ML19326D245
| ML19326D245 | |
| Person / Time | |
|---|---|
| Site: | Midland |
| Issue date: | 03/02/1976 |
| From: | CONSUMERS ENERGY CO. (FORMERLY CONSUMERS POWER CO.) |
| To: | |
| Shared Package | |
| ML19326D244 | List: |
| References | |
| NUDOCS 8006090677 | |
| Download: ML19326D245 (4) | |
Text
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CONSUMERS POWER COMPANY Quarterly Report for the Fourth Quarter of 1975 Item 1 of the September 13, 1974 Request "Significant changes in Consumers Power Company's financial status, including operating costs, construction costs, and revenues."
Response
Information relating to this request is contained in the Consumers Power Company Annual Report 1975, a copy of which is attached as Appendix A.
Note particularly the Statement of Income, the Statement of Source of Funds for Gross Property Additions, and the Balance Sheet found at pages 18 - 28.
Item 2 of the September 13, 1974 Request
" Progress reports on new capital raised and all rate increases granted your company."
Response
With respect to new capital raised, on December 4,1975, the Company j
entered into Insta1Lnent Sales Contracts with two municipalities relating to financing the cost of pollution control facilities at steam generating plants. In connection therewith, these municipalities issued Pollution Control Revenue Bonds amounting to $31,000,000. Under the contracts, the Company is unconditionally obligated to make payments in semiannual installments at times and in amounts sufficient to enable the municipalities to meet their obligations on the Pollution Control Revenue Bonds. As security for the Company's obligations to make the payments under the Cont *. acts, the Company, concurrently with the delivery of the Pollution 8006090[k7
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Item 2 of the September 13, 1971+ Request (Contd)
Control Revenue Bonds, issued to the municipalities a separate series of First Mortgage Bonds equal in aggregate principal amount to the aggregate principal amount of the Pollution Control Revenue Bonds. Financing costs including compensation to the underwriters were estimated to be $956,500.
The related interest costs to the Company were at rates of 6.75% to 9%
depending on the years of maturity of the Pollution Control Revenue Bonds.
With respect to rate increases, on December 15, 1975, the Michigan Public Service Commission authorized the Corgany to initiate an energy-only streetlighting service rate for customer-owned and customer-maintained streetlighting systems. The revenue effect of tbis rate order is expected to be negligible since some of the subject streetlighting systems had previously been billed under the Company's current Electric Rates B and C.
A copy of this order is attached as Appendix B.
1 Item 3 of the September 13,197 + Request
" Construction expenditures and sources of construction funds on a quarterly basis during the calendar year 1975."
Response
Information relating to this item is contained in the unaudited Statement of Source of Funds for Gross Property Additions for the three months ended September 30, 1975 A copy of this document is attached hereto as Appendix C.
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Remainder of the September 13, 1974 Request "In addition, you should notify us of any changes in Consumers Power Company's quality control and quality assurance activities associated with the construction of the Midland Plant."
Response
During the fourth quarter of 1975, the Company's quality control and quality assurance activities remained unchanged. As previously reported by the Company in its last quarterly report, the Company has notified Bechtel that it intends to escalate construction activities at the Midland Plant, beginning January 1, 1976. As a result of this escalation, it will be necessary for Bechtel to make various manpower adjustments. These manpower adjustments, however, will not detract from the quality or scope of the QC or QA effort at Midland.
It should be noted that the date upon which the escalation of construction activities is to be~ gin is January 1,1976 and not January 1, 1975 as erroneously reported in the last quarterly report.
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