ML19308C017
| ML19308C017 | |
| Person / Time | |
|---|---|
| Site: | Crane  |
| Issue date: | 09/11/1979 |
| From: | Mcdonald W FEDERAL ENERGY REGULATORY COMMISSION |
| To: | Rogovin M NRC - NRC THREE MILE ISLAND TASK FORCE |
| References | |
| TASK-TF, TASK-TMR NTFTM-790829-03, NTFTM-790829-3, NUDOCS 8001170759 | |
| Download: ML19308C017 (21) | |
Text
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s FEDERAL ENERGY REGULATORY COMMISSION WASHINGTON 20426 SEP 111979 Reference No. NTFTM 790829-03 Mr. Mitchell Rogovin, Director Nuclear Regulatory Conunission Three Mile Island Special Inquiry Group Washington, D. C.
20555
Dear Mr. Rogovin:
This is in response to your letter of August 29, 1979.
Enclosed are answers to questions you raised relating to 18 CFR 101, Electric Plant Instruction 90.
Copies of the GPU companies' responses to the data requests by FERC staff in the dockets you listed are also enclosed.
Sincerely,
[WilliamG. Mcdonald M
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Executive Director Enclosures soo117o 759 g
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Q.
When does the 120 day period mentioned in Electric Plant Instruction 9D begin to run?
A.
The 120 day period begins to run when the nuclear unit is synchronized to the system for the first time.
Q.
Did the owners of TMI-2 file a report justifying a test period in excess of 120 days?
A.
No.
Q.
What action does FERC normally take when a test period exceeds 120 days?
A.
The particulars of, and justification submitted by a utility for, any test period exceeding 120 days are reviewed by the engineering staff of the Division of Audits for suf-ficiency and to determine the propriety of the company selected in-service date.
In the event that the evidence indicates a different in-service date from that selected by the utility, the company will be requirec ^o adjust the in-service date for accounting purposes.
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Responso To FERC Staff Request RR-4 Page 1 of 8 '
METROPOLITAN EDISON COMPANY Docket ER 79-58 FERC Staff Request RR-4
" Provide a schedule for the most recent five years of the interest coverage calculated in accordance with the company's indenture on both a pre-tax and after-tax coverage basis.
Please provide a copy of the relevant portion of the indenture used to calculate the coverage and any comments or explanations necessary to understand either the calculation or the indenture."
Resoonse:
Page 2 attached indicates Met-Ed's interest coverage calculation for the years 1974 through 1978 in accordance with its debenture indenture, i.e. on a pre-tax basis.
Met-Ed's debenture does not provide for interest coverage calculated on an after-tax basis.
However, in response to this request, earnings available for coverage, as defined in Met-Ed's debenture indenture, have had all income taxes, operating and taxes associated with other Income, deducted therefrom, in order to calculate a post-tax interest coverage ratio.
Pages 3 through 8 attached are excerpts from Met-Ed's debenture indenture, dated June 1, 1965, describing the interest coverage calculation and defining the terms used in the description.
Under Met-Ed's debenture indenture, its earnings available for coverage consist of Met-Ed's operating income befora income taxes, plus other income up to a maximum of 10% of operating
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Response To FERC Staff Request RR-4 Page 2 of 8 income before income tax.
The debenture indenture requires the exclusion of the accounts of York Haven Power Co., Met-Ed's subsidiary which owns and operates the York Haven Hydro Station, from the calculation.
The schedule attached describes the components of Other Income for purposes of the calculation even though in the years 1974-1978 the 10% of operating income before income tax limitation is more restrictive.
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METIOPOLIT13 EDISON COMP *.NT h
INTEREST COVDALE PER DElf XTG:E !YDENTRE (1)
($000)
N Line Actual Bio.
