ML19339A761
| ML19339A761 | |
| Person / Time | |
|---|---|
| Site: | Yankee Rowe |
| Issue date: | 04/27/1978 |
| From: | Soucy A YANKEE ATOMIC ELECTRIC CO. |
| To: | Dinitz I Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 8011040748 | |
| Download: ML19339A761 (5) | |
Text
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Tw1 780 390-0739 YANKEE ATOMIC ELECTRIC COMPANY 2
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20 Turnpike Road Westborough, MossochusettsiO1581 "
'YAN K EE 6
April 27, 1978
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e Ira Dinitz, Inde=nity Specialist "y
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Anti-Trust & Indemnity Group f;
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Nuclear Reactor Regulation
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U. S. Nuclear Regulatory Commission Washington, D. C.
20555 RE: Yankee Atomic Electric Company Docket No. 50-29 Gentlemen:
Relative to Yankee Atomic Electric Company's guarantee of retro-spective pre =iums, enclosed is an internal cash flow statement, by quarters, for the year 1977 which shows that if Yankee had been assessed a retrospective premium in the amount of $10,000,000 during the year, the necessary cash flow would have been available to meet the requirement of the retrospective premium. The cash flow projections are based on the precise that if Yankee is assessed a retrospective premium, the premium will be billed to our customers / stockholders on the basis of the Power Contract. A copy of the Power Contract has previously been submitted to your office.
In support of the customers / stockholders' ability to meet their percentage share of the retrospective premium assessment, we have also included cash flev st.atements for each Yankee stockholder for the year 1977.
It is our view that the attached schedules are sufficient to demonstrate that Yankee Atomic Electric Company has the necessary cash flows to meet the requirements of the guarantee for the year 1977. We are presently developing similar schedules for the year 1978 based on our projections of cash flow for both Yankee Atomic Elactric Company and our stockholder companies. We plan to have the 1978 schedules completed by the end of next week.
As you are aware we are anxious to meet the requirements of the guarantee as soon as possible and we appreciate the patience which you have shown in resolving this problem for Yankee Atomic Electric Company.
Very truly yours, YANKEE ATOMIC ELECTRIC COMPANY
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8013 040 7p 7 A. R. Soucy
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l Assistant Treasurer D
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ARS/ah J
Enclosures l
YANXEE ATOMIC ELECTRIC ODMPANY Cash Flow 1977 y
Quarter Ended March 31 June 30 S,e p t. 30 Dec. 31 Total Internal Funds Net Income 556,919 553,369 616,970 519,498 2,246,756 Depreciation 595,791 596,659 598,372 600,797 2,391,819 Fuci Accrual 1,336,087 919,074 54,824 1,616,420 3,956,405 Income Tax Accrual 413,353 480,421 419,353 466,570 1,779,697 Dividends (1,112,150)
(1,073,800)
(2,185,950)
Federal Income Tax Payments (300,000)
(150,000)
(150,000)
(600,0g Pro-Forma Power Cos t Assessment Under Power Contract for Retrospective Premium Payable Within.30 Days by Customer-Stockholder (See Schedule A) 10,000,000 10,000,000 10,000,000 10,000,000 40,000,000 Total Pro-Forma Internal Cash Flow 12,902,150 11,137,373 11,569,719 11,979,485 47,588,727 Other Sources - Net 430,196 (194,768) 386,985 (1,129,753)
(507,340)
External Financing - Net (2,100,000) 200,000 300,000 2,500,000 900,000 Total Funds From All Sources 11,232,346 11,142,605 12,256,704 13,349,732 47,981,387 Cash Requirements Const uction Expenditures 361,060 855,798 1,032,838 701,569 2,951,26 Nuclear Fuel Purchases 871,286 286,807 1,223,866 2,648,163 5,030,1.
Pro-Forma Restrospect ive Premium 10,000,000 10,000,000 10,000,000 10,000,000 40,000,000 Total Cash Requirements 11,232,34f 11,142,605 12,256,704 13,349,732 47,981,387 I hereby certify that I am Assistant Treasurer of Yankee Atomic Electric Company and that this statement fairly represents the Cash Flow of this Company for the period ended December 31, 1977.
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/n WR A. R. Soucy Assistant Treasurer w
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YNJ i l: ATOM!C FHCTRIC U;itPA'iY 1
Cash riew - Yankee Stockholders 1977 Schedule A (In h usands)
New Conn.
Central Hartford Western England
- 1. inh t &
Boston
?bine Electric tbss.
Power Power Edison Power Light Electric Co.
Co.
Co.
Co.
Co.
Co.
