ML19339B303

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1978 Financial Statements & Summary of Financial Protection Per Section 170 of Atomic Energy Act
ML19339B303
Person / Time
Site: Yankee Rowe
Issue date: 12/31/1978
From: Soucy A
YANKEE ATOMIC ELECTRIC CO.
To:
References
NUDOCS 8011060690
Download: ML19339B303 (5)
v • d • e


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YANKEE ATalIC ELECTRIC COMPANY Facilities License No. DPR-3 1978 Financial Statements and Summary of Financial Protection Pursuant to Section 170 of the Atomic Energy Act 1

b I hereby certify that I am Assistant Treasurer of the above-named Company the enclosed Insurance and Financial Statements for the period and that ended December 31, 1978 are, in my opinion, coriect.

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A. R. Soucy f

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Telephone 617 366-90!!

m reo.seo-orse YANKEE ATOMIC ELECTRIC COMPANY

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le=DI' 20 Turnpike Road Westborougn, Massachusetts 01581

.Yxmxte s

Summary of the Amount and Type of Financial Protection in Effect at December 31, 1978 Pursuant to Section 170 of the Atomic Energy Act As of December 31, 1978, Yankee Atomic Electric Company maintained financial protection in the amount of $140,000,000 under the following

~

policies issued by the Nuclear Energy Liability Insurance Association and the Mutual Atomic Energy Liability Underwriters: NELIA Policy NF-76 and MAELU Policy MF-26.

Copies of the foregoing policies and endorsements to date have been filed with the Commission.

_ _ =.

YANKEE ATOMIC ELECTRIC COMPANY Balance Sheet - Year Ended December 31, 1978 Assets and Other Debits Liabilities and Other Credits Electric plant

$53,382,304 Proprietary capital:

Common stock issued 153,400 shares Leno accumulated provision for par value $100 per share

$15,340,000 d:preciation 32,156,198 Retained earnings 5,372,921 8-3/4% note due January 2, 1988 10,000,000 N:t electric plant 21,226,106 30,712,921 Nucisar fuel - net 19,652,894 Current and accrued liabilities:

Accounts payable 1,492,321 N t utility plant 40,879,000 Notes payable 11,400,000 Taxes accrued 230,737 Non-utility property 916,518 Interest accrued 458,507 Tax collections payable 5,168 Current and accrued assets:

Other 110,101 Cash 413,807 Total current and accrued Temporary cash investment 400,000 liabilities 13,696',834 Accounts receivable 4,998,595 Material and supplies 1,058,733 Prepayments 854,288

. Accumulated deferred investment tax credits 933,094 Total current assets 7,725,423 Accumulated _ deferred income taxes 4,208,283 Dsferred charges 30,191 Tstal Assets and Other Debits

$49,551,132 Total Liabilities and Other Credits

$49,551,132 e

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YANKEE ATOMIC ELECTRIC COMPANY Statement of Income and Retained Earnings - Year Ended December 31, 1978

, Utility operating income

$21,293,156 Operating expenses:

Operating expense 12,349,034 Maintenance expense 2,171,282 Depreciation expense 179,656 Taxes other than income taxes 656,786 Income taxes - federal 968,963 Deferred federal income taxes - net 690,710 Investment tax credit adj. - net 158,575 Total operating expenses 17,175,006 Total utility operating income' 4,118,150 Other income and deductions:

Miscellaneous income 186,194 Taxes applicable to other income (89,847)

Operating and other income 4,214,497

  • Interest charges:

Interest on long-term debt 435,069

~

Interest on short-term debt 1,133,689 other interest expense 89,628 Allowance for borrowed funds used during construction (71,792)

Total interest charges 1,586,594 Net income

$ 2,627,903 Rstained earnings:

Balance at beginning of period

$ 5,199,418 Balance transferred from income 2,627,903 Dividends declared - common stock 2,454,400 Balance at end of period S 5,372,921 b

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