ML19341C486
| ML19341C486 | |
| Person / Time | |
|---|---|
| Site: | Crane  |
| Issue date: | 02/26/1981 |
| From: | Hukill H METROPOLITAN EDISON CO. |
| To: | Reid R Office of Nuclear Reactor Regulation |
| References | |
| L1L-057, L1L-57, NUDOCS 8103030628 | |
| Download: ML19341C486 (23) | |
Text
.
Metropolitan Edison Company Post Office Box 480 e
Middletown, Pennsylvania 17057 717 944-4041 Writer's Direct Dial Number February 26, 1981 ef Lil-057 MIAROjN Office of Nuclear Reactor Regulatf ori Attn:
R. W. Reid, Chief S "'4 Operating Reactors Branch No. 4 g
U. S. Nuclear Regulatory Commission t
Washington, DC 20555 4'
Dear Sir:
Three Mile Island Nuclear Station, Unit 1 (TMI-1)
Operating License No. DPR-50 Docket No. 50-289 Additional Financial Information In accordance with our letter dated February 9,1981 (Lil-029), enclosed is a response to Item 7 of your August 11, 1980 request for additional financial in-formation.
Please note, however, that our response does not address the vari-ation of Operating and Maintenance costs with plant capacity tactor. This in-formation will be provided later.
In addition to the above information, revised final responses to Question.'ios.
5 and 6 are also enclosed.
Sincerely,
]
kilI Di rector, 31I-1 HDH:CWS:bjo Enclosures cc:
D. Dilanni H. Silver S103030 N oos
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So; Ye:rc;ct m Ec son Companj s a ? 'e-cer cf Te Gene'3 R.OcU:resSMem t
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GENERAL PUBLIC UTILITIES CORPORATION Metropolitan Edison Company, Pennsylvania Electric Company and Jersey Central Power & Light Company NRC Docket No. 50-289 Three Mile Island Unit No. 1 Restart Proceeding Part I respon'se to the NRC Staf f's Additional Financial Information request No.
dated August 11, 1980.
showing the financial effects to GPU and each of the licensees of a postulated restart of TMI-1,....
asponse:
.Te attached schedule details various financial impacts on the CPU rstem of a postulated restart of TMI-1.
i response to Financial Data Request No. 5 (forecasted source and
) plication of funds statements) TMI-1 was assumed to be in full service id rate base in 1982.
The first columns in the attached schedule
'with TMI-1") details various financial indicators in 1982 that result rom TMI-1 being in service and rate base.
The data in this column is ansistent with the 1982 data in Responsa No. 5.
The second columns
without TMI-1") assume that TMI-l is not in se evice or rate base in 182 and details the resultant financial impacts.
The third columns
' change") represent the increases and decreases between the first and acond columns.
te schedule illustrates the financial leverage that TMI-l provides the
?U System and the favorable impact its return to service has on cus-
>mer bills.
If TMI-1 were not to return to service and rate base in 382, GPU System short-term debt would increase by more than S50 million issuming current recovery of the replacement energy cost from cusenners) id Met-Ed short-term debt would almost double to over 37G million.
The
' stem's ability to issue long-term debt would be seriously impaired from
>th a minimum legal requirement (2.0 times interest coverage) and in arms of the marketability of the securities because of the financial 1 certainties surrounding the CPU compaat as when TMI-l is out of rate ts e.
te effect of a postulated TMI-l restart on customers' bills is sub-
- antial -- a net decrease of $80 million for the.PU System and $35
'llion (7%) decrease for Stet-Ed customers.
This estimated reduction i a minimum because we have assumed that our recent favorable coal
-~
tsed outside (non-PMJ) energy purchases are still available in 1982.
' some of this coal based purchased energy was to be replaced by PJM sterchange, the customers impact would be considerably larger than we e indicating.
