ML19345G399
| ML19345G399 | |
| Person / Time | |
|---|---|
| Site: | Maine Yankee |
| Issue date: | 04/02/1981 |
| From: | Howe R Maine Yankee |
| To: | NRC |
| References | |
| NUDOCS 8104070173 | |
| Download: ML19345G399 (47) | |
Text
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United States Nuclear Regulatory Cor:=ission kl Washington, DC 20555 Gentlemen:
Pursuant to Secticn 50 71 (b) of Rules and Regula-tions, we are enclosirg ten certified copies of our 1980 annual financial report.
Very truly yours,
, Q f !* J Robert S. Howe Cetptroller Encs.
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810 4 0 70 lVh T
O SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K i
Annual Report under Section 13 or 15(d) of The Securities Exchange Act of 1934 For the fiscal year ended Commission file number December 31, 1960 1-6554 MAINE YANKEE ATOMIC POWER COMPA.f T
(Exact name of registrant as specified in its charter)
E Maine 01-0278125 (State or other jurisdiction of (1.R.S. Employer incorporation or organization)
Identification No.)
Edison Drive, Augusta, Maine 04336 (Address of principal executive (Zip Code) offices)
Registrant',s telephone number including area code 207-623-3521 Securities registered pursuant to Section 12(b) of the Act:
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Name of each exchange Title of each class on which tagistered b,
p First Mortgage Bonds, Series A
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(Sinking Fund) 9.10% Due 2002 New York Stock Exchange First Mortgage Bonds, Series B (Sinking Fund) 8 1/2% Due 2002 New York Stock Exchange First Mortgage Bryds, Series C (Sinking Fund) 5/8% Due 2002 New York Stock Exchange Indicat. by check mars whether the registrant (1) has filed all g
reports nquired to be - filed by Section 13 or 15(d) of the Securities Exchange Commission Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesN/ No State the aggregate market value of the voting stock held by non-affiliates of the registrant.
S50,000,000 based on the par value of the Common Stock. There is no market in this security.
Indicate the number of shares outstanding of each of the regis-trant's classes of cosumon stock, as of the latest practicable date.
Shares Outstanding Class as of December 31, 1980 Common-stoek 500,000 v-
Maine Yankee Atomic Power Company Fora 10-K-1980 PART I ITEM 1 - BUSINESS (a). General.
The Company, incorporated under the laws of Maine on January 3, 1966, owns and operates a pressurized water nuclear powered electric generating plant at Wiscasset, Maine, with a current net capa-bility of approximately 830 megawatts electric (the " Plant"). The Com-pany sells its capacity and output to its eleven sponsoring utilities.
The Company's principal office is located on Edison Drive. Augusta, Maine 04336, and its telephone number is (207) 623-3521.
The Company is sponsored by eleven investor-owned Nes r.ngland utilities (the " Sponsors"), each of which committed itself und.er a Power Contract with the Company to purchase a specified percentage of the capacity and output of the Plant and pay therefor, beginning on January 1, 1973, a like percentage of amounts sufficient to pay its fuel costs, operating l
expenses (including a depreciation accrual at a rate sufficient to fully i
amortize the investment in the Plant over a period erding May 1, 2002),
interest on its debt and a composite return of 9.8% or. its capital stock equity.
However, due to limitations imposed by the Federal Power Com-
" ' " " ' " ' ' ' ' ' ' ' ' ' " * " * ' " " * " ' ' ' " ' ' " " * * ~ ' ' " ' " ' ' " ' " ' '
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return on the Company's common equity, the actual composite return is aorew'ia t less.
Each sponsor has also agre.:d under a Capital Funds Agreement with the Company to provide a like percentage of the Com-
-pany's capital requirements not obtained f rom other sources, subject to obtaining necessary authorizations of regulatory bodies in each instance.
All such obligations are subject to the continuing jurisdic-tion of various Federal and state regulatory bodies.
(b). Problems Affecting the Industry rid the Company.
Events at the Three Mile Island Nuclear Unit No. :: -in Pennsylvania ("TMI") caused increased concern about the safety of nuclear generating plants.
The Company. cannot predict what effect the events at TMI, which have pre-cipitated renewed opposition to nuclear power, may ultimately have upon the continued - operation of the Company's nucle,r generating facility, v
The TMI incident has prompted a rigorous reexamination of safety related equipment and operating procedures in all nuclear facilities and has caused the Nucleaf Regulatory Commission (NRC) to promulgate numerous
. requirements in response to TMI,. including both near-term modifications to upgrade certain safety systems and instrumentations and longer-term design changes, ranging from equipe.ent changes to operational support.
The Company's : nuclear. facility and ' all other nuclear facilities -are being reexamined by the NRC to determine the scope of modifications necessary to comply with these new requirements.
The Company has made the near-term modifications required by the NRC and is still in the process of evaluating th it. pact of the long-term improvements suggested I-1 1"
l Maine Yankee Atomic Power Company Form 10-K-1980 ITEM 1 - BUSINESS (continued).
by the NRC staff. However, until the scope of those latter improvements, they apply to particular reactors, has been defined by the NRC, the ascost of any modifications and their effect, if any, et the operations of the Company cannot be quantified.
While the uhinate effect of these reexaminations, studies and proposals cannot be specifically predicted, they could result in costly modifications of the Company's nuclear plant.
(c) Regulation and Environmental Matters. The nuclear generating facil-ity of Maine Yankee is subject to extensive regulation by the NRC. The NRC is empowered to authorize the siting, construction and operation of a
nuclear reactors af ter consideration of public health, safety, environ-mental and antitrust matters.
The United States Environmental Protection Agency (" EPA") administers programs established under the Federal Water Pollution Control Act and the Clean Air Act which affect the Plant. The former Act establishes a national objective of complete elimination of discharges of pollutants into the nation's water and creates a rigorous permit program designed to achieve this objective.
The latter Act empowers EPA to establish clean air standards which are implemented ar.d enforced by state agen-cies.
The EPA has broad authority in administering these p rograms,
including the ability to require lu;.allation of pollution control and g
mitigation devices.
The Company S also subject to regulation with regard to environmental matters and land use by various state authori-ties-Under their continuing jurisdictior, the NRC and one or more of the EPA and tha state authorities having jurisdiction over the Company's facili-ties may modify permits or licenses which have already been issued, or impose new conditions on such permits or licenses, and may require additional capital expenditures or require that the level of the opera-tion of a unit be temporarily cr permanentlf reduced.
See " Problems Affecting the Industry and the Company".
However, since the eleven Sponsors of the Company have agreed to provide the required capital not otherwise available, to take the total output of the Plant, and to pay all costs including capital costs,..tatutory requirements with a
respect to environmental quality, although they could necessitate significant cash outlays, will not materially affect the earning power of the Company or cause material changes in the registrant's business or intended business.
