Text

Forwards Financial Statements,Cash Flow Projection & Capital Expenditure Statement as Proof of Cash Flow Adequacy
	ML19319D517
Person / Time
Site:	Crystal River
Issue date:	07/01/1977
From:	Mckee C; FLORIDA POWER CORP.
To:	Saltzman J; Office of Nuclear Reactor Regulation
References
	NUDOCS 8003170644
	Download: ML19319D517 (8)
	v • d • e

{{#Wiki_filter:! s 1 N,i,j { 4 f Florida Powe ..........r C.W. McKee, Jr. s.no vie. nuca Fcancia4 Serwces Jy]y 1, 1977 Mr. Jerome Saltzman, Chief Antitrust and Indemnity Group Nuclear Reactor Regulation U. S. Nuclear Regulatory Comission Washington, D. C. 20555

Dear Mr. Saltzman:

We were pleased to receive your recent letter in which you indicate the six alternatives which might be utilized to guarantee retrospec-tive premiums in the amount of $10 million for each large power reactor.a licensee operates. As I have previously indicated, we would anticipate utilization 'of your alternative No. 5. To support our contention that we shouhi qualify to utilize this alternative, we are attaching the following: 1. Our certified annual report for the year 1976. 2. Our quarterly financial statement for the period ended March 31, 1977. 3. A one-year internal cash flow projection, accompanied by underlying assumptions which demonstrate that cash flow for $10 million can be generated and would be available for payment of retrospective premiums within three months after transmission of the statement. 4. A narrative statement concerning our capital expendi-tures program. The anniversary date on our premium is June _20. Accordingly, the above projection is timely. We would hope that a review of this information will lead to agree-ment with our position. Should you have any questions concerning this information, please contact me at 813/866-4580. Sincerely, y L)[/jc. j - ,,h 0 0 017 0 CWM:jwc [ //'y y 22ci Tniny fourtn street sou:h. P. O. Scx 14042 St. Petersburg.Fior:da 3h23 513 - 268 5151 r

FLORIDA POWER CORPORATION s r. i 9 FINANCIAL STATEMENTS eN m o 3 D <, i_,c s. . MARCH 31 M977: o we w o f.,. Neither this report nor any statement contained herein, is furnished in connection with any offering of securities or for the purpose of promoting or influencing the sale or purchase of securities. m m., py:,$.,"[,,. M w.ff,Q;ppf.,iSTATEMENTS OF NbOME. I n g. . c.;w > g',' e .,. cc, g, ,... -. j. -

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Twelve Months Ended . Yi - 4.( 1 A .s - Three Months Ended-Y '); .l: ',m 'c ~. l. r.;; ' *i;,_. .c March 31' - March 31 ',..., MScc f,% ' - $.,. 7,. -.s; y,,, .l977 l976 < 1977. .g'1976:. ,, c cf , ~,,, ,..n.~ :. :.,