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j CENERAL PUBLIC UTILITIES Financial Impact in 1982 of THI-I Return to Service and Rate Base
($ Hillions)
JCP&L Het-Ed Penelec CPil System With Without With Without With Without With Without THI-I TMI-I Change THF-1 THI-I Change THI-I THI-l Change TH1-1 TMI-l Change haae Revenues
$ 766 $ 740
$(26)
$361
$321
$(40)
$ 596
$577
' I ')
$1 717 $1 632
$(85) i Fnergy Clause Revenues 367 427 60 104 179 75 28 58 499 664 165 Total Revenuss
$l 113 $1 167
$2
$20
$J
$g
$1
$7 216 $2 296
$2 het incos.e Avail. f or Common
$ 53 $ 38
$(15)
$ ?!
$ 1
$(20)
$ 39
$ 30
$ (9)
$ 108 $ 63
$(45) ke turn on Avg. Common Equity 7.9%
5.5%
(2.4)I 5.7%
0.3%
(5.4)%
9.3%
7.1%
(2.2)2 7.3Z 4.21 (3.1)!
St.or t-Te rm De bt Out standing 15 $ 31
$ 16
$ 39
$ 71
$ 32
$ 10
$ 14
$ 4
$ 64 $ 122 $ 58 Interest coverage 2.45 2.15 (0.30) 2.42 1.51 (0.91) 2.81 2.46 (0.35)
Notest
- The subsidiaries may not total to the CPU System amount because of Corporation and Consolidation Adjustments.
r
- Base rate increases for THI-I are based on amounts claimed in current retail rate proceedings before the PaPUC and NJ EPU af ter adjustment to reflect current level of Tt I-! D&M expenses of $40 million per year (total unit, of which Het-Ed's share is 50%, and Penelec's and Jersey Central's share is 25% each). Estimated energy clause reductions (uhich include Pa. and NJ revenue tax reductions as weII) reflect recent favorable experience with coal-fired THI replacement puuer purchases f rom non-PJM utilities, and are based on an assumed TMI-I capacity f actor of 70% and assumed TPI-1 replacement pouer costa of 30 mills. 25 mills and 45 mills for Het-Ed, Penelec anJ Jc tsey Cent ral, respectively.
- The column *with TMI-1" is consistent with the 19f 2 data in the Source and Application of Funde statements in i
response to Financial Data Request No. 5.
t
GENERAL PUBLIC UTILITIES CORPORATION Metropolitan Edison Company, Pennsylvania Electric Company and Jersey Central Power & Light Company NRC Docket No. 50-289 Three Mile Island Unit No. 1 Restart Proceedinc Response to the NRC Staff's Additional Financial Information request No. 5 and No. 6, dated August 11, 1980.
5.
Complete the attached form entitled, " Pro-Forma Statement of Sources and Uses of Funds", on an annual basis for each licensee and GPU, through the year of estimated completion of the cleanup activities of TMI-2.
Note that this state-ment should encompass all necessary construction expenditures including capital expenditures relating to both TMI-l and TMI-2.
Indicate the assumptions upon which the " Sources and Uses of Funds" statement is based.
These assumptions should include, but are not necessarily limited to, the following: (a) rates of return on average common stock equity, (b) preferred stock dividend rates, (c) long and short-term debt interest rates, (d) market / book ratios for j
any projected issuances of common stock, (e) common stock dividend payout ratios, (f) target and year by year capital structure, and (g) resultant annual SEC and inden-ture coverages on interest charges and preferred dividend coverages over the period.
Provide a brief explanation of the basis for each assumption.
j 6.
Provide a list of all necessary generating units, transmis-sion and distribution facilities and general plant projects
l P
! I to be constructed during the period of clean-up of TMI-2, showing the type of facility, net capacity of each generating unit, the estimated capital expenditures for t
each facility during each of the years involved, and the projected in-service date of each facility.
Response
Attached is our complete response to request No. 5 and 6.
Tne construction schedules requested in No. 6 are included as Appendix A.
This response replaces our previous response to i
request No. 5 which only provided data for 1981 and 1982.
There are some minor changes on the Source and Application of Funds Statements in 1981 and 1982 in this complete response versus our previous response.