(d) Nuclear Fuel. The Company has contracted for the purchase of all of its uranium concentrate requirements through 1986. The Company has con-version contracts through 1983 and is presentl3 negotiating for conver-sion services expected to meet requirements through 1995.
It has a contract with DOE for enrichment services through 2002, and its fabrica-tion requirements are covered through 1983, and it is negotiating for O
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Maine Yankee Atomic Power Comyany Form 10-K-1980 ITEM 1 - BUSINESS (continued) such services through 1988.
As is the case throughout the nuclear in-dustry, the Company has no contractual arrangements for the final disposition of spent fuel.
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In September 1979, the Company filed with the NRC a proposed change to its operating license relating to increasing its existing spent fuel storage capacity by providing more compact fuel storage. On October 24, 1979, the NRC published notice of the proposed issuance of a license amendment implementing the change and providing an opportunity for interested persons to petition for leave to intervene and request a hearing.
A timely petition and request was filed by Sensible Maine Powee, a non profit corporation, and the Attorney General of Maine filed a notice of his intent to participate in any hearing.
The NRC has established an Atomic Safety and Licensing Board to preside over the proceeding.
The Company anticipates that an adjudicatory hearing will commence in the latter half of 1981.
The Company cannot predict the scope of the proceeding, its duration or its outcome.
The present capacity of the spent fuel pool at the Company's plant will be filled in 1987 and af ter 1984 would not accommodate a full core re-p)
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moval.
The modification of this capacity proposed by the Company differs from designs heretofore implemented at other nuclear facilities but is essentially the same basic concept of more compact storage in the existing spent fuel pool.
If the proposed modification is not approved, the Company will have to develop alternative plans which would involve further approval by the NRC.
Maine Yankee does not currently utilize a net salvage value for spent fuel in its nuclear fuel cost calculations.
Maine Yankee's nuclear i
fuel in the reactor is amortized on the basis of original cost plus the estimated cost of disposition of that fuel.
l (e) Employees.
At December 31, 1980, the Ccmpany had 161 employees.
l ITEM 2 - PROPERTIES l
The Plant is located on tidewater on Bailey Point in Wiscasset, Maine, on a 740-acre site which is owned in fee by the Company and is adequate for the Plant and for the associated switchyard facilities (which are l
owned in part and operated by Central Maine Power Company).
It is a nuclear powered electric generating plant, utilizing a pressurized l-water reactor, fueled with slightly enriched uranium dioxida.
The l
nuclear steam supply system and certain other equipment were designed and fabricated by Combustion Engineering, Inc.
The turbine generator l
was supplied by Westinghause Electric Corporation.
Stone & Webster Engineering Corporation, as engineer and constructor, designed and constructed the Plant.
The nuclear design and construction of the sj l
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Maine Yankee Atomic Power Company Form 10-K-1980 0
ITEM 2 - PROPERTIES (continued)
Plant was supervised by the Nuclear Services Division of Yankee Atomic Electric Company, which supervised and is supervising the design and construction of several nuclear generating plants in New England. Con-struction of the Plant, which began in 1967, was completed in 1972 except for certain discharge temperature control facilities designed to meet the requirements of the Maine Board of Environmental Protection, which were completed in 1975.
ITEF 3 - LEGAL PROCEEDINGS The operation of existing nuclear units and the construction of nuclear units presently planned in the United States continue to be a subject of public controversy. Various groups have filed law suits and participat-
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ed in administrative proceedings claiming that the present state of nuclear technology presents rists to public health and safety and to the environment.
In addition, certain of these groups have proposed restrictive legislation relating to nuclear power.
Some of the claims made by such groups, if they should prevail, or the existence of the controversy itself, could cauce substantial modifications to or extended shutdowns of plants presently in operation.
See Item 1.
" Problems Affecting the Industry and the Company".
The Price-Anderson Act is a Federal statute providing, among other things, that the maximum liability for damages resulting from a nuclear incident would be $560 million, to be provided by private insurance and governmental resources.
As required by the NRC regulations, prior to operation of a nuclear reactor, the licensee of the reactor is required to insure against this exposure by purchasing the maximem available private insurance (presently $160 million), the remainder to be covered by the recently implemented retrospective premium insurance and by an indemnity agreement with the NRC.
Under amendments to that Act, owners of operating nuclear facilities may be assessed a retrospective premium of up to $5 million for each reactor owned in the event of any one nuclear incident occurring at any reactor in the United States, with a maximum assessment of $10 million per year per reactor owned.
The Maine Yankee Plant was declared commercial December 28, 1972, with regular operation at approximately 570 megawatts electric (net) starting on January 1, 1973, in accordance with the Power Contract. Hearings on the Company's application for a forty year license at full operation were completed in 1972 and the license for full operation at approxi-granted by the Atomic Energy mately 790 megawatts electric (net) was Commission ("AEC"), the predecessor of the NRC, on June 29, 1973. Dur-ing 1978 the NRC authorized an increase in the output rating of the plant to approximately 850 megawatts electric (net).
The Company's nuclear generating plant, which had been temporarily shut down along with four other nuclear units pursuant to a March 13, 1979 I-4
Maine Yankee Atomic Power Company qtv Form 10-K-1980 ITEM 3 - LEGAL PFOCEEDINGS (continued) order of the NRC staff, was restored to power production on June 5, 1979 after the orde. was lifted on May 24 The order was based on the dis-covery by the NRC of an allegedly improper analysis technique in a com-puter code used by the architect-engineering firm which designed the plant in predicting the stress I-L which would be placed on some safety-related piping systems of the plant in the event of a major earthquake. During the shutdown the Company performed reanalyses
- the ened piping systems in accordance with the order, and the plant war to commercial operation without modification of the systems.
The Company's plant was shut down on January 11, 1980 for a scheduled reloading of its nuclear fuel and was restored to power production on March 15, 1980. During the shutdown the Company also made certain modi-
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fications required by the NRC as a result of the TMI incident.
See Item 1. " Problems Affecting the Industry and the Company".
The Power Contracts between Maine Yankee and its sponsors require the sponsors to continue to make monthly payments thereunder through 2002 whether or not the plant is in operation except under circumstances not now applicable which would entitle the sponsors to cancel the Power
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Contracts.
The Sponsors are also obligated under the Capital Funds Agreements with Maine Yankee to pay their respective shares of the capi-tal requirements of Maine Yankee, not otherwise obtainable, which would include the cost of any modifications to the Plant that may be required pursuant to an NRC Order.
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Maina Yankee Atosic Powar Company Form 10-K-1980 ITEM 4 - SECURITY OWNERSHIP 0F CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table shows the ownership of the Company's 500,000 shares of $100 par value Common Stock, all of which is issued and outstanding and all of which is held of record and beneficially.
None is held by management.