1978 1977 1976 1975 1974 i
1 Operating Income - 8efore
$93 006 398 065
$82 715
$84 882 SSB 175 laceae Tas t
2 Other Income (2) 9 301 9 807 8 272 8 481 3 818 i
3 AFC-Equity Component 4
'Je her. Det 5
AFC - Interest Componeet 6
tsss: Tax Reduction AFC -
Interest Component 7
Total 9 301 MF 8 272 8 488 5 818 8 Earategs Awa11able - Before income Tas 102 307 107 872 90 987 93 293 63 993 9 Total Income Tax (3) 17 970 23 874 18 654 19 768 8 552 10 Earnings Available - Af ter Income Tan S 84 137
$ 83 998
$72 313
$73 525 355 441 It Annuattred Interest on long -
Tere Debt
$41 905 5 37 145
$34 505
$30 162 522 395 12 Coverage patio - Before Income Ta n 2.44 2.90 2.64 3.09 2.86 13
- Af ter Income Tam 2.01 2.26 2.10 2.44 2.48 i
(1) Emeludes the accounts of York Reven Pouer Company (2) Not to exceed 10% of Operating Incoee - Before Income Tax (3) Includes Income Tames on Operating Income and all Other income. The Income Tam indicated have been reduced f ree booked income tas to reflect the lopect oe the teses of the additional Interest expense deduction related to the annualisation of interest on long-tere debt.
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RR-4
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Pegaa4 ef y METROPOLITAN EDISON COMPANY DEDENTURE INDENTURE REQUIREMENTS AS TO EARNINGS COVERAGE OF INTEREST REQUIRuAENTS OF FUNDED DEST l
(section 6.09 of Indenture between Metropolitan Edison Company and The Marine Midland Trust Company of New York (now Marine Midland Bank - New York),
as Trustee, dated as of June 1,1965 - See, Exhibit J, Securities Certificate No. 3291) l Snt rms G.09. So long as nny of the debentures of 1990 remain ontstanding. the Company will not acquire property which is snhject to a lien securing Funded Indebtedness or create,is sue, incur, assume, i
guarantee or otherwise becomo liable for the payment of additional Funded Indebtedness unless after giving effcet to such acquisition or i
such creation, issue, incurrence assumption, guaranty or otherwisc becoming liable for the payment of such additional Funded Indebted.
j ness and the application of all proceeds thereof to the Company:
(1) the aggregate principal amount of the Funded Indebted-ness so to be outstanding does not exceed sixty five per cent (6505), and the Common Stock Equity is not less than thirty per cent (307F). of the Capitalization execpt that the Funded i
Indebtedness so to be outstanding may exceed sixty-five per cent (G~i;L), and/or the Conunon Stock Equity may be less than thirty per cent (300;), of the Capitalization, if and to the extent j
that the Securities and Exchange Commission (or any successor commission diereto under the Public Utility IIolding Company Act of 1935) shall so nuthorize or approve upon application by the Company; and (2) in twelve (12) consecutive out of the fifteen (15) calendar i
I months lunnediately preceding the date of the proposed acquisi-i e
tion of property which is sul et to a lien securing Funded Indebt.
I edness or creation, issue, :. currence, assumption, guaranty or otherwise becoming linhle ft.r the payment of such additional Funded indebtedness, Net !?nrnings Avnilahlo for Interest shall ll l.
have been not less than two (2) times the annual interest require-i ni:nts on the Funded Indebtedness so to be outstanding; pro-vided, however, that indchtedness deposited with a trustee, or pledged, to secure other indebtedness or the fulfdiment of any obligations of the Company, and indebtedness for the purchase, l
i payment, retirement or redemption.of which moneys in sufiicient nmount are on deposit with a trustee for such purpose, shall not he deemed outstanding; and provided further, that this sub-section shall not apply to the extent that the proceeds of such additional Funded indchtedness are to be utilized solely for the
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purpose of (a) refumling outstanding Funded Indebtedness which e
(i) hears a higher interest rate thnn, (ii) is at least equal in ei principal amount to. and (iii) matures no later than, such addi.
tional l'unded Indebtedness, or (b) refunding outstanding Funded
[l Indebtedness within two (2) years of mnturity, 1Q I;
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RR-4 I
Pcg2 (cf y 17 Capital Stoch:
The term " Capital Stock" shall mean Unck of any class or a corporation.
Capitalization:
The term " Capitalization" shall mean the aggregato of the prin.
cipal amount of the Company's Funded Indebtedness and Equity.
