ML19329E954
| ML19329E954 | |
| Person / Time | |
|---|---|
| Site: | Midland |
| Issue date: | 07/30/1974 |
| From: | Engle L US ATOMIC ENERGY COMMISSION (AEC) |
| To: | Anthony Giambusso US ATOMIC ENERGY COMMISSION (AEC) |
| Shared Package | |
| ML19329E955 | List: |
| References | |
| NUDOCS 8006190715 | |
| Download: ML19329E954 (2) | |
Text
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JUL 3 01974 Docket Nos. 50-32 i
and 50-330 i
A. Giambusso, Deputy Director for Reactor Projects, L i
THRU:
V. Moore, Assistant Director, Light Water Reactors, Group 2, Loriginal signed by CONSUMERS POWER COMPANY AND THEIR CURRENT FINANCIAL QUALIFICATIONS REGARDING CONSTRUCTION OF MIDLAND UNITS 1 AND 2 Enclosed you will find the staff's financial analysis of the recent meeting with Consumers Powcr Company and the Regulatory staff held on July 25, 1974 in Bethesda, Maryland.
A sunnary of the applicant's nuchar facilities with respect to their present financial status is listed below:
d Palisades
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Earnings declined in part as a result of higher fuel prices and increased high cost purchase power requirements brought about by the August 1973 shutdown of this facility. The monies to be raised through external sources during the twelve months beginning June 1,1974 are based on i
the assumption that the Palisades Unit will not operate during the 1
l twelve month period.
I Quanicasse Plant, Units 1 and 2 i
The-applicant indicated that the cancellation of this facility wns deemed necessary because of prevailing market conditions for utility securities and present inadequate earnings. sufficient assurance of raising new capital over the construction period of the project in j
. addition to the large expenditures which must be raised by the appli-cant for other projects over the next ten years led to project cancel-i lation of Quanicasse Plant, Units 1 and 2.
1 Midland Units 1 and 2 The staff's financial assessment concludes that the applicant will be able to continue and complete construction of this facility. The applicant stated to the staff that if at any time in the future their I
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~ financial pcaition rendered it impossibic for the applicant to construct and operate the facility according to the criteria required to protect the health and safety of the public the project would be cancelled.
i Original Slgned by Leon B. Engle, Project Manager l
Light Water Reactors Branch 2-3 Directorate of Licensing i
Enclosure:
Financial Analysis cc:
D. Vassallo A. Schwencer V.Ifoore D. Kartalia A. Braitman B. Hurt i
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