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v-N~ . W_.. 4 ' ;'s.. J '(THouSAND5) ' ~ (THOUSAND5} (. OPERATING REVENUES. ~... ~ s138.945' $ 584206 [ $535,019 ~ - ' - s171.813 ,o ... :. a ~ H OPERATING EXPENSES: g.. ' Operation + .A ~^ y ?-. Fuel - . s-74,345 S 56.106 3267.088 s233.834- %-J ; Purchased power _ 6.652 7.577 24.611 - 28.413 Other 11.033 10.866 - 41,538 - 41.6a1 ~ ,c s 92.03 0 s 74.549 S333 237 $308.928 Maintenance Depre' iation..... 5.424 4,924 23.709 19,585 Taxes other than income taxes 11,370" 9.966 .42.824 34.671 11.359 8,547 35.909, 32.747 Income taxes--{ Note 1). Payable currently-Federal. 9,117 2.467 (685) 9.393 Payable currently-State.... _ _ _ _ _ _ _ _ _ _ _.__ Deferred to subsequent years-Federal- ~ 1.199 890' 2,176 ' 2,04 0 Deferred to suosequent years-State 9.1 01 7,052 34.135-25.979 1 Deferred income taxes-credits '.. 1.003 772 3,755 2.931 11 437) (1.361) (5,164) (5.903) . Investment tax credit, net of amortization. 1.305 5.442 19236 9,755 .v-u i. si, s140.471 s113,36Pc $489,132~ s439,131' ! OPERATING INCO'ME..... s 31.342 s 25.577-s 95.17t s 93.8a3 a. ^ OThER INCOME AND DEDUCTIONS:- v.. ~.157 s 15.951 ~ s 26.410 . Allowance for all funds us.ed during construction (Note 2).... s1 - s ~ 5 _ Allowance for other funds.used during construction (Note 2) ~ _1,208 : 1.702 TGain on reacquired bonds;; _ ~ 2.929 2.929-6 Miscellaneous other income and (deductions)..... .843 43 1610) (9?31 - f* f _.. r4 : w p ,y,i'* .w S ' 3.772 - 's, 5,206 s 19,478 s 27.114 INTEREST CHARGES: Interest en long. term debt' s 12.786 s 11,202 m s 47.612 s 44.063 .Other interest expense.- 325 1.254 4.102 6.753 s 13.111 s 12.456 s 51.714 s 50.816.

f Allowance for borrowed 10nds used during constr.-credit (Note 2)..

- s (1.915} s (1.91 5) ' s 11.196 s 12.456 s 49,799 s 50,816 ' r ~.

l e NET INCCME......

s 23.918 s 18.327 s 64.553 s 70,186 ~ DIVIDENDS ON PREFERRED STOCK..... 3.390 3.429 13.616. 13,707 ~ NET INCOME AFTER DIVIDENOS ON FREFERRED STCCK

20.528 s 14.899 s 51.237 s 55.479 -

AVERAGE SHARES OF COMMON STOCK OUTSTANDING.. = 14.243.s52 14.173.739 14.215,4Ga - 13.si2233 - s1.44 St.05 s3.60 s4.16 EARNINGS PER AVERAGE COMMON SHARE..... . -The accompanying notes are an integral part of these financial statements.

J FLORIDA POWER CORPORATION BALANCE SHEETS M:,,.p,,;.,.3, o, _ u... ;.- - c u.rc, < .... A ~ ' ~ MARCH 31;1977 AND 1976 ASSETS. t t' 'r.;~ 1977 1976 9 - " 4 - (Thous [Nos) M.','d ',,} M, ',.f g n, d,; a -4. N.,.iELECTRIC PLANT; ' Z; ~ ' 471 - ~ .c

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%.g.,.. ~. st.6s.875- -s1.196.987-- + s . '.firt service and held for future.use _ 272.675 233.823 . i.. ' Less-Accumulated depreciation I. ' :5':

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.-.= g, - 3.' 7 . g s Construction work in progress. 100.381 o. 425.407.. c-

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.. Nucte'ar fuel, at amortized ccst ~ ~ 32.210 . 37.399 - l ' ~ + .4 -. , 3.' q.. q,, ,e. s t.499.791 s t.419.970., . su 7.997-s' 5 mo. OTHER PROPERTY. AND INVESTMENTS. at cost-......... ', 'f., SC _.j . CLERENT ASSETS: .~- ' N Cash'.. s? 8.584 ~ s - 13.382 .. Temporary cash investments 19.000 27 ' 31 Accounts receivable, less reserve of s1.012.000 in 1977 and $1.028,000 in 1976.. 32.404' 6 Materials and supplies, at average cost-Fuel 41.sc4 33,72e -= ~ Plant materials and cperating supplies 27.676 31.916 Other. 1,553 2.775 s 130.727 s 109.480 s 11.187 s' 12.323 DEFERRED CHARGES ^ ~ ' " s1.649.702 $1.546.813 D '? .CA,PITALIZATION AND LIABILITIES CAPITA ZATION: jo:

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.s 35.707 s 35.461 C .. ommon stock. 202.254 199.645 C

