ML19297C081
| ML19297C081 | |
| Person / Time | |
|---|---|
| Site: | Summer  |
| Issue date: | 12/02/1980 |
| From: | Karlowicz M Office of Nuclear Reactor Regulation |
| To: | Schwencer A Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 8012240140 | |
| Download: ML19297C081 (7) | |
Text
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, [ 'g, NUCLE AR REGULATORY COMMISSION j 74 C
WASHINGTON. D. C 20555 L g+. gg6,, d '?E s
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Docket tio. STri 50-395 j
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m" MEMORArtDUM FOR:
Albert Schwencer, Chief Licensing Branch tio. 2 Division of Licensing FROM:
Michael L. Karlowicz, Jr., Financial Analyst Utility Finance Branch Division of Engineering y
Darrel fiash, Section Leader THRU:
Utility Finance Branch p
Division of Engineering
SUBJECT:
REQUEST FOR UPDATED FIfiAfiCIAL IfiFORMATI0fi-APPLICATI0!1 0F SOUTH CAROLIfiA ELECTRIC Ar1D GAS COMPAfiY AfiD SOUTH CAROLI!1A PUBLIC SERVICE AUTHOR-ITY TO OPERATE THE VIRGIL C. SUMMER fiUCLEAR STATI0!i, UtilT 1 Review of this application shows that updated information is required for us to evaluate the financial qualifications of the applicants to operate the subject facility. Accordingly, the applicants should be advised to submit complete responses to the enclosed request.
The responses should be received by this office at least six weeks prior to the target date for our input into the SER Supplement. This will allow adequate time for our analysis and thepreparation of our input.
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o Michael L. Karlowicz, Jr.
Financial Analyst Utility Finance Branch Division of Engineering Office of fluclear Reactor Regulation
Enclosure:
Request for Additional Information cc:
W. Kane w/ enclosure J. Lee w/ enclosure m
E012240 M O
REQUEST FOR ADDITI0t!AL FifiAtlCIAL It? FORT %TIO*
VIRGIL C. SUMMER fiUCLEAR STATI0tl, UtJIT 1 DOCKET ti0. 50-395 1.a.
Provide an update of the estimated annual cost by year to operate the subject f acility for the first five full years of commercial operation.
The types of costs included in the estimates should be indicated and included (but nd necessarily be limited to) operation and maintenance expense (with fuel costs shown separately), taxes and a reasonable return on investment.
(Enclosed is a form which should be used for each year of the five year period.)
Indicate the projected plant capacity for the unit each year.
b.
Indicate the unit price per KWH experienced by each applicant on system wide sales of electric power to all customers for the most recent 12-month period.
2.
Provide a revised statement of the estimated cost of permanently shutting down the facility, a listing of what is included in such costs, the as-sumptions made in estimating the costs, the type of shutdown contemplated, and the expected source (s) of funds to cover these costs.
Supply a copy of any document referenced in your response thereto.
3.
Provide an updated estimate of the annual cost to maintain the shutdown facility in a safe condition.
Indicate what is included in the estimate,
. assumptions made in estimating costs, and the expected source (s) of funds to cover these costs.
4.
If revised since the last submittal, provide a copy of joint participation agreement setting forth the procedure by which the applicants will share operating expenses and, if necessary, de-comissioning costs.
5.
With respect to South Carolina Electric and Gas Company:
a.
Provide copies of:
1) the 1979 annual reports to stockholders; 2) the most recent interim financial statements; 3) the prospectus for the company's most recent security issue; 4) the preliminary prospectus for any pending security issue; and 5) the 1979 SEC Form 10-K and the most recent SEC Form 10-Q.
Continue to submit copies of the annual report for each year thereafter as required by 10 CFR 50.71(b).
b.
Describe updated aspects of the company'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 percentage and amount included in rate base); form of rate base (original cost, fair value, other (describe)); accounting for deferred income taxes and investment tax credits; and fuel adjustment clauses in effect or proposed.
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. c.
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. Pro-vide copies of the hearing examiner's report and recom-mendation 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.
d.
Complete the enclosed form entitled, " Financial Statistics,"
for the calendar year 1979, and for the most recent 12-month period.
- 6. With respect to the South Carolina Public Service Authority:
Provide copies of the audited 1979 and the most recent 12-month a.
financial statements, including the most recent audit report.
Continue to submit copies of the audited annual financial report for each year thereafter as required by 10 CFR 50.71(b).
b.
Describe the nature and amount of the most recent and pending rate relief action (s) and its anticipated effect of net margins.
Provide the most recent: official statement on bond offerings.
c.
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ATTACH.iENT FOR ITEM NO.
1.a.
ESTIMATED ANNUAL COST OF OPERATING NUCLEAR GENERATIfiG UNIT: VIRGIL C. SUMMER NUCLEAR STATION, UNIT f;0. 1 FOR THE CALEtiDAR YEAR 19-(thousands of dollars)
Operation and maintenance expenses Nuclear power generation fiuclear fuel expense (plant factor
%)........... $
Other operating expenses.....................
Maintenance expenses.......................
Total nuclear power generation.............
i Trar.smission expenses........................
Administrative and general expenses Prcperty and liability insurance.................
Other A.&G. expenses.......................
Total A.&G. expenses...................
TOTAL 0&M EXPENSES.....................
Depreciation expense.........................
Taxes other than income taxes Property taxes...........................
Other................................
Total taxes other than income taxes...........
Income taxes - Federal........................
Income taxes - other.........................
Deferred income taxes - net Investment tax credit adjustments - net................
Return (rate of return:
%)..................
TOTAL ANNUAL COST OF OPERATION m
ATT ACH"ENT FOR ITEM NO. 5.h._
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 common equity authorized Revenue Effect (000's)
Amount received in year granted Amount received in subsequent year (If not available, annualize amounts received in year granted)
Pending Requests 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 Amount of construction work in progress requested for inclusion in rate base e
ATTACHMENT FOR ITEM NO. 5.d.
FINANCIAL STATISTICS 12 months' ended 1979 dollars 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 + 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)
Standard 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 af ter preferred dividends Market price of common Book value of common Market-book ratio (end of period)*
Earnings avail. for common less AFDC +
depreciation and amortization, deferred taxes, and invest. tax credit adjust.-
deferred.
Common dividends Ratio Short-term debt Bank loans
- Commercial paper Capitalization (Amount & Percent)
Long-term debt Preferred stock Common equity
- If subsidiary company, use parent's data.