ML19305D739
| ML19305D739 | |
| Person / Time | |
|---|---|
| Site: | Davis Besse  |
| Issue date: | 04/10/1980 |
| From: | Maugans E CLEVELAND ELECTRIC ILLUMINATING CO. |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 8004150471 | |
| Download: ML19305D739 (2) | |
Text
4 P.o. box 5000 m CLEVELAND. OHlo 44101 e TELEPHONE (216) 622-9800 e ILLUMINATING BLOG.
e 55 PUBLICSoVARE Serving The Best Location in the Nation Edgar H. Maugans VICE PRESIDENT. FINANCE April lo, 1980 Jerome Saltzman, Chief Antitrust & Indemnity Group Nuclear Reactor Regulation Nuclear Regulatory Commission Washington, D.C.
20555 Re: Docket No. 50-314 Retrospective Premium Guarantce
Dear Mr. Saltzman:
The Cleveland Electric Illuminating Company hereby provides the documents described below and enclosed herewith as evidence of its guarantee of its share ($5,138,000) of the retrospective premium which may be levied against the Davis-Besse Unit No. 1 reactor licensees during calendar year 1980.
i 1.
Die Cleveland Electric Illuminating Company 1979 Annual Report which includes certified financial statements for the calendar year 1979 2.
The Cleveland Electric Illuminating Company 1979 Iburth Quarter Quarterly Review which includes financial state-ments for the quarter e' ding December 31, 1979 (the 1980 n
First Quarter Quarterly Review is not yet available).
3 An Estimate of Cash Position And Source of Funds actual 1979 and projected 1980.
Accordingly, The Cleveland Elec tic Illuminating Company believes that a cash flow can be generated which would be more than adequate should it be required to pay any retrospective premium in the amount of $5,138,000.
Sincerely, SN n
/
E. H. Maugans Q( l Vice President-Fi ance Enclosures RJU:ag cc: Donald G. Nicholson Vice President, Finance Toledo Edison oompany 8004150 I7I
t
's 1980 Internal Cash Flow Projection for Davis-Basse Unit No.1 Nuclear Power Station (Dollars in Thousands) 1979 1980 Actual Projected Retained Earnings (1)
$20,390
-o-Adjustments Depreciation and Amortization 59,459 71,788 Deferred Income Taxes and Investment Tax Credits 21,445 47,021 Allowance for Rinds Used.During Construction..............
(49,165)
(65,391)
Total Adjustments 31,739 53,418 Internal Cash Flow.............
$52,129
$53,418 i
M
$13,355 Average Quarterly Cash Flow Percentage Ownership in Unit........
Davis-Besse Unit No. 1 = 51 381, l
Pavi== Total Contingent Liability.....
$ 5,138
$ 5,138 l
(1) " Retained Earnings" means net income after income taxes and divi-dends paid. The Company does not publish its projections of these amounts. Accordingly, net income after taxes and dividends paid used in the 1980 projected data, althou;;b contrary to the Company's i
expectations, has been assumed to be zero. The figures shown for the 1980 projection year are those non-cash items necessary to establish that its mav4== total contingent lit.bility can be satis-fled from internal cash flow.
SE3]I{JgA21g]
I, Edgar H. Maugans, Vice President-Finance of ' Die Cleveland Electric Illuminating Company, hereby certify that the foregoing Estimate of Cash i
Position and Source of Funds for calendar year 1980 is derived from accu-rate data and reasonable assumptions and is a reasonable estimate.
l i
6 e
4A c.r Date Edgar H4 b0ulgans I
1
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