Amount Percentage
'Name and Class owned of Class Central Maine Power Company 190,000 shares 38%
Edison Drive Augusta, Maine 04336 New England Power Company 100,000 20 20 Turnpike Road (Route 9)
Westboro, Massachusetts 05181 The Connecticut Light and Power Company 40,000 8
PO Box 2010 Hartford, Connecticut 06101 Bangor Hydro-Electric Company 35,000 7
33 State Street Bangbr, Maine 04401 lll Maine Public Service Company 25,000 5
209 State Street Presque Isle, Maine 04769 Public Service Company of New Hampshire 25,000 5
PO Box 330 Manchester, New Hampshire 03 Cambridge Electric Light Company 20,000 4
675 Massachusetts Avenue Cambridge, Massachusetts 02139 Montaup Electric Company 20,000 4
PO Box 2333 Boston, Massachusetts 02107 The Hartford Electric Light Company 20,000 4
PO Box 2370 Hartford, Connecticut 06101 Western Massachusetts Electric Company if,000 3
174 Brush Hill Avenue West Springfield, Massachusetts 01089 Central Vermont Public Service Corporation 10,000 2
77 Grove Street lll Rutland, Vermont 05701 500,000 shares 100%
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PART II Maine Yankee Atomic Power Company Form 10-K-1980 ITEM 5-MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY HOLDER MATTERS.
De Company's Common Stock, being owned by the Company's eleven utility sponsors, is not publicly traded.
Transfer of the Common Stock is restricted by the Company's bylaws.
De Company has paid cash dividends on its Common Stock to its eleven utility sponsors in each year of operation,1973 through 1980.
De following table shows cash dividends paid for years 1980 and 1979:
1980 1979 Shares Outstanding Per Share Per Share January 500,000 3 3.35
$ 3 40 April 500,000 3 15 3 35 July.
500,000 3.25 3 35 October 500,000 3 25 3 20
$13 00
$1130 he payment of dividends ir me Company's common stock is subject to the following restriations:
(1) he Company's First Mortgage Indenture 'provides that it will not declare or pay any dividend on any class of its stock, except out of earned surplus, and will not declare or pay any.
such dividend or directly or indirectly make any payment on account of the purchase, redemption, acquisition or other retirement of any shares of its stock, unless, after giving effect to such declaration or payment, the Company's Equity shall be at least 35% of Plant Construction Financing, and the Company 's Common Equity shall be at least 30% of Plant Construction Financing.
(2) ne Company 's Articles of Incorporation provide that so long as any shares of the Company's Cumulative Preferred Stock, 7.48% Series (Sinking Fund) are. outstanding, the payment of dividends on the Common Stock (other than dividends in Common Stock) and the making of distributions thereon is limited to 50% of Net Income Available for Dividends on Common Stock for the preceding twelve months if the Common Stock Equity (after such action) is less than 20% of Total Capitalization, and to 75% of such Net Income if such Common Stock Equity is 20% or more but less than 25% of Total Capitalization.
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Maine Yankee Atomic Power Company Form 10-K-1980 Item 6 - Selected Financial Data (Dollars in Thousands Except Per Share Amounts)
ITRt 6 - SFt.FCTED FINANCIAL, DATA.
1980 1979 1978 1977 1976 Selected Income Statement Data:
Electric Operating Bevenues
$ 84,245
$ 68,867
$ 70,373
$ 65,659
$ 58,860 Farnings Applicable to Common Stock 6,574 6,650 6,702 6,701 6,703 Farnings Per Share of Connon Stock 13 15 13 30 13 40 13.40 13 41 Dividends Declared Per Share of Common Stock 13 19 13 25 13 40 13.40 13.41 s
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Selected Balance Sheet Data:
Total Assets
$297,064
$287,105
$265,955
$262,917
$260,930 k
A long-Term Debt: (1) g First and General j
Mortgage Bonds 101,598 105,923 111,168 115,627 120,596
- j g Notes Payable to HYA ga Fuel Company 33,225 33,450 17,650 8,900 20,850 gg oo fledeemable Preferred Stock (1) 11,980 13,070 13,696 13,696 15,000 hh
!$ )s 8 m (1) See Notes 4 and 6 to Notes to Financial Statement.s.
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Maine Yankee Atomic Power Company Form 10-K-1980 w
ITEM 7 - MANAGEMENT'S DISCUSSICN AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
For a period of thirty years, commencing on January 1, 1973 in accordance with the Power Contracts and subject to certain limitations, each participant receives its entitlement percentage of plant output and is obligated to pay its entitlement percentage of the Ccmpany's total costs, including a return on invested capital, regardless of the level of operation of the plant.
0;:erating Pesults me following is management's analysis of certain significant factors which have affected the Company's operating costs.
Higher fuel expense for 1980 reflects (1) the i= pact of new fuel at higher rates being inserted into the reactor during the first quarter of 1980 (2) a change in In-Reactor fuel disposal assumptions and (3) a spent fuel disposal adjustment.
During 1979 lower fuel expense was experienced primarily as the result
.of the plant being ordered to shut down by the NBC from March 13' through May 24, 1979 and an outage during the month of September 1979 Cperation and maintenance costs for 1980 reflect increased expenses associated with outside services employed to meet new and continuing NRC requirements and a first quarter shutdown to refuel the reactor and perform necessary maintenance on equipment.
The primary reason for increases in operation costs in 1979 were expenses associated with the shutdown ordered by the NRC.
We Company did not have a refueling in 1979 Lower levels of maintenance activity, performed at the plant during 1979, were experienced between those occurring in 1978 during a refuelir4 Interest charges reflect greater borrowing to finance higher investments made for nuclear fuel and increasing construction requirements.
Interim financing rose 'signficantly on average during 1980 and 1979 and related interest
- rates, while fluctuating during certain periods, also rose un average.
We fluctuations in the amount of allowance for funds occur from the result of changes in level of investments in nuclear fuel r\\
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Maine Yankee Atomic Power Ccepany Form 10-K-1980 h
ITEM 7 - MANAGEMENT'S DISCUSSICN AND ANALYSIS OF FINANCI AL CONDITION AND BESULTS OF CPERATIONS. (continued)
Operating Results (continued) in process and construction work in progress along with changes in the rates of funds used to finance these investments.
During 1980 the increase in levels of investment in construction work in progress was due primarily to construction projects that included the progress payments for a spare turbine rotor and steam driven feed-water pump system.
Progressively higher levels of investment in nuclear fuel were made during the period to meet current and future refueling requirements.
Along with these higher levels of investment, higher interest rates were incurred on corporate borrowing to finance these investments.
Financial Condition During 1980, funds from operations (principally Amortization of g
Nuclear Fuel, Cepreciation and Net Income) amounted to nearly
$41.1 million.
Of these funds, $13 7 million was used to provide for sinking fund requirements and dividends on preferred and common stock.
These sources of funds were further reduced by an increase of $3 2.million in working capital requirements (exclusive of short-term borrowings and the current portion of long-term debt) resulting primarily from operating costs billed under the Company's power contract.
