ML19323D005

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Forwards Util 1979 Annual Financial Rept & 1980 Internal Cash Flow Statements,As Evidence of Guarantee of Payment of Deferred Premiums
ML19323D005
Person / Time
Site: Peach Bottom  
Issue date: 05/15/1980
From: Bradley E
PECO ENERGY CO., (FORMERLY PHILADELPHIA ELECTRIC
To: Saltzman J
Office of Nuclear Reactor Regulation
References
NUDOCS 8005190521
Download: ML19323D005 (7)
v • d • e


Text

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8 0 051 Du TU PHILADELPHIA ELECTRIC COMPANY 2301 MARKET STREET P.O. BOX 8699 rDWARD G. BAUER. JR.

NO GE E AL UNSEL

{2j$g g4).4QQQ EUGENE J. BRADLEY May 17, 1980 AssoclAft GEhENAL COUNSEL DON ALD BLANNEN RUDOLPH A. CHILLEMI E. C. MIRK H ALL T. H. M AMER CORNELL assistant GEN NAL COUN&EL EDWARD J. CULLEN. JR.

JOHN F. MENNEDY. JR.

ASSISTANT COUNSEL Mr. Jerome Saltzman, Chief Antitrust and Indemnity Group Nuclear Reactor Regulation United States Nuclear Regulatory Commission Washington, D.C.

20555

Dear Mr. Salt:

man:

Re: Peach Bottom Atomic Power Station Units 1, 2, and 3 Docket Nos. 50-171, 50-277, and 50-278 In accordance with Section 140.21 of the Commission's Regulations and my letters of July 29, 1977, and February 8, 1978, there are i

transmitted, herewith, on behalf of the co-owners of the Peach Bottom facility as evidence of guarantee of payment of deferred premiums the following documents:

1.

Philadelphia Electric Company's, Public Service Electric and Gas Company's, Delmarva Power and Light Company's, and Atlantic City Electric Company's Annual Reports for 1979, including for each an annual certified financial statement for the year January 1,1979, through December 31, 1979 l

2.

Philadelphia Electric Company's, Public Service Electric and Gas Company's, Delmarva Power and Light Company's, and Atlantic City Electric Company's 1980 Internal Cash Flow Statements, and a Station Owners' Summary of the Cash Flow Statements. The Cash Flow Statements indicate that it would not be necessary to curtail projected capital expenditures to assure that retrospective premiums would be available for payment.

)qycog 5

Two copies of each of the documents are enclosed.

lll Very truly yours,

~

U. 2 ;~*

Eugene'J. Bradley Enclosures THIS DOCUMENT CONTAINS P00R QUALITY PAGES

~

~-

Station Owner's S*mmary 1980 Frejectad Internal Cash Flow Statement reach Botton Atoele Fovar Station iThousands of Dollars)

Fuhlic Service Philadelphia Atlantle City Delmerve Elsetrie and u setrie Elsetrie Fower & Light Cas Conrany

. Ca reny

_. Company Ceepony Total Net Incoea

$221,946

$220,622

$35,078

$55,200

$$ 32,8b6 Less Dividende Fald 219,7b5 207,567 28,836 46.100 502,2k8 setninad in Business 2,201 13.055

_6.2h2 9,100

.30,598 Adjustmenter Levelised Energy Cleuse (LEC) 16,103 16,103 Depreciation 172,748 124,033 25,836 38,3no 3#c,917 Amortisation and Other 50,140 (18,661) 3.382 1,700 36,561 Deferred Bovenue Taxes on LEC 7,589 7,589 Deferred Inecoe Teres and Investmant Tax Credits 100,0Cr7 43,028 4,510 13,700 161,245 Allowanee for Funds Used During Construction (82.kb1)

(54,550)

(7.316)

(16,700)

(161,007)

Total Adjustmente

$240,b54

$9L850

$50,10k

$ 37,000

$b21.%00 Internal Cash Flow

$g

$g

$Q

$46.100

$452,006 Fercentaga of ownership Feach Bottem #2 42.495 42.495 7.511 7.511 1005 Feach Bottom #3 42.h9 b2.49 7.51 7.51 100 Matisme Contingent Liability (Severally and Net Jointly)

$ 8.498

$ 8 kM

$M

$ 1.502

$ 20.0n0 i

9 9

c PUBLIC SEHVICE I.l.ECTHIC AlJD GAS COMPANY Projected Internal Cash Flow Statement For Year 19tt0 - Compared to 1979 Actual (Thousands of Dollars)

Actual-1979 Projected-1980*

Explanation of Significant Variations WL Income S 233.329

$ 221946 Imma Dividends Paid 190 981 219 745 Additional Preferred and Common Shares.

htained in Business 42 148 2 201 Adjustments:

4 Underrecovered Electric Energy Costs (119 985)

Deferral of 1979 undesrecoveries to be recovered starting in 1980.