~
General Public Utilities 1981-1986 Forecast Introduction The attached forecast is -- as is true of any forecast --
a result of its underlying assumptions.. We have tried to be ex-plicit in de tailing our forecast assumptions and we believe these assumptions to be reasonable given today's knowledge of what might happen in the future.
There are, however, several forecast assumption areas that require further cxplanation.
Level of Construction Since the TMI-2 accident, the GPU companies have virtually eliminated new generating station construction programs and have reduced non-nuclear construction programs at existing facilities.
This forecast assumes that a material increase in our construc-tion program will commenet in 1982.
However, this increase --
which includes undertaking new project initiatives such as the Sayreville coal conversion, the Ontario Hydro Tie and major dis-tribution system improvements -- can and only will be possible given our other assumptions about events'sach as the return to service and rate base of TMI-1, available credit for the com-panies, a project financing vehicle for the Ontario Hydro Pro-ject, adequate rate relief and the like.
The forecast assump-tions are interdependent so that if one of our assumptions changes (e.g. rate relief) then others (e.g. construction pro-grams) will change as well.
The 46% increase in construction expenditures from 1981 to 1982 (see Appandix A, S265 million to $388 million) will not take place if there is a materi ally adverse development relative to the assumptions that we have made.
Level of Base Rate Relief The major driving element in any utility's financial fore-cast is the rate relief assumption.
In this forecast we have elected to keep the rate relief assumption conservative by only applying future rate relief that is consistent with the rate making that we have experienced since the accident.
We believe that our needs and f airness to our ir.vestors dictate a different level of rate relief and we are so requesting and arguing in our current rate cases.
The level of awards assumed in this forecast merely reflects the application of the rate-making that we have experienced since the accident.
Lovel of Expenditures at TMI-2 Our 1981 budget for TMI-2 has been established at about S60 million which is intended to be both a program that complies with current regulatory agency directives and is consistent with our current financial condition.
i
1 A major directive concerning spending at TMI-2 is the September 18, 1980 Pennsylvania PUC order which required Metro-politan Edison to " cease and desist from using any operating revenues for uninsured cleanup and restoration costs."
Our 1981 spending plan is based on complying with this order while con-tinuing to meet our license obligations with the NRC.
(See Dieckamp letter to Ahearne of September 12, 1980 and Ahearne letter to Dieckamp of January 12, 1981.)
About $4Q million 4
of this program is for minimum plant operations to protect the immediate health and safety of the public and these expendi-tures are considered to be in compliance with the PUC order.
The remaining S20 million for minor cleanup progress required by NRC and needed to reduce the intermediate and long-term threat to public and worker safety, is currently financed by property insurance receipts.
Our forecast continues this basic spending program, with a normal allowance for inflation, through 1983, when available insurance money will essentially be exhausted.
At that time, the forecast assumes a return to the S40 million per year (1981 dollars) spending level.
The difference between this level of spending and the level of spending required to complete the clean-up of TMI-2 is assumed to be provided from some source (e.g. government or industry) other-than customer evenues.
To the extent that external fund-ing is not available, customer revenues would be required on a dollar for dollar basis.
This additional capital and funds requirement is not included in our forecast.
I I
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3.
General Public Utilities 1981-1986 Forecast Major Assumptions I.
Costs and Construction Forecast Period 1981 through 1986.
TMI* Availability TMI-l returns to full power 1/1/82.
TMI-2 out of service throughout the forecast period.
Construction Substantial increase in construction expenditures are included in the forecast starting in 1982. In summary, the follow-ing construction is included:
New Generation - Forked River nuclear pro]ect is abandoned.
Jersey Central's Sayreville oil units are converted to coal at a total cost of S100 million.
Penelec (90%) and Jersey Central (10%) construct Seward-7 coal unit to go in service in 1989.
Major construction expenditures on Seward-7 begin in 1983.
Expenditures start in 1983 for new units that are to go in service in the early 1990's.
Transmission - Jersey Central constructs the Ontario Hydro tie at a cost of S250 million.