Common Stock Equity:
The term " Common Stock Equity" shall mean the aggregate of the par value or stated capital represented by, and any premiums carried on the books of the Company in respect of, its outstanding common stock, and the earned surplus and any capital surplus or paidin surplus applicable thereto. In the computation of the "Com.
mon Stock Equity" any premium or capital surplus or paid.in surplus arising from or in connection with the sale of any clast of Capital Stock of the Company which is preferred as to dividends or other.
wise, shall be excluded. The earned surplus of the Company which is a component of "Conunon Stock Equity" shall be determined in accordance with the provisions of Section 6.03 of this Indenture.
Company:
The term " Company" shall mean 3Irvnorot.rrix Emsox CostrAxy, a Pennsylvania corporation, and, subject to the provisions of Article Thiricen, shall also include its successors and assigns.
Company Order:
l The term " Company Order" shall mean a written order of the Company, signed by its Chairman of the Board, President or a Vice President and by its Treasurer or an Assistant Treasurer. or its Secretary or an Assistant Secretary.
,Ig Coupon or Coupons:
The term " coupon" or " coupons" shall mean any interest coupon or all interest coupons, as the case may be, originally attached to the coupon debentures, whether or not subsequently detached.
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RR-4 Pag 2 b cf if e
21 pany as an entirety or substantially as an entirety to any other corpo-ration authorized to acquire and operate the same, or any sale or i
conveyance of the property of any other corporation as an entirety or substantially as an entirety to the Company if the Company is o
authorized to acquire and operate the same; and the term "amal-gamated" shall have the correlativo meaning.
Funded Indebtedness:
The term " Funded Indebtedness" shall mean (1) all indebtedness for borrowed money, including any outstanding debentures of 1990 or any other series under this Indenture, created, incurred, assumed or guaranteed by the Company, or for the payment of which it is other-wise liable, and (2) all indebtedness for borrowed money which is secured by a lien on any property of the Company, whether or not the Company is liable therefor; in cach care maturing by its terms more iban one year from the date as of which the Company became liable for such indebtedness, or the Company acquired property subject to a lien securing such indebtedness, as the case may be, or l
renewable or refundable at the option of the obligor or at the option
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of the Company to a date more than one year from the date as of which the Company became liabic for such indebtedness or the Com-pany acquired property subject to a lien secaring such indebtedness, l
as the case may be. Indebtedness of such a maturity shall be included in " Funded Indebtedness" only if and to the extent that such indebted-ness would be required to be reflected as a liability on a balance sheet of the Company prepared in accordance with generally accepted accounting principles consistently applied.
indenture:
I The term " Indenture" shall mean this instrument as originally executed, or, if amended or supplemented as herein provided, as so amended or supplemented.
L Jfortgage:
The term " Mortgage" shall mean the Company's Indenture, datea l
I November 1,1914, to Guaranty Trust Company of New York, as trustec (under which Morgan Guaranty Trust Company of New York e
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1 is now acting as successor trustee), as heretofore amended and sup-I plemented, and as hereafter amended or supplemented by indentures I
supplemental thereto.
i Ncl Earnings Available for Interest:
l The term " Net Earnings Available for Interest" for any period shall mean the amount stated in clause (I) below minus the amount stated in clause (II) below and plus the amount (or minus the amount if it represents a net loss) stated in clause (III) below; provided that in no event shall the amount to be added (or subtractad) with respect to the amount stated in clause (III) below exceed ten per cent (10%) of the balance arrived at by deducting the amount stated in chiuse (II) below from the amo'unt stated in clause (I) below:
f (I) the gross operating revenues of the Company (including a
operating revenues from the opere' ion of any property to be i
acquired concurrently with and through the creation, issue, incur-rence, assumption, guaranty or otherwise becoming liable for the payment of, or acquisition of property subject to, the Funded j
Indebtedness in connection with which such determination of Net i
Earnings Available for Interest is being made); provided, how-ever, that there shall not be included in arriving at the amount
,i to be included pursuant to this clause (I) any revenues arising I
from the operation of any business unit of the Company not owned (or to be owned) by the Company at the time of the determination of Net Earnings Available for Interest (or upon the creation, issue, incurrence, assumption. guaranty or otherwise becoming liable for the payment of, or acqtdsition of property subject to, Funded Indebtedness in connection with which such determination of Net Earnings Available for Interest is being j
made), nor shall there be included any revenues properly classi-fiable as non-operating revenues.