Depreciation 165 658 172 748 Salem No. 2 Going Into Service.

Amortization and Other 25 149 50 140 Amortization of Nuclear Fuel at Higher burnup Hate, Atlantic Write-off.

Deferred Income Taxes and Investment Tax Credits 109 606 100 007 1980 budget includes Tax Effects of Atlantic Project Abandonment.

Allowance for Funds Used During Construction

( 56 593)

( 82 441)

Total Adjustments 124 035 240 454 Internal Cash Flow

$ 166 38 3

$ 242 655 Average Quarterly Cash Flow

$_.41 596 S 60 664

  • Does not reflect r$te relief granted ef fective April 17, 1980 nor recoupment of underrecovered electric energy costs.

As indicated by this statement, the Average Quarterly Cash Flow fully covers the maximum contingent liability of Public Service Electric and Gas Company which amounts to $8,498,000 as shown on the Summary Sheet " Projected Internal Cash Flow Statement".

PUHLIC SERVICE E11CTHIC AND CAS COMPANY

/

/

)

By e

Date 8h / #//M8 Parker C. Peterman Vice Psemident and Comptroller e

Philadelphia Electric Company Systes Projected Internal Cash flow Statement For Year 1980. Cotprod to 1979 Actual iThousands of Dollars)

Actual-15Fl9 Projectet-1Q30 Errlction of $letnificant Vaisticrie (1)

Net Income

$194,471

$220,622 Higher Base Rates Effective la 1960 Leses Dividende Paid 189.757 2%MZ Retained in Businese 4.714 13,0$$

AJjustaantes Depreciation 120,608 124,03)

Amortization and Other (76,827)

(31,272)

Reduction in Deferred Fuel Nuclear Spent Puol Storage 8,713 Decomeiaeioning Expense 3,838 Deferred Incoes fazee and Investment Tax Credite 41,835 43,028 Allowance for Other Ibnde Used During Construction (46fM)

(54,550)

Total Adjustaeste 19.608 93,850 Internal Cash Flow

$_4_4,g

$106.905 Average Quarterly Cash Flow

$_11,080

$_26,M (1) Significant variation equale $10 million and 105.

The Company has sufficient cash flow to ensure that its respective preslume would be available for payment.

Certified tys l

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// [

(2 (g 4 Date Mar 5. Ir30 f.7.Faquette,Jr,

'4/

s

./vicePresident Finance and Acgo ting i

i

ATLANTIC CITY ELECTRIC COMPANY Projected Internal Cash Flow Statement For Year 1980 - Compared to 1979 Actual (Thousands of Dollars)

Actual - 1979 Projected - 1980 Explanation of Significant variations Net Income

$34,30h

$ 35,078 Less Dividends Paid 26,858 28,836 Reflects increased shares of Common Stock.

Retained in Business 7,449 6,242 Adjustments:

Levelized Energy Clause (LEC)

(23,893) 16,103 Reflects the deferral of LEC underrecovery in 1979 and the subsequent amortization of same in 1980.

Depreciation 22,590 25,836 Reflects Salem No. 2 in service in 1980.

Amortization and Other 870 3,382 Reflects increased nuclear fuel amortization in 1980.

Deferred Revenue Taxes on LEC 925 7,589 Reflects increase in LEC billing factor from

.0322c/kwh to 1.1019c/kwh and the related increase in deferred revenue taxes.

Deferred Income Taxes and Investment Tax Credits 19,436 4,510 Reflects the amortization of 1979 deferred taxes on LEC and increased deferred revenue tax on LEC Allowance for Funds Used revenue.

During Construction (6,278)

(7.316)

Total Adjustments 13,650

'50,104 Internal Cash Flow

$ 21,099

$ 56,346 Average Quarterly Cash Flow

$ 5,275

$ 14.086 As indicated by this statement, the average quarterly cash flow fully covers the maximum contingent liabil-Pe nt ge Owne h icy of Atlantic Electric which amounts to $1,502.000 Peach Bottom as shown on the summary sheet (Projected Internal Unit No. 2 7.51%

Cash Flow Statement).

Unit No. 3 7.51%

Haximum Contingent Liability

~~

ATLANTICC}TYELE{RICCOMPANY By J ' [I' r. n 'r ' - -

(Severally and not Jointly)

$ 1,502 J.

G.' Salomone Vice Presidept - Control f

Date

' /. <

~ _ _. - - - _ _

. - - _ _, _ ~.. -. _. _.....