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J. ' C f. Retained earnings: ? 218.162 198.157 - 1,, - - k' ~ J,.,T', 's 456.153 s 433.2s3 - c - J-Cumulative preferred stock...... '~ ~ ~... ~. -719.637 s .656.594-175.350 -176,920 ' Long-term debt. l gpgENT LI ABill'TIESI. si.351.1 eo s1.266.777 s 21,635 ' s'. 20.137' Accounts payable- ~ ' .? Accrued taxes 22.200 15.937 ' . Bank loans and commercial ~ paper. _...... 58.000 Long. term debt, due within one year.. 17.642 4,776 .Other

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~ 37,m2 34.717 s 98.519 - s 133.617

ACCUMULATED DEFERRED TAXES ETC. '

.s 199.993 s 146,419 s1,649.702 s1.546.813 D** 'T . The accompanying notes are an integral part of these financial statements. S.6 iw w w a

FLORIDA POWER CORPORATION -s% . eg STATEMENTS OF SOURCE OF FUNDS USED FOR CONSTRUCTION ner.,c. .,,.c, 7477-N: ~ FOR THE TYlELVE MONTHS ENDED MARCH 31/1977 AND 1976 + s.. r e s C 1 I977 I976 . q.. ~.,.. I;. , FUNDS DERIVED FR,OM OFES.ATIONS', ,.i (T H oUS A No s) ,,,=4.,., ~' ' ?, y- .... : ;, -. r.. g. ' 3 : Net income'after' dividends'en preferred stock. ' '.. - s 51.237 -s 56,479 W.. ~ _, 31'.155-f - 27.437 q.. Uf *'c' : Le.ss-D.ivid. ends cri common stock '. ...,rc. 7,... .z ' :p :,+. : ;. -s., c.c : .,q. wn-

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s 20,c82 n;. ~ - Earnings retained in the business -

'~.,. s. ,s. ;,. . 2 s. 29,c42 .v .~ - c r a -- ~.. ~ s. 'i. s o . / _, 'y 1' Items included'in net income not requiring cash outlay-; , _,;. 7, : " :...P , j : s

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42.824 34,671 . !;. : ~: x .C ,). . c ;-;7,'(Deferred income taxes and investment tai credit (Note 1) 51,652 ' 32.623 Y Allowance for' funds used during constructiert s. t 20,795) (26.410)

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s 93,763 $ 69,926

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DECREASE (INCREASE) IN NET CURRENT ASSETS (exclusive of short-term borrowing and tempcrary cash investments)...... -s 7.789 s (5,1 07) 2.

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,5 _r,. w b. - @ '\\- f , R.,. mo z;.,,. 3 . w.s - c e.., . p... ~ ,x,.,,. :. '.O n j' .J.h 1. m. m,. .oo o a i "-FUNDS FROM FINANCING AND OTHER SOURCES- . s a. .;n 4,.y...';.c. . f.y.s.' :...;: '.3 7 _.. ~ TJoint participation agreement in nuclear unit. s 2,893' s 42,720- ";.-:pi. _,

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6fQ',.-. v~ - Long. term borrowing.'. c 30.582 23,965 '.vr. +. .u t.;. '.-.w.g.34 - 'j; 2,, .c,. " v. L.. ...Comm. on stock : .a, ,c .., 2,809 ~ 27,785 = 8 .' Decrease in snort. term borrowing. (58,000) (31,S90) 3 Other sources (net) - "r (20,114) (2.1371 a ..v; .: a , N f '. e 3 y.. y-s.8.170 8 60.449 2 wTOTAL ~' ' s109,722 s125.268 r:;-.. . 3 r ' Allowance for funds used during constructiori............. .20.795 2s,410 .. FUNDS USED.FOR CONSTRUCTION.. ~ s t 30.517 s151,073 l The accompanying notes are an integral part of these financial staterrents. s eI g 1

FLORIDiPOWER CORPORATION BALANCE SHEETS ~ ',.:los d ^ l ' w,.; .3, S... .Eh 3 MARCH 31;1977 AND 1976- - ASSETS m. ~ r 's ^ I977 l976 A; E.. N (THoU S A NDS) ls* ELECTRIC PLANT:. j"' -. t. s, _,t...a -