The net funds uailable from internal sources were $24.7 million or approximat sly 68% of Funds Used for Acquisition of Nuclear Fuel and Constauction of Electric Property which amounted to $36.6 million (net of allowance for equity funds of $1.1 million used for nuclear fuel and 3 3 million used during construction).
me Comparty funded $11.9 million, or the remaining 32% of these requirements, from short-term borrowings.
me Company, as well as the nuclear electric industry in general, has been plagued by common problees in recent years including those of (1) increasing operating costs attributable to greater regulatory requirements (2) financing of nuclear fuel and construction projects during a period of high inflation and unsettled borrowing market and (3) uncertainties O
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Me tr.c vankee Atomic Power Company Form 10-K-1980 IT94 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCI AL CONDITION AND RESULT 3 0F OPERATIONS. (continued)
Financial Condition (continued) caused by political involvement in nuclear utility regulation.
It is difficult at this time to predict the full impact that these factors will have in the future financial operation of the Company.
'Ihe Company anticipates expenditures to be approximately $15.4 million for construction and $30.1 million for nucler.c fuel (exclusive of AFN) for 1981.
Nuclear fuel expenditures are estimated to be $113 4 million (exclusive of AFN for the period 1982 through 1985.
Fuel expenditures are planned to be financed by the MYA Fuel Company Loan Agreement (See note 5 to No tes to Financial Statements) while the remainder of planned expenditures, plus working capital requirements, will be financed by internal sourcec, short-term borrowings, and to the extent necessary, other long-term financing.
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Maine Yankee Atomic Power Company Form 10-K-1980 0
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To Maine Yankee Atomic Power Company:
Ne have examined the balance sheet and statement of capitalization of Maine Yankee Atomic Power Company (a Maine corporation) as of Decem-ber 31, 1980 and 1979, and the related statements of income, changes in common stock investment and sources of funJs for acquisition of nuclear fuel and construction of electric propercy for the three years ended December 31, 1980, and the supporting rchedules as listed on the accom,
panying index.
Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we consid-ered necessary in the circumstances.
In our opinion, the financial statements referred to above present fairly the financial position of Maine Yankee Atomic Power Company as of December 31, 1980 and 1979, and the results of its operations and its sources of funds for acquisition of nuclear fuel and construction of l
electric property for the three years ended December 31, 1980, and the supporting schedules present fairly the information required to be set forth therein, all in conformity with generally accepted accounting principles applied on a consistent basis.
ARTHUR ANDERSEN & CO.
Boston, Massachusetts, February 6, 1981.
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Maina Yankee Atomic Power Cc=pany Forn 10-K-1980
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Maine Yankee Atomic Power Company STATDCDe7 0F INCOME (Dollars in Thousands Except Per Share Asounts)
Year Ended December 31, 1980 1979 1978 ELECTRIC OPERATING REVENUES 384,245 568,867
$70,373 OPERATING EXFENSES Fuel (Notes 1 and 10) 24,024 15,319 17,411 Operation 18,370 14,193 10,684 Maintenance (Note 1) 4,392 2,544 4,496 Depreciation and Amortization (Notes 1 and 10) 8,319 8,279 8,173 Taxes Federal and State Income (Note 2) 7,305 7,864 8,703 Local Property 3.801 3,750 4.094 Total Operating Erpenses 66.211 51,949 53,561 OPERATING INCOME 18,034 16,918 16,812 OTHER INCOME (EXPENSES)
I~D Allowance for Other Funds Used:
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During Construction (Note 1) 253 76 50 For Nuclear Fuel (Note 1) 1,118 1,547 1,341 Other (145)
(113)
(6)
INCOME BEFORE INTEREST CHARGES 19.260 18,428 18,197 INTEREST CHARGES Lang-Term Debt (Notes 4 and 5) 14,171 13,307 11,534 Other 1,480 205 49 Allowance for Borrowed Funds Used:
During Construction (Note 1)
(409)
(133)
(90)
For Nuclear Fuel (Note 1)
'(3,490)
(2.602)
(1,023)
Total Interest Charges 11,752 10,777 10,470 N
NET INCCME 7,508 7,651 7,727 Dividends on Preferred Stock 934 1,001 1,025 EARNINGS APPEICABLE TO COMMON STOCK $ 6.574 S 6,650
$ 6,702 SHARES OF COMMON STOCK OUTSTANDING 500.000 500.000 500,000 l.
EARNINGS PER SHARE OF COMMON STOCK S13.15 513.30
$13.40 I) v DIVIDENDS DECI.ARED PER SHARE OF
? COMMON STOCK
$13.19
'$13.25
$13.40 The accompanying notes are an integral part of these financial statements.
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1 Miin Yank o Ato2ic Powar Co:pany Form 10-K-1980 Maine Yankee Atomic Power Company BALANCE SHEET (Dollars in Thousands)
ASSETS December 31, 1980 1979 ELECTRIC PROPERTY, at Original Cos*. (Notes 4 and
- 10) (Sch. V)
$246,921
$240,061 Less: Accumulated Depreciation and Amortization (Note 1) (Sch. VI) 61,803 54.105 185,118 185,956 Construction Vork in Progress 9,124 8,951 Net Electric Property 194.242 194,907 NUCLEAR FUEL, at Original Cost (Notes 1 and 10)
(Sch. V)
Nuclear Fuel in Reactor 74,346 52,564 Nuclear Fuel-Spent 51,814 42,557 Nuclear Fuel-Stock 4,895 35,679 131,055 130,800 Less: Accumulated Amortization (Note 1) lll (Sch. VI)
Original Cost 91,023 76,443 Permanent Disposal, Net 24,845 15,401 15,187 38,956 Nuclear Fuel in Process 70,240 40,394 Net Nuclear Fuel 85,427 79,350 Net Electric Property and Nuclear Fuel 279,669 274.257 CURRENT ASSETS Cash (Note 3) 62 139 Accounts Receivable 9,544 6,474 Materials and Supplies, at Average Cost 3,746 3,503 Prepayments 1,042 949 Total Current Assets 14,394 11,065 DEFERRED CHARGES AND OTHER ASSETS 3,001 1,783
$297,064
$287,105 The accompanying notes are an integral part of these financial statements.