DtLMARVA POWtR & L1Gili COMPAf4Y Projected Internal Cash Flow Statencnt for Year 19P,0 Comp'ared to 1979 Actual

~

(1housands 6f U611ars)

Actual - 1979_

Projected - 1980 Explanation of Significant variations net incone

$53,376

$55,200 Note 1 Less Dividends Paid

  1. .2.174 46,100 Note 2 i

Retained in Business

$11.202 1 9,100 Adju'tnents:

s Depreciatlon 33,866 38,300 Note 3 l

Anortization and Other 596 1,700 Note 4 i

Deferred Incone ' Taxes and Investner.t Tax Credits

,24.759 13,700 Note 5 Allowance for Funds Used During Construc-(16,988)

( 16,700) i tion Total Adjustments 42,?33 37,000 Internal Cash flow

$53.435

$46.100 Average Quarterly Cash Flow

$13.359

$11,525 As indicated by this statement, the Average Quarterly Cash Flow fully covers the maximum contingent liability of Delmarva Power & Light Company which amounts to $741.000 as shown on the Sunmary sheet " Projected Internal Cash flow Statement."

l D 1114 V POWER & LIClli COMPANY i

{/

/

BY_ _..

Date:

May 9, 1980 C. PLarchyshyn, r metroller I

i-t 1

i

(

l E_XPLANATI0ft 0F SIGT11FICAfiT VARIATI0flS

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fl0TE 1 ffet income increased due to higher rates in effect in the Delaware, Maryland, Virginia & FERC jurisdictions.

i f0TE 2

~

Delmarva increased the annualized dividend rate from

$1.38 to $1.48 on December 28, 1979. The Company I

issued $24.2 million in Common Stock on June 1, 1979.

l Also included in the projected 1980 amount is a $30 mil-lion Preferred Stock issue and a Common Stock issue of i

1,000,000 shares in flovember 1980 and 440,000 shares through the Dividend Reinvestment Plan. -

~~

i fl0TE 3 Depreciation increased due to the addition of Indian j

River #4, a 400 MW coal unit, to plant in-service and the completion of the fjorthern Division Operations Center.

l fl0TE 4 fluclear Fuel amortization increased due to the unavail-i ability of Salem I in 1979 vs. increased operational status in 1980.

f fl0TE 5 Deferred taxes decreased primarily due to the projected re-covery of deferred fuel in 1980.

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_J-irsss!JesMMs"#

v 1979 Annual Report g.

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DUPLICATE DOCUMENT Entire document previously f

entered into system under.

ANO CC

[ h No. of pages:

i

1 l

J Contents Letter to Shareholders 2

Construction Program 4

Financing 5

Earnings and Dividends 6

Revenues 6

Community involvement 6

Environment 6

Conservation 7

Rate Matters 8

Fuel and Fuel Costs 8

Employees 10 Company Facilities 11 Our Service Area 12 Energy Sales 12 Information for Investors 14 Financial Statements 15-26 Management's Discussion and Analysis of the Statements of income 27 Supplementary Information Concerning the Effects of Changing Prices 28 1979-1969 Statistical Review and Summary of Operations 30 Directors 32 Other Information for Investors 32 Officers Inside Back Cover

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l 1979 Annual Report DELMARVA POWER & LIGHT COMPANY I,Lb,Y)'

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DUPLICATE DOCUMENT Entire document previously f

entered into system under:

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O ANO No. of pages:

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g ~ in; Service territory The Delmarva Peninsula is our home. As (grggK dep,cted on the cover, we supply much y

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'. 7&? j$q?@ 7ey Grr{,, < ~ @re ' ^

M i / f :-ld 5

'7 of the energy for the people living,

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working, and playing on 5,700 square n

  1. SO jfjpj.fk-h'p;g;,it'ff -4;e miles of both urban and rural land 7Wy Q; fin,NS Elf.4-T I sS stretching from the industrialized Wil-W 64; $g $ d y f Q n M % [ @^

mington area in the Northeast Corridor 2;ddJf 2

to the farmland of Delaware, Maryland, y

i%jM h V -Mi and Virginia and surrounded by the beauty of the Atlantic Ocean and the

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r Chesapeake Bay.

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t:.

q:gy; Business R

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[t Our 2.500 employees supply electricity f.;

I to 272,000 customers on most of the peninsula and natural gas to 72,000 i

s g /,,4 customers around Wilmington. Corpo-i -l s

rate goals are to provide safe, reliable r'C j7 '

electric and gas service to all customers k J.

at the lowest possible cost ar'd impact

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e Ijf on the environment, to generate attrac-4 tive earnings to stockholders, and to

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satisfy the needs of our employees.

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Fac. lit.ies i

We supply electricity with 2,047 mega-h' watts of generation capacity,1,300 t

miles of transmission lines ano 8,400 mi;es of distribution lines. We supply 7

natural gas to the Wilmington area with 4

1,000 miles of gas main.

i' iG Cover Illustration by C. Phillio Wikoff. Corporate W

Communications Department.

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