(II) the operating expenses of the Company (including taxes
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-other than income, excess profits and other taxes measured by or dependent upon net taxable income-assessments, rentals, insurance, actual charges for current repairs and maintenance, amounts set aside and/or reserved to provide for renewals and j
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replacements and/or for depreciation, and amortization of utility plant acquisition adjustments accounts, but excluding interest and sinking fund charge.4 on all Funded Indebtedness and exchtding i
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all debt and preferred stock discount and expense amortization);
I provided, that if the ammmts set aside and/or reserved to pro-I vide for renewals and rephteements and/or for depreciation are
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in the aggregate less than two and one-third per cent (2%%)
i per annum of the average of the depreciable utility property as
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shown by the books of the Company as at the beginning and end of j
the period with respect to which such determination is made, i
then an amotmt equal thereto shall be deducted purcuant to this clause (II) in determining Net Earnings Available for Interest I
in lieu of the amounts set aside and/or reserved to provide for j
renewals and replacements and/or for depreciation; and pro-vided, further, that there shall also be deducted all the charges i
referred to in the foregoing provisions of this clause (II) apply-
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ing to property to be acquired concurrently with the creation,
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issue, incurrence, assumption, guaranty or otherwise becoming
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liable for the payment of, or chich is subject to, the Funded 3
Indebtedness in connection wit:. which such determination of
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Net Earnings Available for Interest is being made, but there
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shall be excluded in arriving at the amount to be deducted pur-(
suant to this clause (II) all expenses and charges arising from the j
operation of any business unit of the Company not owned (or to i
be owned) by the Company at the time of the determination of
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such Net Earnings Available for Interest (or upon the creation, issue, incurrence, assumption, guaranty or otherwise becoming liable for the payment of, or acquisition of property subject to, i
Funded Indebtedness in connection with which such determination f
of Net Earnings Available for Interest is being made), and all expenses and charges properly classifiable as non-operating expenses or charges; j
(III) the aggregate (net income or net loss) of (1) net non-operating income and (2) net income which was, in the opinion of 3~
the person or persons making such determination of Net Earnings Available for Interest, directly derived from the operation of any business unit of the Company not owned (or to be owned) by the Company at the time of the determination of such Net Earnings Available for Interest (or upon the creation, issue, incurrence, assumption, guaranty or otherwise becoming liable for the pay-ment of, or acquisition of property subject to, Funded Indebted-ness in connection with which such determination of Net Earnings Available for Interest is being made).
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OEPR-57 Page 1 of 6 METROPOLITAN EDISON COMPANY Docket No. ER79-58,
OEPR-57 Please prepare a tabulation which will show for each month of 1976, 1977, 1978 and 1979 estimated if possible, the following information for the GPU System:
(1) The total installed dependable generating capacity on the Company's system, by type of capacity, i.e.,
steam, nuclear, etc.
(2) The total firm capacity purchase commitments of the Company, by individual source. Firm capacity purchase commitments refer to only those purchases for which the Company is not required to maintain reserve capacity in support thereof.
(3) The total non-firm capacity purchases of the Company by individual source. Non-firm capacity should include only those purchases for which the Company is required to maintain reserve capacity in sup-port thereof, such as unit capacity purchases, interruptible capacity purchases, etc.
These capacity purchases should not include capacity associated with economy or emergency purchases.
(4) The total capacity available from pumped storage operations, if applicable.
(5) The total firm capacity available from wheeling sources, if applica-ble. This refers to capacity for which the Company is not required to provide reserve production capacity.
(6) The total non-firm capacity available from wheeling sources, if appli-cable. This refers to capacity for which the Company is required to provide reserve production capacity.
(7) The total firm peak load on the Company's system.
(8) The total firm wheeling load on the Company system. 'Jhis refers to loads for which the Company is not required to provide reserve pro-duction capacity.