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Maine Yankee Atomic Power Company
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Form 10-K-1980 Maine Yankee Atomic Power Company BALANCE SHEET (Dollars in Thousands)
STOCGOLDERS' LWESTMENT AND LIABILITIES December 31, 1980 1979 CAPITALIZATION (See Separate Statement)
Common Stock Investment
$ 67,052
$ 66,857 Redeemable Preferred Stock 11,980 13,070 Long-Term Debt 101,598 105,923 Total Capitalization 180,630 185,850 NOTES PAYABLE TO MYA FUEL COMPANY (Note 5) 33,225 33,450 CURRENT LIABILITIES (g
Notes Payable to Banks (Note 3) (Sch. IX) 16,000 3,925
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Current Sinking Fund Requirements (Note 4) 1,084 1,822 Accounts Payable 2,600 3,412 Bank Checks Outstanding 671 Dividends Payable 2,000 1,919 Accrued Interest and Taxes 2,877 2,739 Other Current Liabilities 53 47 Total Current Liabilities 25,285 13,864 COMMITMENTS AND CONTINGENCIES (Note 8)
DEFERRED CREDITS Accumulated Deferred Income Taxes (Note 2) 47,004 45,224 Unamortized Invest. ment Tax Credits (Note 2) 8,166 7,346 i
i Unamortized Gains on Reacquired Debt (Note 1) 2,754 1,371 l
Total Deferred Credits 57,924 53,941 l
$297,064-
$287,105 l_
The accompanying notes are an integral part of these financial statements.
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r Maine Yankee Atomic Power Company Form 10-K-1980 Maine Yankee Atomic Power Company STATDfENT OF CAPITALIZATION (Dollars in Thousands) l December 31, 1980 1979 COMMON STOCK INVESTMEhT Common Stock, $100 Par Value, Authorized and Outstanding 500,000 Shares 5 50,000
$ 50,000 Other Paid-in Capital 16,805 16,805 Capital Stock Expense (255)
(281)
Gain on Cancellation of Preferred Stock 316 110 Premiums on Preferred Stock 180 196 Retained Earnings 6
27 67,052 66,357 REDEEMASLE PREFERRED STOCK - 7.48% Series, h
$100 Par Value, Authorized 170,000 Shares, Outstanding 119,805 at December 31, 1980 and 130,700 at December 31, 1979 (Note 19) 11,980 13,070 LONG-TERM DEBT (Note 17)
First and General Mortgage Bonds Series A - 9.10 % due May 1, 2002 55,050 58,161 Series B - 8 1/2% due May 1, 2002 37,034 38,911 Series C - 7 5/8% due May 1, 2002 10,752 10,842 Less:
Current Sinking Fund Requirements (1,084)
(1,822)
Unamortized Debt Discount, Net of Premium (154)
(169) 101,598 105,923 Tctal Capitalization
$180.630
$185,850 The accompanying notes are an integral part of these financial statements.
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Maine Yankee Atomic Power Company
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Form 10-K-1980
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Maine Yankee Atomic Power.ompany STATEMENT OF CHANGES IN COMMON STOCK INVESTMENT For the Three Years Ended December 31, 1980 (Dollars in Thousands)
Amount at Retained
. Shares Par Value Other, Net Ea rnings Total S66,769 Balance December 31, 1977 50C,000 S50,000
$16,769 Add (Deduct) 7,727 7,727 Net Income Cash Dividends Declared on -
(6,700)
(6,700)
Common Stock (1,025)
(1,025)
Preferred Stock 13 Capital Stock Expense 13 Balance December 31, 1978 500,000 50,000 16,782
?
66,784 Add (Deduct)
(')
7,651 7,651 Net Income Cash Dividends Declared on -
(6,625)
- (6,625 )
Common Stock (1,001)
(1,001)
Preferred Stock Redemption of 35 35 Preferred Stock 13 Capital Stock Expense 13 2alance December 31, 1979 500,000 50,000 16,830 27 66,857 Add (Deduct) 7,508 7,508 Net Income Cash Dividends Declared on -
(6,595)
(6,595)
Common' Stock (934)
(934)
Preferred Stock Redemption of 206 206 Preferred Stock 10 Capital Stock Expense 10 Balance December 31, l980 500,000
$50,000
$17,046 S
6 567,052 The accompanyin* notes are an integral part of these financial statements.
I-II-11 u=
Maina Yankta Atonic Power Company Form 10-K-1980 Maine Yankee Atomic Power Company STATEMENT OF SOURCES OF FUNDS FOR ACQUISITION OF NUCLEAR FUEL AND CONSTRUCTION OF ELECTRIC PROPERTY (Dollars in Thousand.-)
Year Ended December 31, 1980 1979 1978 FUNDS PROVIDED Internal Sources From Operations Net Income S 7,508
$ 7,651
$ 7,727 Amortization of Nuclear Fuel 24,024 15,319 17,411 Depreciation and Amortization 8,319 8,279 8,173 Deferred Income Tax and Investment Tax Credits, Net 2,600 6,918 7,583 Allowance for Other Funds Used for Nuclear Fuel and During Construction (1.371)
(1.623)
(1.391) 41,080 36,544 39,503 Less:
Sinking Fund Requirements:
Long-Term Debt 5,078 4,850 5,555 Preferred Stock 1,090 626 Dividends on Preferred Stock 934 1,001 1,025 Dividends on Common Stock 6,595 6,625 6,700 Other, Net (567) 505 46 (Increase) Decrease in Working Capital, lll Exclusive of Notes Payable to Banks and Sinking Fund Requirements Cash and Receivables (2,993) 425 (616)
Other Current Assets (336)
(466)
(66)
Other Current Liabilities 84 (533)
(7,776)
(3,245)
(574)
(8,458)
Net Available from Internal Sources 24,705 22,363 17,719 External Sources Increase (Decrease) in Notes Payable:
MYA Fuel Company (225) 15,800 8,750 Banks 12,075 3,925 Net Available from External Sources 11,850 19,725 8,750
$36,555
$42,088
$26,469 FUNDS USED FOR ACQUISITION OF NUCLEAR FUEL AND CONSTRUCTION OF ELECTRIC PROPERTY Acquisi, tion of Nuclear Fuel
$30,101
$35,244
$25,732 Allowance for Other Funds Used for Nuclear Fuel (1,118)
(1,547)
(1,341)
Construction of Electric Property 7,825 8,467 2,128 Allowance for Other Funds Used During Construction (253)
(76)
(50)
$36,555
$42.088
$26,469 The accompanying notes are an integral part of these financial statements.
II-12
1 Maine Yankee Atomic Power Ccmpany Fern 10-K-1980 Maine Yankee Atemic Power Cemcany NOTES TO FINANCIAL STATEMENT 3 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES 1
l Me Company:
The Company owns and operates a
pressurized-water nuclear-powered electric generating plant with a
current net capacity of approximately 830 megawatts.
De plant commenced commercial operation on January - 1, 1973 me following New England electric utilities own all of the Company's common stock:
Ownership Sponsor /Particicant Interest Central Maine Power Company 38%
New England Power Company 20 he Connecticut Light and Power Company 8
Sanger Hydro-Electric Ccmpany 7
Maine Public Service Company 5
Public Service Company of New Hampshire 5
Cambridge Electric Light Company 4-l
~Montaup Electric Company 4
The Hartford Electric Light Company 4
Western Massachusetts Electric Company 3
Central Vermont Public Service Corporation 2
1005
[
For a period of ' thirty years, commencing on January 1,
1973, in accordance with the Power Contracts and, subject to certain limitations, each participant shall receive its entitlement percentage of plant output and is obligated to pay -its entitlement percentage of the Company's total costs, including a return on invested capital regardless of the level of operation of the plant.
