78 7 11 78 312 Other Intercat and Deductions Total 14,0/0 l'giL4 15,071 14, ti10 58.975 le t Income 7,898 11,623 18,881 15,294 53,696 DLvidends for Preferred 1, 3 111 1.378 1.378 1.378 5,512 Dividends for Preference 7.444 2,444 2,444 2,444 9,776 n e on=- for Conanon 4,076 7,801 15,059 11,472 38,408 I
7,8fl5 7.035 7.035 7,849 28,954 DIkidends f or Coa.non (9.959) 766 8,024 3,623 9,454
-arnings Retained in the Ilus ine s s
$0.96
$3,23
$ 0. 3'4
$0.66
$1.27
- arnings per Share
?.v g.
S' hares Outstanding (ll t!67,833)
il0STON tCDISON COMPAPIY F0HITAST OF NET IllCorE 1918 (000 Umitted)
Third Fourth
.luly August September quarter October November Decembe r Quarter
'perating Revenues O
Electric
$51,142
$52,627
$51,251 $ 155,020
$48,010
$43,474
$46,501
$137,985 Steam 2,115 2,416 2,204 6,735 1,947 3,553 4,121 9,621 Other 117 0 906 892 2,668 916 928 901 2,745 Total 54,127 55,949 54,347 164,423 50,873 47,955 51,523 150,351 Operating Expenses Departmental - Operation 25,553 26,860 26,292 78,705 23,59tl
,23,753 26,533 73,884
- Maintenance 2,814 3,281 2,822
!!,917 2, tl7 9 2,748 2,647 11,274 28,367 30,141 29,114
!!7,622 26,477 26,501 29, lt10 82,15tl Depieciation 3,832 3,832 3,832 11,496 3,845 3,854 3,854 11,553 Total 32,199 33,973 32,946 99,118 30,322 30,355 33,034 93,711 Taxes (Chargeable to Operations)
Hunicipal 6,724 6,724 6,724 20,172 6,724 6,724 6,724 20,172 State Franchise 680 686 652 2,018 605 417 487 1,509 Hotor Excise and liighway Use 11 11 11 33 11 11 11 33 Payroll 244 244 243 731 114 114 112 340 Federal Income 4,533 4,573 4_,344 13,450 4,015 2,718 3, 1218 9,921 ___
Total 12,192 12,238 11,974 36,404 11,469 9,984 10,522 31,975 Total Operating Expenses and Taxes 44,391_
46,211 44,920 135,522 41,791 40,339 43,556 125,680 liet Operating Income 9,736 9,738 9,427 28,901 9,082 7,616 7,967 24,665 Other Income 49 50 47 146 47 48 48 143 Allowance for Funds Used During Constr.
1 579 1,634 1,692 4,905 1,709 1,75tl 1,829 5,296 liet Operating and Other income
, 64 11,422 11,166 33,952 10,838 9,422 9,844 30.104 Deductions Interest on Long-Term Debt 4,253 4,253 4,253 12,759 4,253 4,253 4,253 12,759 Interest on Short-Term t.oans 770 755 715 2,240 733 695 558 1,986 Amortization (tiet)
(2)
(2)
(2)
(6)
(2)
(2)
(9)
(11)
Other Interest and Deductions 26 26 26 7 11 26 26 26 7tl Total 5,047 5, 0;12 4,992 15J 71 5,010 4,972 4,82tl 14,810 fle t Income 6,317 6,390 6,174 18,881 5,828 4,450 5,016 15,294 Dividends for Preferred 459 459 460 1,378 459 459 460 1, 3 711 Dividends for Preference 1115 815 1114 2,444 814 til 5 815 2,444 Income f or Conanon 5,043 5,116 4,900 15,059 4,555 3,176 3,741 11,472 Dividends for Contnon 7,345 2,345 2,345 7,015 -
2,345 2,752 2,752 7,849 2,698 2,771 2,555 8,024 2,210
" 424
_989 ilM3 Earnings Hetained in the Bustnes.,
$0.43
$0.43
$0.41
$1.27
$0.38
$0.27
$0.31
_ j%90.
Earnings Per Share
. Avg. Shares outstanding (11,867,833) d g