Pro 3ect financing is assumed available for 70% of the Ontario Hydro project.
USDOE Deferral - The USDOE deferral of
$39 million (JC - S22 million, ME - Sll million, PN - S6 million) is assumed to be paid in 1981.
The construction expenditures are summarized on Appendix A.
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- Energy Costs
- 2 oil escalates 20% in 1981 and 12%
annually thereafter.
TMI-2 Costs As explained in the introduction to the 4
- forecast, expenditures at TMI-2 are constrained by various ' regulatory agency directives.
The resultant expenditure level reflecting i
these constraintu is shown in Appendix B.
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5.
General Public Utilities 1981&l982 Forecast Major Assumptions II.
Financina Assumptions New Capital Bonds 15.5%
Short-Term Debt 15.0%
JC's Project Financing 15.0%
Short-Term Debt The GPU System maintains the Revolving Credit Agreement (RCA) with the following limits:
JCP&L S122 million Met-Ed Met-Ed retains its current credit limit formula:
deferred energy balance plus uranium pledge (S20 million) plus accounts receivable pledge (S20-24 million).
When TMI-1 returns to service and rate base Met-Ed's credit limit re-verts back to its previous level of S105 million.
f Penelec S116 million GPU Corp.
S 75 million 4
System Total S292 million GPU Common Stock No new shares are issued.
GPU Comanon Dividend For financial forecasting purposes, we have assumed no external common equity sales so that GPU's common equity needs must be met through retained earnings.
We have selected our target common equity capital-ization (including short-term debt) percentage as 35% to 36%.
With these two assumptions our external dividend becomes those earning in excess if our retained earning needs as defined by our common equity capitalizetion goal. We have shown such a dividend starting in 1983 and continuing throughout the forecast pe riod.
This dividend assumption results in GPU payine; out about 25% of its earning in tie 1983 to 1986 period.
This dividend assumption and the payment of, or lack of par.nent of, a dividend in the future is not an indication of the prospective divident policy which is reviewed quarterly by the GPU Board of Directors.
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i 6.
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s Subsidiary Dividends to GPU 1981-1986:' Penelec and JCP&L pay their earnings to GPU.
I Capital Cont: ibutions to Subsidiaries 1981-1982: None except f or. reta ined i
earnings of subsidiaries.
i 1983-1986: As required to support I
capital projects.
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General Public Utilities 1981-1986 Forecast Major Assumptions III Ratemaking Energy Clauses The energy clause assumption for Met-Ed and Penelec is intended to reflect our most recent ratemaking decisions which allow for an amortization of our existing deferred energy balance by the end of 1981 and energy clause factors : hat keep the Pennsylvania subsidiaries current on energy costs in the future periods.
For Jersey Central, the assumption is that their de-ferred energy balance is amortized by the end of 1982 and they are also kept current on their energy costs.
Base Revenues Appendix C details the ratemaking for 1981 which reflects the assumed disposition of our current base rate cases for all three t
subsidiaries.
We believe tha t our assump-tions are consistent with the ratemaking that we have experienced since the TMI-2 accident in that the awards we have assumed do not provide any revenue allowance for TMI-2 or TMI-l when they are not in ser-Vice; provides no customer revenues to assist in the clean-up as either an ex-pense or rate base allowance; and does not change the allowed or earned return on common equity to reflect higher risks.
In 1982, the level of base rate increases for all three companies have been determined as follows:
Ratemaking provides revenues in the current year sufficient to have produced an earned return in the prior year of approximately 14% on the prior year's common equity de-voted to rate base.
Excluded from rate base are the TMI-2 clean-up costs and, for Jersey Central, the unamortized Forked River investment.
Also excluded as an allowable rate making expense are the O&M costs for TMI-2 that we are charging against income.
In the later years of the forecast period, CWIP is included in rate base as required to support the financing requirements for the high level of New Gene?:ation construction.
Appendix D is a grapa of average customer cost (revenues divided by Kwh sales) that results from these ratemaking assumptions.
