ML19329E764

Forwards Response to a Giambusso 740529 Request for Financial Info

ML19329E764
Person / Time
Site:	Palisades, Midland
Issue date:	06/13/1974
From:	Howell S CONSUMERS ENERGY CO. (FORMERLY CONSUMERS POWER CO.)
To:	Anthony Giambusso US ATOMIC ENERGY COMMISSION (AEC)
Shared Package
ML19329E765	List: ML19329E764 ML19329E787
References
NUDOCS 8006170926
Download: ML19329E764 (14)

Text

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June 13, 1974 Docket Nos. 50-329, 50-330 and 50-255 Mr. Angelo Giambusso Deputy Director for Reactor Projects Directorate of Licensin6 U. S. Atcznic Energy QcMilsion Washington, DC 20545

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Dear Mr. Giambusso:

On June 3, 1974 I received your request of May 29, 1974 for information on Consumers Power Company's financial condition and financing plans. Enclosed are two copies of our Icstonse.

Yours very truly, sun /pb CC: Harold F. Reis, Esq Hon. William H. Ward Howard J. Vogel, Esq Irving Like, Esq Myron M. Cherry, Esq James A. Kendall, Esq

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Question No. 1 Identify and state the nmount of each mn.)or system-vide source of conatruction funds which vll1 be malized during the twelve montha' period beginning June 1,

.'974 assuming all of the rollowing:

(n) Palisaden is returned to service at the earliest probnble date (plence specify).

(b) Construction of the Midland units continues on schedule.

(c) Fuel costs and interest rates remain at their present levels.

Response

The following response assumes (b) and (c) above. As to (a), it is estimated that the earliest probable date the Palisades Plant could be M turned to service is September 1,1974. However, because of the uncertainties involved, and in order to provide a greater mensure of conservatism, the sources of

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funds for construction have also been calculated on the assumption that Pnlisades is returned to service on January 1, 1975, and on the assumption that Palisades is not returned to service at all during the period in question.

Internal and external sources of funds for constntetion are estimated to be as follows for the twelve months beginning June 1,1974:

(l; Intental Sources Internal sources consist of retained earnings, depreciation, deferred taxes and several other miscellaneous items. It is currently estimated that cet internally generated funds for June 1,1974 throu6h May 31, 1975 vill be:

1.

$132 million if Palisades starts operatica or september 1,.1974 11.

$114 million if Palisades starts operation on January 1: 1975 111. $97 million if Palisades does not operate at all in the twelve-month period.

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2 (2) External Sources The Company plans to rnise funds through external sev:es as follows:

1.

A $50 million 7-year tem loan frczn First Naticnni City Bank in New York in June 1974.

11. Approximately $50 million of convertible preference stock in the sunener of 1974 111. Approximately $100 million of first mortgage bonds in late sununer of 1974.

iv. Approximately $40 million of straight preference stock in the fati of 1974.

v.

A $35 million nuclear fuel lease is currently being negotiated.

Closing is expected in the summer of 1974.

vi. Approximately $11 million vill be taken down from prior issues of

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pollution control revenue bonds. The tmatee holds the funds from the sale of pollution control revenue bonds unti? constmetion on the associated projecto is perfonned.

This amounts to about $286 million to be raised through external sources.

4 In addition to the external sources mentioned above, the Company has ac-cess to significant amounts of bank credit as discussed in the answer

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to Question No. 9

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3 Question No. 2 If the aggregate amount of the estimated construction funds developed for Item 1 above is less than the construction budget for the twelve months' period beginninst June 1,1974 using the assumpions described in Item 1, indicate whether or not certain construction projects (describe and state the dollar amounts involved) could be delayed to bring about a parity between estimated construction funds and the construction budget.

Response

Estimated construction requirements for the period June 1, lW4 through May 31, 1975 are approximately $364 million.

The total of the external sources as showc in the answer to Question No.1, of $266 million, plus the =1M==

amount of internal funds of $W million l

(which assumes no operation of Palisades) is sufficient to meet the estimated constntetion requirements.

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Question No. 3 Provide copies of Constaners Power Cczapany's incarne and sources of construction funds statements for the most recent twelve months ' period and balance sheet dated as of the end of the same period. Copies of similar statements for the cornsponding twelve months' period ended in the pavious year should also be submitted.

