ML19319B348
| ML19319B348 | |
| Person / Time | |
|---|---|
| Site: | Davis Besse  |
| Issue date: | 01/28/1977 |
| From: | Roe L TOLEDO EDISON CO. |
| To: | Stolz J Office of Nuclear Reactor Regulation |
| References | |
| 202, NUDOCS 8001150933 | |
| Download: ML19319B348 (6) | |
Text
,,iu 195 U.S. NUCLEAR REGUL ATORY
- M MISSION DOCKET NUM DE R 50-346 NRC DISTRIBUTION FOR PART 50 DOCKET MATERI AL J.F. STOLZ FROM-TOLEDO EDISON DATE OF OOCUMENT TOLEDO OHIO 1/28/77 L.E. ROE oATE RECEivto 2/3/77 l
NUMBER OF COPIES RECEtVED l
C LE TTE R ONOTORizEo enOP
.1 DESCRIPTION EN CLOSU R E LTR. RE OUR 1/24/77 LTR.....TRANS THE~ FOLLOW-RESPONSE TO REQUEST FOR ADDITIDNAL FINANCIAL ING......
INF0P?ATION.......
(1 SIGNED CY. RECEIVED)
(11: THICK)
IP ACKNOWLEDGED DO NOT REM 0XE PL/diT NAME: DAVIS BESSE
- DISTRUBUTION PER: L. ENGLE SAB 2/4/77 1
SAFETY FOR ACTION /INFORMAllON WIT n tASSIGNED AD:
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Docket No. 50-346 mn.
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Serial No. 202
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January 28, 1977
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C Mr. John F. Stolz, Chief
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Division of Project Management N
United States Nuclear Regulatory Con: mission Washington, D.C.
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Dear Mr. Stolz:
Your letter of January 24, 1977 confirmed a verbal request for additional financial information given to us during a meeting with the NRC Staff on January 14, 1977. Your letter requested that the General Information Section of the Application be amended to include this additional information. Af ter review of this request and con-versation with the Staff member involved, it was decided only certain portions of this additional information should be included in the General Information Section.
We are, therefore, submitting Amendment No. 44 to the Application For Licenses by separate letter to include that information appropriate to the General Information Section, and are enclosing with this letter five (5) copies of a " Response to Request for Additional Financial Information," dated January 28, 1977 for the remainder of the infor-mation. This " Response" also includes a description of information submitted in Amendment No. 44.
Yours very truly, LER.
Enclosure 9/7 j
THE TCLECO EDISCN COMPANY ECISCN PLAZA 300 MACISCN AVENUE TCLECO, CHIO 43652
_s DAVIS-BESSE NUCLEAR POWER STATION, UNIT 1 RESPONSE TO REQUEST FOR ADDITIONAL FINANCIAL INFORMATION i
January 28, 1977 DOCKET 50-346 4
i 1.
Annual costs by year to operate for first five years.
j I
{
Table I in the General Information Portion of the Application For Licenses has been revised to include all information requested.
Ihis Revision 2 to the General Information Portion of the Application is contained in Amendment No. 44, dated January 28, 1977.
I Unit price per KWH on system-wide sales for Toledo Edison and Cleveland 1
l for 12-month period ending December 31, 1976.
Toledo Edison
- 3.03c Cleveland Electric Illuminating - 2.93c 2.
Estimated costs of shutting down the f acility.
Page 7 of the General Information Portion of the Application has been
~
i revised in Amendment No. 44 to update this data.
1 3.
Estimate of annual cost to maintain the shutdown facility in safe 3
condition.
3 I
Page 7 of the General Information Portion of the Application has
?
been revised in Amendment No. 44 to update this data.
4.
Provide the prospectus for the most recent security issue.
i Enclosed are five (5) copies of a November 23, 1976 Prospectus for Cleveland Electric Illuminating Company first mortgage bond issue.
i It is our understanding that the most recent prospectus for Toledo Edison has previously been submitted and additional submittal is i
not necessary, i
i I
5.
Describe the nature of the company's most recent rate relief.25^df ***d'd"'##~*~~
^
i1) [MO D ~)
l Enclosed is one (1) copy of an extensive document on this subject j
j for Cleveland Electric Illuminating.
It is our understanding that
)
this same document has been previously submitted to the NRC in early i
November, 1976 in regards to the Perry Application. It is our further understanding that similar material'for Toledo Edison has been pre-viously submitted and additional submittal is not necessary.