Regulation:
The' Company is subject to the regulatory
~
authority of the Federal Energy Regulatory Commission l
(FERC),- the Nuclear Regulatory Commission (NRC) and the Public Utilities Commission of the State of. Maine (3UC) as to accounting, operations and other matters.
Depreciation:
Depreciation is provided using a composite
[
remaining life method designed to. fully-depreciate electric plant over the period ending ~ May 1,
2002.
Under the s
II-13
Maine Yankee Atomic Power Company Form 10-K-1980 Maine Yankee Atomic Power Comeany NOTES TO FINANCIAL STATEMENTS 1.
St:MMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Deereciation: (continued) composite method, at the time depreciable property is retired, the original cost, plus cost of removal, less
- salvage, of such property is charged to accumulated depreciation.
Decemmissioning:
The NBC currently recognizes three decommissioning methods - complete dismantling and removal, in-place encapsulation or " entombment" and =othballing - or a ccabination of these methods.
((USAEC Regulatory Guide 1.86, Termination of Oeerating Licenses for Nuclear Peactor (1974).]
Although the Ccmpany presently does not provide for nuclear plant decommissioning costs, it is considering immediate dismantling as the most desirable and probably the only acceptable method of decommissioning its nuclear reactor.
Based on a study performed by Stone and '4ebster Engineering Corporation and Nuclear Energy
- Services, Incorporated, the esti=ated cost of decommissioning utilizing this methodology is $57,600,000 in 1980 dollars.
Accordingly, the Company proposes to bill out through May 1,
2002, under the terms and conditions of its Power Contract and pending FERC approval, an a=ount equal to the current esti= ate of the cost of decem=1ssioning.
Be i
Company fully recognizes the relative uncertainty of the future cost of decommissioning, the changing technology of decommissioning or new requirements of the law and, therefore, recognizes the need to constantly monitor and adjust, if necessary, the amount of collection.
De ferred Charges:
The Company has adopted the policy of deferring and amortizing over a five year period the costs of unusual and irregularly recurring studies and inspections.
mis is in response to recent events and orders requiring the Company to undertake significant analyses of specified operating design procedures and equipment.
Amertization of Nuclear Fbel:
The cost of nuclear fuel in the reacter, plus the estimate-cost of disposal of that nuclear fuel, is amortized to Fuel Expense based on the II-14
l O
Maine Yankee Atomic Power Company Form 10-K-1980 i
Maine Yankee Atomic Power Company NOTES TO FINANCIAL STATD4ENTS 1.
SO4 MARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Amor zation of Nuclear Fuel:
(continued) m ratio of energy produced during the period to thq estirated total core capability with a corresponding credit to Accumulated Amortization.
During 1978 and 1979 the Company provided for pe.canent storage of nuclear fuel in reactor using an estimated cost.
of permanent storage which was based on a study by the NRC.
Specifically the disposai estimate provided was at a rate of $100/ kilogram of uranium (KGU) originally contained in the assemblies in 1977 dollars escalated at 85 per year to the time of discharge from the reactor.
Beginning in March 1980 the Comparff 's cost estimate for permanent disposal of Nuclear Fuel in Reactor was increased to
$130/KGU originally contained in the assemblies, expressed in 1978 dollars, escalated at 85 per year to the time of permanent disposal (currently estimated to be 1988).
This estimate of the cost of permanent disposal
($130/KGU) is based on a report issued by the Department of Energy.
This report estimated the cost of permanent storage to be
$117/KGU originally contained in the assemblies (in 1978 dollars).
Bis estimate did not include the cost of transportation to the disposal center, which has been estimated by the Company to be $13/KGU.
The disposal cost for Nuclear Fuel in Reactor is being recovered from participants, based on generation, over the period that the fuel is consumed.
Brough 1988 the Company is also adjusting the disposal reserve collected for Spent Fuel to reflect the current disposal cost estimate.
This adjustment which amounts to approximately $40,000,000 is being recovered based on estimated electric kilowatt hour generation from March 1980 through 1988.
De estimate of cost of disposal of nuclear fuel is subject to a number of uncertainties including the timing of available storage. capacity, the extent of future inflation, p
regulatory. requirements and the cost of future services, Q
all of which may require periodic revisions in future nuclear fuel amortization rates.
- However, the Company believes that its estimate is reasonable.
II-15
Maine Yankee Atomic Power Company g
Form 10-K-1980 W
Maine Yankee Atemic Power Cempany NOTES TO FINANCIAL STATDiENTS 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Allowance for Funds Used During Construction (AFC) and Allowance for Fbnds Used for Nuclear ruel
(.* FN ) :
ne Company records the net cost of borrowed funds and a reasonable return on other funds used to finance construction and nuclear fuel acquisition programs.
Be a=ount of the allowance recorded is determined by multiplying the average monthly dollar balance of Construction Work in Progress (CWIP) and Nuclear Fuel in Process (NFIP) by rates related to the cost of the capital used to finance the respective additions.
3e following table contains the weighted average rates used for the most recent three annual periods:
AFC AFN h
on CWIP en NFI?
1980 7.26%
8.90s 1979 7.40 7.68 1978 7.60 7.00 Unamortized Cain or Loss on Peacquired Debt:
Gains and losse.s on bonds reacquired to satisfy sinking fund requirements of First Mortgage Bonds have been deferred and are being amortized to income over the remaining original terms of the applicable series as prescribed by the Uniform System of Accounts of the FEBC.
2.
INCOME TAX EXPENSE The components of Federal and state inceme taxes reflected in the statements of income are as follows:
O II-16
_ __.~
h O
Maine Yankee Atomic Power Co=pany Form 10-K-1980 Maine Yankee Atomic Power Company NOTES TO FINANCIAL STATEMENTS 2.
INCOME TAX EXPENSE (continued)
Year Ended December 31, 1980 1979 1978 (Dollars in mousands)
Federal Current 3 3,242 3 602 3 625 Deferred (2,545) 5,264 4,845 Investment Tax Credits, Net 5,468 812 1,986 6,165 6,678 7,456 State Current 1,463 344 495 Deferred 3) 342 752 1,140 1,186 1,247 Total Federal and State inecme taxes 3@
$7,864 38,703 The Company provides deferred taxes for the tax effects of timing differences, primarily accelerated depreciation and certain expenditures related to nuclear fuel, between pre-tax accounting income and taxable income.
Prior to 1975 the Company did not provide fully for the tax effects of timing differences and began in 1976 to provide additional deferred taxes to recognize the tax effects of these prior timing differences through 1980.
Investment tax credits are deferred and amortized over the life of the assets giving rise to such credits.