Response

Attached as Exhibit A, totaling 12 pages, are Constaners Power Company's state.-

ment of income for the 12 months ended April 30, lW4 and April 30, lW3, balance sheet as of April 30, lW4 and April 30, 1973, statement of sources of funds for gross property additions for the 12 months ended April 30,1W4 and April 30, 1973, and notes to the finaneid statements.

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5 question No. 4 Provide copies of the most recent Officer's Certificate prepared in con-nection with the isonance of mortgage bonds and~ showing in'terest coverage and debt ratio calculations pursuant to the applicable indenture.

Response

Attached as Exhibit B, totalling 15 pages, are copies of the two certificates which include the requested information. The first is the Net Earnings Certificate provided in connection with the August 1973 sale of $75,000,000 First Mortgage Bonds, 8-5/8% Series due 2003, which contains the computation of earnings before taxes available to pay interest on first mortgage bonds under the terms of the Cora,uny's Indenture. The second in the Accountant's Certificate provided in connection with the same sale of bonds, which contains the ccraputation of the amount of property available at that time to be funded for the issuance of additional first mortgage tonds.

The Indenture contains no provisions pertaining to required capitalization

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6 QuestionNo.J Provide an entimate with detailed calculations of the amount of additional first mortgnge bonds which could be issued at the present time pursuant to the npplicable indenture and assuming a realistic range of current interest costs.

Response

For the twelve months ended April 30, 1974, the indenture Net Earnings and Interest earnings requirement are:

Net Earnings $169,731,051 Interest Enrnings Requirement $144,625,312 The calculatitma of net earnings and annual interest requirement on first mortgage bonds are attached as Exhibits C and D, respectively.

Additional annual interest charges that enn be incurred and still meet in-denture test are calculated as follows:

$169,731,051

-lW,625,312

$ 25,105,739

$25,

,739 = $12,552,869 Additionnt first mortgage bonds that could be issued (ccxnputed by dividing interest rate into the $12,552,869 of additional annual interest that con be incurred):

Interest Additional

• Rate lot Mtg Bonds 8%

$156,910,862 9%

139,476,322 10%

125,528,690 11%

114,116,991

• Unfunded Net Property Additions as of April 30, 1974 were $673,572,975

w Question No. 6 Provide projections of~ coverages of interest on long-term debt to be outstanding based on definitions included in the applicable bond indenture for each aucces-sive twelve month period beginning with the twelve montha ' period ending May 31, 1974 and ending with the twelve months ' period terminating May 31, 1975

Response

For the twelve months ended April 30, 1974, the Company's indenture coverage was 2 34. Indenture coverages beyond this date are not shown because interest coverage depends upon the amounts and timing of future rate increases and the results of future operations. However, based upon presently known facts, it is believed that the indenture coverage as of June 30, 1974 vill exceed the required 2.00 coverage after reflecting the proposed issuance of $100,000,000 of first mortgage bonds in the late summer of 1974. No further first mortgage bond financing is contemplated by the Company prior to June 1975

8 Question No. 7 Provide copies of the most recent prospectus prepared in cor.nection with the issuance of securities.

Response

Attached as Exhibit E is a copy of the Official Statement' dated January 29, 1974 as supplemented February 7, 1974 for the sale of $2"t,500,000 Charter Township of Hampton, Michigan Pollution Control Revenue Bonds, and $7,200,000 City of Marysville, Michigan Pollution Contzul Revenue Bonds, both issued for financing the construction of pollution control equipnent for Consumers Power Company.

Attached as Exhibit F is a copy of Preliminary Prospectus issued May 3, 1974 in connection with a proposed issuance of Commen Stock, the registra-tion of which did not beccne effective.and application for withdrawal of which was submitted on June 6, 1974. None of such Ccamon Stock was issued.

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Lue" tion No. 8 Indicate the dollar amount on an annualized basis of mquests for rate in-creases still pending b'; fore state and Feda

.1 mgulatory a6encies.

Response

Pending rate cases are as follows:

a.