8 General Public Utilities Corporation U. S. NUCLEAR RECULATORY COMMISSION THREE MILE ISLAND NUCLEAR STATION, UNIT ?J0. I p START PROCEEDING - DOCKET NO. 50-289 ATTACHMENT FOR ITEM NO. 5 STATEMENT OF PRO FORMA SOURCES 4ND USES OF FUNDS FOR PLANT MODIFICATIONS, CLEANUP ACTIVITIES, CONSTRUCTION EXPENDITURES AND CAPITAL STRUCTURE (MILLIONS OF DOLLARS)
YEARS 1981 1982 1983 1984 1985 1986 EXTERNAL FUNCTIONS Common Stock Preferred $tock Long-term debt 50 145 205
. T00 T75 Notes payable (15)
(70) 31 17 (51) 38 7
7 T6 16 Project Financing (Ontario Hydro)
Contributions from 1
parent-net 7
Other funds (describe)(1) 7 3)
P TT) 7)
Total External Funds
$ 14
$ 8
$245
$295
$248
$315 INTERNALLTCENERATEDChSH Net Income 52 150 145 147 164 183 Less:
preterred dividends (42)
(42)
(41)
(40)
(40)
(39) common dividends T25) 728) 7II)
TTl)
Retained earnings 10 108 79 79 93 107 Deferred taxes 25 34 25 48
- ~57 7
Insest. tax cred. deferred T) 56 50 T
T 3
Depreciation and amort.
157 165 174 185 227 243 Deferred Energy 99 41
~~T 7
7 7
Change in working capital (2)
M)
'5T T
T T
T Less: AFDC (IR)
(25)
(34)
(32)
(29)
(32)
Total Internal Funds 25I 432 344 381 479 490 TOTAL FUNOS
${
Sy
$y
${
${
${
CONSTPUCTION EXPENDITURES TMI-2 Cleanup 11 20 21 23 TMI-l Modifications.")
~I6 i
Other Construction Exp.
237 363 465 553 5s6 710 TOTA 1.
$y
$y
$]
$ _575
$[
$]
4-OTHER CAPITAL RIOUIRE?'ENTS Redemptica of Maturing 10 22 97 87 123 55 j
i Bonds
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Acquisition of Bonds for Sinking Funds 4
8 8
6 9
9 j
Miscellaneous Require-4 ments (detail) (5) 6 47 8
8 8
8 i
TOTAL CAPITAL RIQUIREMENTS
$267
$440
$$89
$676
$727
$305 CAPITAL STRUCTURE ($ & %)
j Long-tem debt
$2157 53% $2166 52 $2252 52 $2440 53% $2605 531. $2814 54%
4 Preferred stock
$10 52_
504 12 500 11 494 11 489 10 683 9
Comman equity 1424 35 1532 36 1611 37 1690 36 1783 37%
'890 37 60TAL
$4091 100_%
$4202 100% $4363 100% $4624 100 $4877 1L0% $'5187 100:
Short-term Debt
$135
$ 64 9 95
$,t_I,2, Sg
$,,9,,9 I
COVERACES Not Apolicable for Consolidated In te re s t Preferred Stock (1) Temporary Investments (2) Includes Payment of Accrued Construction Liabilities of $56 i
million, of which DOE is $39 million.
sJ) Exclusive of AFDC j
(')
Consistent with data request No. 2.
L.e..
only pre-*cartup modtfications.are s u un.
f (5) Debenture and Pref erred Stock Sir. king Funds and CPU's $3) e111 ton Ter:s Loan in 1932
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9.