(9) The total non-firm wheeling load on the Company system. This refers to loads for which the Company is either required to provide reserve production capacity, or loads which may be interrupted by the par-ties supplying wheeling capacity.
(10) The total capacity commitments associated with unit sales of capacity installed on the Company system. These capacity commitments refer to sales of capacity from particular units on the Company system for l
which the Company is not obligated to furnish reserve or backup capa-city incident to these sales.
OEPR-57 Page 2 of 6 (11) The total monthly capacity not actually available to the Company from the sources of (1) and (3) above due to:
(a)
Scheduled maintenance or refueling of generating facilities by type, i.e.,
steam, nuclear, etc.
(b) Unscheduled and forced outages.
Note: Please show separately this information as it relates to (10) above.
(12) The total monthly reserve capacity purchased (or sold) for which specific costs (or revenues) were incurred to meet required reserve requirements. Also, please indicate the % reserves the Company is required or attempts to maintain under peak hour load conditions.
(13) The total uonthly reserve capacity actually available to the Company.
For,cnse:
The requested data are att2ched for calendar years 1976 through
.;nd the first two months of Ic/9.
The item numbers on the attached schedules correspond to the it. numbers in OEPR-57.
Nece to Items 5 & 8 - Firm power is wheeled to Allegheny Electric 0 urerstive in earying amounts from the Power Authority of the State of new York (PASNY). These wheeled amounts do not affect GPU reserves.
Note to Item 11 - Unavailable capacity is n,ot broken down by type since the required contract capacity depends only upon total on---a unavcilabic capacity. None of this information relates to item 10.
Note to Item 12 - The required system reserve percentage is
? oa coleilations performed in accordance with the PJM interconnec-
,g re erc e n t. The reserve is a fixed amount for each planning period c:.os.ing of a forecast obligation plus an accounted for adjustment.
These values, along with a calculated reserve percentage, are as follows:
f P t. uni ng Forecast Accounted for Total Planning Reserve
_f;glod Oblination _ Adjustment Obligation Period Peak Percentage (MW)
(MW)
(MW)
(MW) i 1973-76 6129 98 6227 5497 13.3 l
1976-77 6481 367 6848 5760 18.9 1977-78 6905 269 7174 5898 21.6 1978-79 7162 100 7262 6173 17.6 k
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Response To FERC Request OEPR - 67 Page 1 of 1 METROPOLITAN EDISON COMPANY DOCKET NO. ER79-58 OEPR-67 "Please reconcile why the accumulated depreciation on nuclear plant is given as $29,760,040 as of January 1, 1979 in the original filing and as $23,790,099 in the revised cost of ser-vice excluding TMI-2.
Please indicate when depreciation on TMI-2 was began (sic)."
RESPONSE
Depreciation on TMI-2 was begun July 1,1978 per the 3 plus 9 estimate used in the filing at Docket No. ER 79-58.
The accumulated depreciation on nuclear plant at January 1, 1979 was:
TMI-1 S23,790,099 TMI-2 5,969,941 Total
$29.760.040 I
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Response To FERC Request OEPR - 68 Page 1 of 1 METROPOLITAN EDISON COMPANY DOCKET NO. ER79-58 i
OEPR-68 "Please provide a reconciliation of the difference between the accumulated provision for depreciation on nuclear plant on Jan-uary 1, 1979 ($23,790,099) and the figure for December 31, 1979
($27,294,696), a difference of $3,504,597 and the nuclear depre-ciation expense figure contained in Statement I of $6,005,000."
RESFO:.SE : The depreciation expense of $6,005,000 shown in Statement I is the total accrual amount for one year.
The change in the accumulated depreciation reserve for nuclear plant of S3,504,597 is net of retirements of $2.5 million.
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i PENNSYLVANIA ELECTRIC COMPANY Docket No. ER78-494 Response to Commission Staff Data Request No. 3 Dated June 13, 1979:
Power No. 45:
" Provide the interest coverage (before and af ter taxes) for debenture bonds under the Company's debenture indenture agreement based on the twelve months ending June 30, 1979.
Include the dollar figures used in calculating the coverage."