Internal runds Net incoma 49,S45 55,279 37,599 21,001 35,779 14.293 Depreciation & Amortization 26.600 55,537 49,040 14,736 29.117 15,866 Deferred Income Taxes &
Investment Tax Credits - Net 10,437 6.111 30,831 S,702 4,163 12.317 A11mance for Funds Used During Construction (10,792)
(17,820)
(9.067)
(3,750)
(7.476)
(4,757)'
_15,313 8 (28,089) 114,7 3 Dividends (44,471)
(53,226)
(42,216)
(
total Internal cash Flw
,31 319 45,8F1_
66,187 25,551 33,494 22.981__
(28,821) 15.240 (22,701)
(6.151) 5.066 9,815 Other Sources - Net 5I=H25 59,122 65,202 63,360 3,%%I (8,750)
External Financing - Het 24,046._.
Tn,t_al Fun <!s from All Sources 5_4d2_3._
120 2 A 10R,633 82,760 y,111__
O 2
54,121 120,243 108.683,
82.760_
42,111_
_2grv.6 Oross Prycrty Mdit tons
_P crertaga Ownership in fluclear_ Operating Plants f
Yankee Rowe 30.0 15.0 9.5 9.5 9.5 7.0 Other Operating Nuclear Plants 55.0 145 1 109.5 48.0 7 ).0
$3.0 Total Percentage ownership 85.0 160.0 119.0 57.5 82.5 60.0 ttaxirmm Prerainm Assesment 8,500 16,000 11,900 5,750 8.250 J000
e Y ANil.E ATGit!C FITCIRIC CIHI M!Y l
C.nh Fim - Y.mk e e Stocktor-ider s 1977 Schedule A (In Thousands)
Pul.1 i c New Centra 1 Scavi c Pedford Cambridge Veramm t Cn. of Kmtaup Cas &
T.lectric Public New Elcrtaic Ikl i nein 1.t r.h t Servfee gpph
_ re.
g ht Co.
Co.
Corg peg Internal Fumla Net inreme 21.722 5.887 6,339 2,013 7,168 256,625 Depreciation & Amortization 14,117 4,770 6,684 1,773 3,048 221,288 Dcferred Income Taxes &
Investment Tax Credits - Net 5.610 639 3,103 574 165 82.643 Allowance for Funds Used During Construction (6,093)
(1.895)
(8 '4 5)
(29)
(562)
(63,086)
Dividends g,081)
(7,385)
_ (5,648)
(
_ 2,335)
(6,006)
(238,333)
Total internal Cash Finv
_.16,275 2,007 9,633 1,996 3,813 259,137 Other Sources - Het (21,992 (4,80) 9 2
60,128)
I'nternal Financing - Net b2
'I O'
-M,2g
_1M_1_9_
=_2g_3 20_,7Ja y=,5 3,8 I
14,783 Total Funds Frem All Sources
==
==
c_rns Property Mditions M,217 15,239_
14,783 2,390 10,738 581,538 Percentafe Ownernhtp in Nuclear Operating Plants Yankee Powe 7.0
- f. 5 2.5 2.0 3.5 100.0 Other operating Nuclear Plante 14.0 11.0 11.0 31.3
% 2. 8 Total Pereenence Ownership 21.0 15.5 2.5 13.0 36.8 652.3
!!aximum Premium Acsesment
_ 2.100 1,550 250 gg gRO 65 g i,
I f 5,s ow v o
1 4
REGULATORY INFORMATION DISTRIBUTION SYSTEM (RIDS)
DISTRIBUTION FOR INCOMING MATERIAL 50-029 REC:
ORG: SOUCY A R DOCDATE: 04/27/78 NRC YANi'EE ATOMIC ELEC DATE RCVD: (.,f, / / 8 !
T 1l78:
DOCTYPE: LETTER NOTARIZED: NO COPIES RECEIVED LTR 1 ENCL 1
SUBJECT:
FORWARDIl40 AN INTERNAL CASH FLOW STATEMENT SCHEDULE RELATIVE TO APPLICANT"S GUARAIJTEE OF RETROSPECTIVE PREMIUMS, BY QUARTERS FOR THei YEAR 1977.
rLANT NAME: YANKCE ROWE REVIEWER INITI AL:
XJM DISTRIBUTOR INITI AL: py
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DISTRIEUTION OF THIS MATERIAL IS AS FOLLOWS ******************
INSURANCE: ~ INDEMNITY / ENDORSEMENT AGREEMENTS i
(DISTRIBUTION CODE DOO3) l 7
I NTERN AL-:
REG FILE **W/ ENC NRC PDR**W/ ENCL INITLEOR AG UN**W/ ENCL H JORDAN **W/ ENCL EXTERNAL:
LPDR'S GREENFIELD, MA**W/ ENCL TICa*N/ ENCL NSIC**W/ ENCL ACRS CAT B**N/O ENCL I
r I M re I E UT I ON.
LTR 7 ENCL 7 CONTROL NBR:
-781zyOOO7
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THE END
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