Jersey Central Power & Light U. S. NUCLEAA RECULATORY COMMISSION THREE MILE ISLAND NUCLEAR STATION, UN!T NO. 1 RESTART PROCIEDINC - DOCKET No. 50-289 ATTACHMENT FOR ITEM NO. 5 STATEMENT OF PPO FCRMA SOURCES AND USES OF FUNDS FOR PLAN
- MODIFICATIONS, CLEANLP ACTIVITIES, CONSTRUCTICN EXPENDITURES AND CAPITAL STRUC l'RE (MILLIONS OF DCLLARS)
YEARS 1981 1982 1983 1984 1985 1986 EX*ERNAL FUNC* IONS Common Stock 3 -
S s
Pref erred Stock 7
7 7
7 Long-term debt 50 T
T IIT I 60 Notes payable 10 (51) ee (6)
E)
Projects Financing (Ont. Hydro) -
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3
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Contributions from pa rent-ne t 30 30 30 40 Other f unds (describe)(I)
- otal External Funds
$2
$2
$N SE
$3
$2
!NTERNALLY CENERATED CASM Net income 30 71 67 74 77 80 Less:
preferred dividends (18)
(18)
(17)
(17)
(17)
(16) common dividends M)
Q)
(69)
(56)
(58)
M)
Retained earnings 1
1 2
2 Deferred taxes T
~T6 7
~T6 "Tti
~TT Invest. tax cred. deferred T,_8,)
T "TT 32 26 25 Depreciation and amort.
64 68 72 78 115 125 Deferred Energy 7
7 7
7
~~T 7
Change in working capital (2) 7)
28 51
~3T 68 40 Less: AJVC (11)
(15)
(22)
(16)
(le)
(9)
Total Internal Funds UI I7I T37 III TIT TC6 7
TOTAL FUNDS
$2
$3
$]
${
$]
CONSTRUC* ION EXPEND!*UPES(3)
TMI-2 Cleartip S -
3 3
$ 5 5 5 3 6 TMI-! Modificatic.M ')
7 7
Other Construction Exp.
117 193 251 323 286 271 TOTAL SM SM),
$5 SM SM
$2 CTMER CAPI *AL REQUIREMENTS Redemption of Maturing Bonds 5
5 35 15 73 29 Acquisition of Bonds
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~
~
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for Sinking Funds 4
4 4
5 5
Miscellaneous Re ire-ments (dera* " )
3 5
5 5
5 5
TOTAL CAPITAL REQUIREMENTS
$1]Q
$g 3),11 CAPITAL STRUC*URE ($ & )
Long-tere debt S 883 50: $ 952 52: $ 995 $3: $1144 55: $1188 55: $1252 56:
Preferred stock 2C2 11 199 11 19/ 10 194 9
192 9
189 8
Common equity 671 39 671 37 102 37 733 36 765 36 807 36 TOTAL
$,LU,t lL,2 S M Q: Sta*e InC: $121L,go,: SM6 $22@ !m:
Short-term Debe s 67 s 15
$ 61
$ 55
$ 59
$ 29 COVERACES Interest 1.76 2.45 2.09 2.01 2.05 1.09 Preferred Stock 1.09 1.51 1.34 1.29 1.31 1.32 1 Temporary Investments 2
Includes Par.sent of Accrued Construction Liabilities of $41 million, of which DOE is $22 million Exclusive of AFDC 4 Consistent with data request No. 2 5 Cebenture and Preferred Stock Sinking Fund i
Accrued interest on Proj ect Financing included
10.
Metropolitan Edison Company U. S. NUCLEAR RECT'LATORY C0f0CS$1CN THREE 'f1LE ISLAND NUCLEAR STATION. UN!* NO. 1 RES*AR* PROCEEDINC - DOCKET No. 50-290 A*TACMwENT FOR ITEM NO. 5 STATEWENT OF PRO FOR.MA SOURCES AND USES OF FUNDS FOR PLANT MODIFICATIONS, CLEANUP ACTIVITIES, CONSTRUC*!ON EXPENDITURES AND CAPITAL STRUC*URE (MILLICNS OF DOLLARS)
YEARS 1981 J032 1983 1984 1985 1986 EXTERNAL FUNC* IONS 3
S Common Stock Preferred Stock 50 15 7
7 Long-term debt Notes payable g)
])
])
]
])
]
Contributions from 15 parent-net 7)
Other f unds (describe)(I)
Total External Funds
$])
$])
$]
$]
$]
$]
!NTERNALLY CENERA*ED CASH Net Income (2) 31 34 23 36 43 Less:
preferred dividends (10)
(10)
(10)
(10)
(10)
(10) common dividends Retained earnings (12) 21 24 T
26 33 Deferred taxes TIT) 7
-T T
T T
14 14 (5) 5 Invest. tax cred. deferred Depreciation and amort.