At December 31, 1979 the Company had available a carryover of unused investment tax credits of approximately 35,800,000 to be applied to reduce Federal income taxes.
l The Company had provided
- for, and deducted for tax l
- purposes, certain costs associated with nuclear fuel reprocessing and permanent storage.
In the recent j
examination of the Company's Federal income tax returns for l
years 1973 through 1977, the Internal Revenue Service I
examining agent disallowed the current deduction of these
,Q
' costs.
We Internal Revenue Services position was V
sustained at. the Appelate level which resulted in the Company fully utilizing the 35,800,000 of investment tax credit available as of December 31, 1979 and paying II-17 L_
Maine Yankee Ate:1c Power Cc=pany
?crm 10-K-1930 ggg Maine Yankee At0mie ?cwer Ccepan*/
NOTES TO FINANCIAL STATD'ENTS 2.
INCCME TAX EXPENSE (continued) additional Federal and State inccce tax assessments cu=ulative through 1979 of
$2,728,530 exclusive of interest.
These assess =ents had no effect on total income tax expense because the C0=pany had provided inecme taxes for the effects of all timing di.ferences.
The folicwing table reconciles the statutory income tax rate to the rate determined by dividing the total Federal inccme tax expense by inccce before that expense.
Dollars in Thousands 1980 1Q79 1078 Amount 1
A= cunt i
A= cunt Statutory Federal ince=e a
tax rate 36,290 26.0 36.591 46.0 37,288 38.0 W
(Increase) Beductions in taxes resulting from:
Deferred taxes not provided en certain timing differences 318 31 411 2.9 429 2.8 Amortization of in-vestment tax credits (890) (6.5)
(678) (4.7)
(S73) (3.8)
Other 347 2.5 353 2.4 112 2.1 Calculated rate 36.165 45.1% 36.678 46.6% $7.456 4Q.1%
3 NOTES PAYABLE TO BANKS The Co=pany had cank lines of credit totaling 329,000,000 as of Cece=ber 31, 1980, of which 328,000,000 requires an annual fee of 1/2 to 5/8 of 1% of the line.
There are no ec=pensating balance require =ents for these lines.
The remaining 31,000,000 dollar line requires a ecmpensating balance of 10% of the line or 20% of relating borrowings, whichever is greater.
The Company had lines of cr+dit at Decest;r 31, 1979 totaling $14,000,000.
'dith respect to ;13,000,000 of the line, there was a required annual fee of 5/8 of 1%.
!Lere are no ec=pensating balance require =ents Ier these lines.
O II-18
()
Maine Yankee Atomic Power Company Form 10-K-1980 Maine Yankee Atomic Pcwer Ceopany NOTES TO FINANCIAL STATDiENTS 3
NOTES PAYABLE TO BANKS (continued)
The compensating balance requirement for the remaining
$1,000,000 dollar line was 10% of the line or 20% of outstanding borrowings, whichever was greater.
4.
FIRST MORTGA0E BONDS The annual sinking fund requirements of the First Mortgage Bonds currently outstanding amount to 34,775,000 for each of the years 1981 through 1985 Bonds repurchased amounted to $3,739,000 at December 31, 1980 and 33,436,000 at December 31, 1979 Under the terms of the Indenture securing the First O
Mortgage Bonds, substantially all electric plant of the Company is subject to a first mortgage lien.
5 MYA FUEL CCMPANY On August 26,
- 1976, the Company entered into a Lean agreement covering the issuance of up to
$35,000,000 principal amount of promissory notes to MYA Fuel Ccepany, a subsidiary of BSC Boldings, Inc.
BSC is owned by a partnership composed of partners of Goldman, Sachs & Co.
Certain information related to this loan arrangement is as follows for the years ended December 31:
1980 1979 (Dollars in Thousands)
Promissory notes outstanding
$33,225 333,450 Average daily outstanding borrowings
$32,901 328,252 Righest level of borrowings
$33,500
$34,250 Annual interest rate at end of periods 20 58%
14.185 Effective average annual interest rate 15.42%
13 335 O
II-19 m
Maine Yankee Atomic Power Cc=pany Form 10-K-1980 Maine Yankee Ate =ic ?cwer C =;any NOTES TO FINANCIAL STATD4ENTS 5
MYA FUEL CCMPANY (continued) ne Loan Agreement provides that, in the absence of an Event of Default (as defined) or occurrence of a
Terminating Event (as defined) the arrangement will extend to P$y 1,
2002, unless terminated by either party upon proper notice.
De Cc=pany =ust provide 90 days written notice while MYA Fuel Company =ust give at least three years written notice.
In ceder for the arrangement to extend beyond August 26, 1981, the FCC =ust extend its present approval of the arrange =ent.
6.
BEDED4ABLE PBEFEBBED STCCK 3e Co=pany =ay redeem, in whole or in part, any of the 7.48% Series Preferred Stock upon not less than thirty er h
=cre than fifty days' notice at $107.11 per share en or before Dece=ber 31, 1982, and at amounts decreasing to 3100.00 thereafter; in each case plus accrued dividends.
me Company must redeem and cancel 6,000 shares annually, at par, and at the election of the Co=pany an additional 6,000 shares may be redeemed and cancelled, at par, on each redemption date.
The optional provision is not cu=ulative.
Preferred Stock repurchased and not cancelled a=ounted to 12,195 shares at Dece=ber 31,
- 1980, 7,300 shares at Dece=ber 31, 1979 and 7,040 shares at recember 31, 1978.
7.
PENSION PLANS me Company has two noncontributory pension plans which cover substantially all full-time employees.
Se Cc=pany's policy is to fund pension costs accrued on an annual basis, including amounts sufficient to a=ortize unfunded prior service costs over 30 years.me plans expenses approximated 3183,000 for 1980, 3182,000 for 1979 and 3130,000 for 1978.
O II-20
()
Maine Yankee Atomic Power Company Form 10-K-1980 Maine Yankee Atomic Power Ccmpany NOTES TO FINANCIAL STATDIENTS 7.
PENSION PLANS (continued)
January 1 1980 1979 Actuarial present value of accumulated plan benefits:
Vested
$173,000
$124,000 Nonvested 166,000 118,000 3339,000
$242,000 Net assets available for benefits 3913,000
$656,000
()
The assumed weighted average rate of return used in datermining the actuarial present value of accumulated plan benefits was 6.25%.
8.
CCHMIniENTS AND CONTINGENCIES Nuclear Fuel:
The Company anticipates nuclear fuel l
expenditures of $30,079,000 for 1981 (exclusive of AFN) and
$113,362,000 for the period 1982 through 1985 (exclusive of AFN).
The Company has contracted for the purchase of all of its uranium concentrate requirements through 1986.
The Company has conversion contracts through 1983 and is presently negotiating for conversion services which are expected to meet requirements through 1995.
Uranium enrichment services are covered through 2002 under a contract with the l
Department of Energy.
Nuclear fuel fabrication service I
requirements are covered through 1983 and a contract is l
presently being negotiated which is expected to meet services through 1988.