Electric On April 23,197h the Ccapany filed Case U-4576 before the Michignn Public Service ccxamission (MPSC). The proposed annual revenue incrense is $72,159,000 based on a year-end 1973 test period. At the sa ie time, the Company requested partial and interim relief in the d

an.ount of $54',659,000 annually.

b.

Public Pumping - On March 5,1974 the Company filed Case U-4543 before the MPSC. The proposed annual revenue increase is approximately

$614,500 based on a year-end 1972 test period.

Miolesale for Resale - On November 6,1972 the Company filed a case, c.

Docket E-7803, before the Federal Power Commission (FPC). The annual revenue increase is approximately $1,500,000 based on a 1972 test period.

The increased rates became effective in June 1173, subject to refund, pending FPC determination as to their reasonableness.

d.

Steam - On February 4,1974 the Company filed Case U-4522 before the MPSC. The proposed annual revenue increase is approximately $192,500 based on a 12 months ended June 30, 1973 test period.

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10 Question No. 9 Indicate the present nnd maximum smount of bank credit and explain those factors, such as interest coverage and capital structure ratios, which tend to limit an expansion of such credit.

Response

The Campany has authority from its Board of Dimetors and the Federal Power Canuaission to issue up to $300,000,000 of short-tem debt which includes bor-rowings frca banks or the issuance of commercial paper or a ccabination there-of. At the present time the ccupany has lines of credit with four large banks in the aggregate amount of $122,000,000.

Then is no restriction on the expansion of such short-tem credit relating to interest coveriges. However, the Company's Articles of Incorporation re-quire the affimative vote of a majority of the outstanding shr.re? cf Preferred Stock for the issuance of unsecured indebtedness in ' excess of 20 percent. of the aggregate of capital, surplus and secured indebtedness, except to reAnd unsecured indebtedness or to redeem Preferred Stock. As of April 30,15rth the 20-percent limit was approximately $h60,000,000. At April 30,1974 there was approximately $73,000,000 of short-tem debt and approximately $40,000,000 of long-tem unsecured debt outstanding. The balance of unse - ed debt avail-able to be issued at that time was approximately $347,000,000.

ompany proposes to cceplete an unsecured long-tem borrowing of $50,000,000 in e

1974 which would leave a short-tem debt capability of an additional $297,000,000 under the terms of the Articles of Incorporation.

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v 11 Question No. 10 Indicate the average age of accounts receivable applicable to electric service and gas service with the electric service accounts receivable classified as (a) residential, (b) consnercial-industrial, (c) public authorities, and (d) other electric utilities as of the latest available date and the corresponding date of the pitvious year.

Response

As of April 30, 1974 and April 30, 1973 the Company had service accounts re-ceivable of $69,247,558 and $57,308,600 respectively.

Attached as Exhibit G is information on the Company's accounts receivable and accounts receivable in arrears as of April 30, 1974 and April 30, 1973 Page C-1 provides infomation on accounts receivable in arrears for only a.

current biil (Frca 1 to 30 days in arrears) by class of account. The C mpany does not separate arrears accounts by electric and gas but maintains such accounts in combined rom. Any public authority in arrears would be included in " Commercial." Any other electric utilities would be included in "Other."

Page G-2 Provides information on; accounts receivable in arrears for more than one bill (31 days or more but not more than six months) by class of account. After six months, accounts receivable in arrears are written off to expense as bad debts.

Page G-3 provides information on accounts receivable for which the customer has been disconnected either at the customer's request or as a result of the Company's disconnect policy.

Page G-4 totals the arrearages set forth on pages G-1, G-2 and G-3 For the 12 months ended December 31, 1973 total uncollected bills charged off to bad debts were $1,628,063 or.20% of sales for 1973 For 1972 the i

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v 12 nacunt vns $1,213,577 or.16% of sales. The corresponding figures for the first quarter of 1974 ' vere $310,631 and.11%. For the first quarter of i

1773 they were '$242,994 and. lop.

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r THE ATTACHED F4LES ARE OFFICIAL RECOR OF THE OFFICE OF REGULATIONDS ~'

BEEN CHARGED TO YOU FOR A LIMITED TIME

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PERIOD ANS MUST BE RETURNED TO THE CENTRAL RECORDS STATION 008 REMOVED FOR REPRODUCTION MUST BE RETUR

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