T 42
=e 46 7
T Deferred Energy
=8 (3) 7 7
7 7
Change in working capital (2) 7)
T T
T T
T Less: AFDC (4)
(6)
(5)
(5) d6)
(10)
Total Internal 7unds 7
T T
T5T ITT TOTAL FUN 0?
$ 43
$ 81
$140
$100
$156
$189 CONSTRUC* ION EXPENDI"LRES(3)
TM1-2 Cleanup 3 5
$ 10
$ 11 3 !!
TMI-t 'todifications(')
7 Other C)nstruction Exp.
T 7
7
~7I T
TEI TCIAL
$ 61
$ 71 5 88 3 83
$106
$179 OTHER CAPITAL REQUIREMENTS Redemption of Maturing Bonds 8
50 15 50 8
Acquisition of Bonds for Sinking Funds 2
2 2
2 2
2 Miscellaneous Require-ments (detail)
TOTAL CAPITAL REQUIRE.wENTS S 43
$ 81 s140
$100
$156
$189 CAPITAL STPUC*URE ($ & )
Long-term cent 3 542 523 $ $32 512 $ 530 50 $ $28 49: $ 551 48: $ 621 50:
Preferred stock 160 13 140 13 140 13 140 13 160 12 160 11 Common equity 356 35 377 36 600 37 413 38 456 40 487 39 TOTAL
$1038 136
,1049 100: $10/0 100: $1081 100: $1145IQ: $12 6 100:
Short-ters Debt (3)
$3
$ 39
$ 34
$ 39 COVERACES Interest
.93 2.42 2.75 1.97 2.09 1.98 Preferred Stock
.83 1.39 E3T 1.19 1.29 1.28 1 Temporary Investments 2 1981 Includes Payment of DOE Liability of $11 million 3 Exclusive of ATDC 4 Consistent with data request No. 2
' Excludee $13 millions bonds assumed to be paid of f in 1985 and 1936
11.
Pennsylvania Electric Company U. S. NUCLEAR RICCIATORY COMMISSION THREE MILE ISLAND NUCLEAR STATION, UNIT No. I RESTART PROCEEDINC - DOCKET NO. 50-289
^
AT*ACHMENT FOR I*EM NO. 5 STAT!"ENT OF PRO FORwA SOURCES AND USES OF FUNDS FOR PLANT MODIFICATIONS, CLEANUP AC*IVITIES, CONSTRUCTION EXPENDITURES AND CAPITAL STRUCTURE MILLIONS OF DOLLARS)
YEARS 1981 1982 1983 g
1985 1986 EX*ERNAL FUNC* IONS
- Common Stock S -
S -
S -
S S -
Preferred Stock 7
7 Long-ters debt 60 LOO 100 100 Notes payeble 7
7 Contributions from 7
~TT6) 7
-Tii)
~
~
~
40 30 20 40 parent-net Other f unds (describe)(I) 3 7
Total External Funds
$3 33
$3 SE SE INTERNALLT CENERA!!D CASH Net Income 39 53 46 53 54 65 Less:
preferred dividends (14)
(!')
(13' (13)
(13)
(12) common dividends I2I)
Q)
(31)
(38)
(40)
TH)
Retained earnings 3
4 2
2 1
1 Ceferred taxes
~I6 7
18 3
~I2 Invest. tax cred. deferred 7
5 9
13 16 9
Depreciation and amort.