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In service and held fer future use _ s1,639.875 s1.156,987- ~ ' h 1.... - 272,675 233,823 j ~~st 367.200 [ s 963.164 '~ Less-Accumula. ted depreciation c /.s -f - ,,J,..s,.,, ' g,, u (. g 7 s 100,381 425,407 3:. ' dConstruction work in progress ' 7

f, J" Nuclear fuel,' at amcrtized cost ;

J ~ 32.210 31,399 .'s .c .V c si,499.791 - s1,419.970 a? ..... ~... ( f.c:OTHER PROFERTY AND INVESTMENTS, at cost . s - 7,997 - -s 5,040 , 1.f,... . x'. . ( 8-M O

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~ 'S sc g ,:Ct.FRENT ASSETS: ~

Cash.

s 8.584 s 13,382 . Temperary cash investments _. 19.c00 Accounts receivable, less reserve of s1,012.000 in'1977 and s1,028,000 in 1976 32,404 27,681 Materials 'and supplies, at average cost-Fuei.. - 41,5M 23.72S - h.. Plant materia'Is and cperating supplies..... ~ 27.676 ' 31.916 ..~.. Other. 1,559 2.775 [ s 130,727 s 109,480 -. s - 11,187 s' 12,323 . t_ DEFERRED CHARGES - s1.649.702. - sT.546,313 - ~[. m ~ 9 g(;0 mo o 9 " T- ~^ CAPITALIZATION AND LIABILITlES h .M o o g %'t CAPITALIZATION: - _ im. -4 ,, ~ s -35.461 U, N...:...l. Common stock. -202.284-199,645'-. s 35,707 ..' '" Other paid.in capital..... .lJ f ~,' Retained earnings 218.162 ' ' 198,157 @' t ;. inulative preferred stock'.. ;... l ' ~. -.. '~v.. .S-456.153 s 433,263... 7;Cu -. v.;... > :.c. . ".s D.7? 175.3505 176,920-Long-term debt. 719,687 656.594 .' CURRENT LI ABILITIES: si,351,1 0 s1,2ss,777 ^ Accounts payable. ...c s 21.635

s. 20,137

~, ' t J Accrued taxes b... ,(* # : Bank loans and commercial paper. ..J..... 22.200 15,937 a 53,000 Long,, term debt, due within one year.. 17,642-4.776 Other... 37.042 ' 34.717 s ~ - 98.519 s 133.617 p.' 199,993 S 146,419 ACCUMULATED DEFERRED TAXES, ETC... .s si,649,702 s1.546,813 The accompanying notes are an integral part of the e financial statements. 4

x -FLORID _A POWER CORPORATION x..., OPERATING REVENUES, MEGAWATT-HOUR SALES . u.. .e.. ; .g. ..r .. o v,., ,.o g : AND BTT T TNG DEGREE DAYS .r: a ~~ x. Percent Twelve Months Ended Percent ,,. c - - e, Three Months Ended .. Q$,,_ '. March 31: - Change March 31 - Change ,, j.4 4 - J.~ g~ -l977 .r.I976 i977 I976- ' u n

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%'W-; '.3. c eS* 7Wl _' s. 83,263 '.,, s 63.919, i '.. -;? 9 t . ET e ' Residential ' N ' T 30.3 % 8260.311- ~ $237.070.~ 9.8% ' r '& :. [.. G.t. + i.Nf.f4 *::V 4 5-Q g , 9,;,, _ 147.412 137.444 7.3 ~ 37.967-32.676 16.2 ' 4; s, ~ : ' Commercial ' ~ '. ~. ~y. .Jec e c .t -... ~. " a e m-r -:.ht.'.; .. ' 21.407 '~ 19.400 .10.3 ' ?~.. a. v .:.!. ;;,lndustrial ' g'. 77,664' 72.5E6 - 7.0 c .. ' Wh. - n. p. i;..;4,.Z. '. " ' ~ v.. g.,,,, i $ < Other '29.176; , 22.950 27.1' 98,'919 '85.949 15.1 J 1;p.