Response
The interest coverage ratios pursuant to Penelec's debenture indenture applies to the issuance of all funded indebtedness. For the twelve C
months ended June 30, 1979 such ratios are 2.60 before income taxes and 2.11 af ter income taxes. The calculation of the ratios is as follows:
Twelve Months Ended 1
($000)
June 30, 1979 Operating Income - Before Income Tgxes
$130,019 Other Income - Before Income Taxes 11,953 Earnings Available - Before Income Taxes 141,972 3
Income Taxes
~ 26,933 Earnings Available - Af ter Income Taxes
'$115,039 Annualized Interest on Long-term Debt
$ 54,502 Coverage Ratio - Before Income Taxes 2.60
- After Income Taxes 2.11 1.
Per debenture indenture, the accounts of Nineveh Water Company are excluded.
2.
Other Income, including the equity and debt portions of AFC, restricted to 10% of Operating Income - Before Income Taxes.
3.
Includes Income Taxes on Operating Income and all other Income. The income taxes indicated have been reduced from booked income taxes by
$3,114,000' to reficct the impact on the taxes of the additional interest expense related to annualization of long-term debt interest.
S.,
Page 1 of 2 h-2 PENNSYLVANIA ELECTRIC COMPANY Docket No. ER78-494 Response to Commission Staff Data Request No. 3 Dated June 13, 1979:
Power No. 46:
" Provide the dividend coverage (before and after taxes) for pref erred stock under the Company's Amended and Restated Articles of Incorporation based on the twelve months ending June 30, 1979.
Include the dollar figures us ed in calculating the coverage."
3
Response
Pcnolec's Amended and Restated Articic.of Incorporation contain two
(
coverage restrictions applicable to the issuance of preferred stock.
One restriction calls for earnings available for preferred dividends to at least equal three times (3X) the annualized preferred stock dividends.
The other restriction ' calls for annualized interest charges on all indebtedness pluc annualized pref erred stock dividends to be covered at Since least one and one-half times (lhX) by earnings applicable thereto.
both of these earnings requirement tests relate to af ter tax income, no pre-tax ratios have been calculated. For the twelve months ended June 30, 1979, Pencicc's coverage ratios are 4.35 pursuant to the three times test The calculation of and 1,66 pursuant to the one and one-half times test.
the ratios is as follows:
Earnings Available at Least 3X Annualized Preferred Dividends Test 4
Twelve I
Months Ended 1
($000)_
j June 30,1979 t.
Operating Income - Before Income Tgxes
$130,019 Other Income - Before Income Taxes 11,953 Earnings Available - Before Income Taxes 141,972 3
30,047 Income Taxes Net Earnings Available for Interest and Preferred Dividends 111,925 Interest on Indebtedness 48,215 j
Earnings Available for Preferred Dividends S 63,710 Annualized Dividends on Preferred Stock
$ 14,639 4.35 Coverage Ratio 1.
Per Articles of Incorporation, the accounts of Nineveh Uater Company are excluded.
2.
Other Income includes the equity and debt pytion of AFC.
3.
Includes Income Taxes on Operating Income a@ all Other Income.
Pege 2 of 2 Earnings Available at Least ihX Interest on Indebtedness Plus Pref erred Dividends Test Twelve Months Ended 1
Juns 30, 1979
($000) 1 Operating Income - Before Income Taxes
$1'.3,019 2
Other Income - Before Income Taxes 11,953 141,972 l
Earnings Avajlable - Before Income Taxes 26,915 Income Taxes Earnings Available for Interest and Preferred Dividends
$115,057 i
Annualized Interest on Long and Short-tbrm Debt
$ 54,583 Annualized Preferred Stock Dividends 14,639
$ 69,222 Total 1.66 Coverage Ratio U
l.
Per Articles of Incorporation, the accounts of Nineveh Water Company are excluded.
2.
Other Income includes the equity and debt portion of AFC.
The Includes Income Taxes on Operating Income and all other Income.
3.
income taxes indicated have been reduced from booked income taxes by to reflect the impact on the taxes of the additional interest
$3,132,000 expense related to the annualization of interest on long and short-term debt.
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