I 4
j i
7.
Complete the form entitle " Financial Statistics" for years 1975 and 1976.
Five (5) copies of a completed form for both Toledo and Cleveland are enclosed.
8.
Total estimated construction cost for the facility.
The current estimated construction costs for the Davis-Besse Station, Unit 1 is $566,318,000. This cost is consistent with and includes the same components as reported to ERDA in the latest quarterly report (Form HQ-254 Rev. 3/69) to ERDA, Division of Nuclear Research and Application.
F
THE TOLEDO EDIS0ii COMPANY FINANCIAL STATISTICS 12 months' ended DECEMPER 31 1976 1975 (2611ars in nu H ibns) s 31.8 s 28.2 Earnings available to ceninon equity
$239.3 S19i.3 Average connen equi ty 12.2%
14.52 Rate of return on average ceninon equity 2.6tx 2.77x Times total interest earned before FIT:
Gross inco e (incl. AFDC) + current and deferred FIT 4 total interest charges +
amortizaticn of debt discount and expense 2.67x 3.17x Times t ong-term interest earned before FIT:
Gross ince e (incl. AFCC) & current and deferred FIT + Icng-term interest charges
+ amortization of debt discount and expense Bend ratings /end of period)
A
^*
Standard and Poor's Baa A
licody's Times interest and preferred dividends earned t.8ax 1.9tx after l'IT.
Gross incc e (incl. AFDC) i total interest charges
- arr-ti:1 tion of debt discount and expense
- preferred dividends AFUCC s 24.3
$ 20.3 Net inccme af ter preferred dividends s 31.8 5 29.2 77%
7 ? "'
liarket price of cemmon 3 26.30 9 25.375 Book value of cc~ron
$ 22.83 S 22. 19 fiarket-book ratio (end of pericd)*
I.16 t.0?
3 27.2 5 24.1 Earnings avail. for corren less AFDC +
decreciation ard amortization, deferred taxes, and invest. tax credit adjust.-
deferred Cc :ren dividends (DECt.AacD)
S 2i.7 S Id 6 Ra tio 1.10 1.31 Short-term debt Gan'. loans $ 1.8 Cornercial paper S
9.0
$ 13.3 Capi tali za tion (Arcunt & Percent)
Long-term debt (exct. 1.t Tdebt due within 1 vr.)
s ma. )
30; 33i9.2 32:
Preferred stock 125.n 16; 100.0 15r Cemnon equity 266.i 3a 216.3 33
$779.7 100:
3663.3 100%
l
MLCYlClCQELARG LELMEZC ELLUM1NAT1NG_COMrm,a 4
' FlflAflCIAL STATISTICS 12 months' ended
- DECEMBER 31 197 6 1975 (dollars in millions)
Earnings available to coman equity 64 50 Average comon equity 466 383 Rate of return on average comon equity 14%
13%
Times total interest earned before FIT:
Gross income (incl. AFDC) + current and deferred FIT + total interest charges +
amortization of debt discount and expense 2.7 2.5 Times long-term interest earned before FIT:
Gross income (incl. AFDC) + current and deferred FIT + long-term interest charges
+ amortization of debt discount and expense 2.9 2.7 Bond ratings (end of period)
Standard and Poor's Aa AA Moody's AA Ar Times interest and preferred dividends earned after FIT:
Gross inccme (incl. AFDC) + total interest charges + amortization of debt discount t.nd expense + preferred dividends 1.9 1.8 AFUDC 35 25 Net income af ter preferred dividends 64 50 54%
50%
Market price of common
$34.63 S26.50 Book value of co=on
$27.06
$25.87 Market-book ratio (end of period) 1.27:1 1.02:1 Earnings avail. for comon less AFDC +
depreciation and amortization, deferred taxes, and invest. tax credit adjust.-
deferred 73 59 Comon dividends 45 39 Ratio 1.62:1 1.51:1 Shcrt-term debt Bank loans 119(1) 26(2)
Comercial paper 3
33 Capitalization
(^ mount & Percent)
Long-term debt 747 (50%)
673 (55%)
Preferred stock 230 (16%)
170 (14%)
Comon equity 511 (34%)
383 (31%)
(1) Includes $100,000,000 long-terci bank loans cu rren tly due (Sep tembe r 1977)
(2) Includes $8,775,000 pollution control note which was currently due (September, 1976)
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