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--J.e; Total.. $171.813 - s138.945' 23.7 % $534.306 s533,019 9.6% e A.t._, ,. MEGAYiATT-HOUR SALES: Residential ' 6 897.962 1.537,399 23.5 % 6.111.452 5.741.879-6.4% .8c3.571 741.495 8.4 - 3,360,111 3.245.SG9 3.5 Commercial a a: 691.745 2.584,104 2.553.338 4.9 ~ lndustrial 685.324 (s)) ?< . JOther

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860,100 e-757.247 13.s. 3,180.426 2,989.948 6.4 .w-r 1. ? Total...O,.i..' 4.246.957. 3,727.886 13.9 %. 15.336.093. ' ' '" %* k- ,. -4.., I 14.536.034-55% ., ~ .kT.. BILLING DEGREE dAES: s- ~ M d i + . -2 .9,-.. + .v ~ ' " ' a' - - e " ' Cooling- ' '.3.,'- ^^ 3,441 4.455 . 0 ' V DyID ..v Heating "si +.v 'Q'...a:.D~_.~'. L ~ .y i. . < ~ ~ AN c' .,581 368 - 705 455 n ~; ( _'.)hj', *'.,f, r;.n.Lj(,

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ys,. _w w W ~, ,.:2 O . A a ', ',4,'- i. ua %,. 2 e. - :-Notes to Fin.ancial Statements: .,', ( gII)! Income taxes'were: restated for the first six months of 197S as a result of certain adjustments related to the ap; # - Crystal Riv'er nuclea'r unit. Theeffect' of these adjustments'was'to reduce earnings per share by s.06 for the u three months and tw'elve months ended March 31,1976. y. V +- ,c....' m ?".:...s .. e ?.'; 3 s .. -,2). Ef#ective Jan, uary 1 f 1977., allowan.ce for funds used during construction has been separated as to the amounti ' y"",'. applicable to borrowed funds;and 'cthe'r funds, pursuant to ari o.rder issued by the Federal Power Commission. ~ ' ~ & -- f 3) Jhese are intel rim statements.j References should be made to the Notes to Financial Statements contained in .the 1976 Annual Report. '/ 4 .g

FLORIDA POWER CORPORATICil NARRATIVE STATEMEtiT CAPITAL EXPENDITURES PROGRAM As indicated on attachment 3, our total construction expenditures for the next twelve months are expected to be $109,450,000. From an his-torical standpoint, this total which is approximately 17", of projected operating revenues is on the low side. This results from the fact that we.have recently placed into service our nuclear unit (Crystal River No. 3) and will put into commercial operation an additional oil-fired generating station (Anclote flo. 2) in the first quarter of 1978. Com-pletion of these projects and a moderation in our load growth have minimized our construction requirements for generation facilities, at least until late 1979.. At that time the expenditure level will increase as we move forsard with our next steam generating facility presently scheduled for completion in October 1982. Our present credit lines which total $150 million are extremrly adequate in the event a retrospective premium adjustment of $10 million should become necessary. The first $50 million is authorized as sales of commercial paper which in our case has the highest rating with both Noody's and Standard and Poor's Corporation. This is backed up by the first $50 million of our bank lines which total $100 million. While we presently believe that our credit lines are quite adequate, they are, of ccurse, subject to adjustment as our cr astruction expendi-tures change. In other words, should market condi'. ions for the sale of long-term securities become relatively unfavora >1e, we would utilize our short-term credit lines to the extent necessary and raise them if conditions in the market made this desirable. We would have 1 no problem in adjusting to a $10 million requirement and would, if necessary, defer construction expenditures in order to insure that -we would be in a position to pay the retrospective premium on a timely basis. l/ k e J C. W. McKee, Jr/ / Senior Vice Pres 3' dent i Financial Services CWM:Bp-Florida Power Corporation 7-1-77 e w

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Dear Mr. Saltzman:

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