52 55 58 e2 65 09
- ferred Energy 7
7 Change in working capital (2)
T)
Y TIT)
T) i Less: AFOC (3)
(6)
(7)
(11)
(9)
(13)
Total Internal Funds Y
7 7
7
~TT T
TOTAi, FUNDS
$3 SM
$3 SM CONS *RUC"!CN EXPENDI*URES(3)
IMI-2 Cleanup S -
S 3
$ 5 3 5 3 6 Thl-1 Modifications (')
7 Other Construction Exp.
44 99 131 157 187 271
- 0TAL
$3 32 SC
$2
$3 SU 0*HER CAPITAL REOUIREMENTS Recemption or M curing Sonds j
9 12 57 13 Acquisition of Sonds for Sinkius Funds 2
2 2
2
,,,,,1 j
Miscellaneous Require-ments (detail)(3) 3 3
3 3
3 3
T3*AL CAPITAL REQUIREMENTS S,0,,1 3,Q1 S,1,11 Sij,t.
S L,1 SM CAP!TAL S*RUC*URE (1 4 !)
Long-term aest S 631 54*
$ 669 53% $ 715 53* $ 756 54: 5 954 56: S 9?4 57' Preferred stock led t3 165 13 103 t2 ISO 11 157 10 15 9
Common equity
- 20 33
_.21 34 ee) 35 495 35 516 3.
557 3.
TOTAL SM% SMt $191 font Stal! m0% Sg St u t r'nt Short-term Debt S -
$ 10 3 -
$ 18
$ 2 5 70 COVERACES Interest 2.13 2.81 2.23 2.25 2.05 2.21 Preferred Stock 1.36 t.55 1.33 1.36 1.30 t.33 i, Temporary Investments
' 1981 Includes Payment of OCE Liability of $6 million 3 Exclusive of AE3C Consistent with data request No. 2 5 2ebenture and Preferred Stoex Sinking Fund
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PENNSYINANI A ELECMIC Cott"ANY Construction Forecast
($ Millions)
In-Service Date 1981 1982 1983 1984 1985 1986 Hew Ceneration Rays town 1985 1
3 5
6 3
Sewa rd-7 1989 1
2 25 36 66 134 Coal #1 1991 1
I 3
5 Coal #2 1993 1
2 5
other Total 2
5 31 7T
~7T 144 t
Existing Generation DtI-I 5
9 10 4
6 9
other 32 38 40 43 36 34 Total Generation 39 52 81 91 116 187 Transmission 8
13 17 20 20 22 Distribution 33 34 36 47 49 50 Nuclear Fuel 5
2 2
8 9
23 Cencra l 4
2 2
2 2
2 Total Construction 89 103 138 168 196 284
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0: 'o O 'O CD tD OX yo to I
~
i Appendix B i
GENERAL PUBLIC UTILITIES TMI-2 Expenditure Forecast (S Millions)
TMI-2 Deferrals 1981 1982 1983 1984 1985 1986 Deferred Costs
$ 42 S 45
$ 48
$ 23 S 21
$ 23 Insurance Proceeds (41)
(44)
(37)
(3)
Net Deferred Cost
$ 'T S7
$ TT s 26 s 21 s 23 O&M Charged to Expense
$ 19 S 18
$ 19
$ 21
$ 22
$ 24 1
Note:
All costs are allocated among the GPU subsidiaries in pro-portion to their TMI-2 ownership (JCP&L and Penelec - 25%
each, Met-Ed - 50%).
An external source of funds for additional TMI-2 cleanup is assumed to be available after 1983.
4 l
a 9
4 n.
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Appendix C GENERAL PUBLIC UTILITIES Assumed Disposition of Current Base Rate Cases In 1981 (S Millions)
Last allowed ROE Amortization on "re cognized "
Revenues for Rate Base the Forked Inve's tmenb1I River Investment Base Revenue Increases Jersev Central
^
(2)
Annual Award S
S27 Ef fective Date March Met-Ed Annual Award S35 Effective Date May Penelec Annual Award S40 Ef fective Da te May (1)
Excludes all capital and operating costs associated with the following investments:
- TMI-1 (until 1/1/82)
- TMI-2
- Deferred TMI clean-up costs
- Unamortized Forked River investment (2)
Jersey Central interim award cf $60 million in June 1980 assumed to be retained.
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Appendix D
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