The Company is expanding its l
on-site spent fuel storage facility to provide capacity to store such fuel through 1984 while maintaining a full core discharge capability.
In addition, in September 1979 the Company filed with the NRC a proposed change in its rx operating license relating to increasing its existing spent
-(
fuel storage capacity by providing more compact fuel II-21 6
g Maine Yankee Atomic Power Company Form 10-K-1980 Maine Yankee Atomic ?cwer Cc=cany NOTES TO FINANCIAL STATDiENTS 8.
CCHMINENTS AND CC'.TINGENCIES (continued) storage.
An intervenor has requested a hearing and the Company cannot predict the scope of that proceeding, its duration or its outco=e.
If the proposed change is not approved, the Company will have to develop alternative plans which would involve further approval by the NRC.
Construction:
2e Company anticipates construction expenditures to amount to $15,400,000 for 1981 including 34,200,000 towards the installation of a steam turbine driven feedpump and 33,200,000 fer computer equip =ent.
Price-Anderson:
2e Price-Anderson Act requires each reactor licensee to carry 3160 million of primary public liability insurance, supplemented by a
mandatory 3
industry-wide program of self insurance.
Under the W
- program, in the event of a nuclear incident at any -
operating reactor in the United States, each licensee could be assessed up to 35 million with a limit of two assessments per reactor owned per calendar year in the event of more than one incident.
Three Mile Island:
Be events during the spring of 1979 at the bree Mile Island Nuclear Unit No. 2 in Pennsylvania
( "mI" ) caused widespread concern about the safety of nuclear generating plants and prompted a
rigorous reexamination of safety-related equipment and operating procedurss in all nuclear facilities by their owners and the NRC.
The commission formed by President Carter to investigate the causes of the NI incident issued its report in 1979, recommending a number of changes in NRC organization and practices, licensing of nuclear plants, plant operating practices, operator training and other safety-related matters and in 1980, a NRC-commissioned report containing similar recommendations was released.
As a result, the NRC has promulgated numerous requirements, including both near-term =odifications and longer-term design changes. 3e Co=pany has made the modifications required to date by the NRC, but cannot predict what further modifications will be required, their cost, or their effect en the operation of the Maine Yankee plant.
g II-22
O Maine Yankee Atemic Power Company Form 10-K-1980 Maine Yankee Atomic Power Cem;any NOTES TO FINANCIAL STATD4ENTS 9
UNAUDITED QUARTERLY FINANCIAL DATA Unaudited quarterly financial data pertaining to the results of operations are shown below.
1980 Cuarter Ended March 31 June 30 Septembar 30 Decamber 31 (Dollars in Thousands, Except Per Share Amounts)
Electric Operating Revenues
$18,911 324,065 319,678 321,591 Cperating Income 4,297 4,718 4,546 4,473 Net Income 1,921 1,837 1,836 1,914 Earnings Per Share gs of Common Stock 3 35 3 22 3 21 3 37
\\_
1979 Cuarter Ended i
March 31 June 30 September-30 December 31 (Dollars in Thousands, Except Per Share Amounts)
Electric Cperating Revenues
$16,592 315,324 317,686 319,265 Operating Income 4,334 4,234 4,145 4,205 l
Net Income 1,933 1,930 1,876 1,912 Earnings Per Share of Common Stock 3 35 3 35 3 26 3 34 l
l l
l I
/~1
(_s l
[
II-23
_w
Maina Yankte Atonic Pow r Company Form 10-K-1980 Maine Yankee Atomic Pcwer Company NOTES TO FINANCIAL STATEMENTS h
- 10. SU'PLEMENTARY INFORMATICV TO DISCLOSE THE EFFECTS OF CHANGING PRICES (UNAUDITED)
The following supplementary info mation is supplied in accordance with the requirements of the Statement of Financial Accounting Stan-dards No. 33 for the purpose of providing certain information about the effect of changing prices.
It should be viewed as an estimate of the approximate effect of inflation, rather than as a precise measure.
Constant dollar-amounts represent historical costs stated in terms of dollars of equal purchasing power, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).
Current cost amounts reflect the changes in specific prices of plant from the date the plant was acquired to the present, and differ from constant dollar amounts to the extent that specific prices have increased more or less rapidly than the general rate of inflation.
The current cost of nuclear generating plant is estimated based on an engineering study of the current cost (per kilowatt) of replacing the present generating plant.
This study was updated in 1980 resulting in an increased cost (per kilowatt) from $871 to $1,276. This adjustment g
was reflected in January 1,
1980 beginning current cost values.
Nuclear fuel used in generation has been restated from historical cost using current market prices of uranium, conarsion, enrich-ment and fabrication.
Nuclear fuel expense was developed by divid-ing the estimated current cost of the in-reactor fuel by the expected generation of the core times the actual generation produced during the year 1980.
Depreciation expense for the current cost of productive capacity was developed by applying the depreciation rate to the current cost value adjusted by the ratio of average historical cost to year-end historical cost.
Since only histcrical costs are deductible for income tax purposes, the income tax expense in the historical cost financial statements is not adjusted.
Under the rate-making practices prescribed by the regulatory com-missions to which the Company is subject, only the depreciation of historical cost of utility property is included in the cost of ser-vice used to establish the Company's rates. Therefore, the cost of 9
II-24 t
Maine Yankee Atomic Power Company s.
Form 10-K-1980 Maine Yankee Atomic Power Company NOTES TO FINANCIAL STATEMFNTS
- 10. SUPPI.EMENTARY INFORMATION TO DISCLOSE THE EFFECTS OF CHANGING PRICES (UNAUDITED) (continued) plant and nuclear fuel stated in terms of constant dollars or cur-rent cost that exceeds the historical cost of plant is not presently recoverable in rates, and is reflected as a reduction to net recov-erable costs. While the rate-making process gives no recognition to the current cost of replacing property, plant and equipment, based on past practices the Company believes it will be allowed to earn on and recover the increased cost of its net investment when replace-ment of facilities actually s : curs.
To properly reflect the economics of rate regulation in the State-ment of Income from Operations Adjusted for Changing Prices, the reduction of utility plant and nuclear fuel to net recoverable cost should be offset by the gain from the decline in purchasing power of net amounts owed as shown below.
During a period of inflation, I
(' '
holders of moneta ry assets suffer a loss of general purchasing power while holders of monetary liabilities experience a gain. The gain from the decline in purchasing power of net amounts owed is primarily attributable to tne substantial amount of debt which has I
l been used to finance property, plant, equipment and nuclear fuel.
Since the depreciation on utility plant and amortization of nuclear fuel is limited to amounts based on historical costs, the Company does not have the opportunity to realize a holding gain on debt and is limited to recovery only of the embedded cost of debt capital.
l e
II-25
Maine Yankee Atomic Power Company Fo rm 10-K-1980 Maine Yankee Atomic Power Company h
NOTES TO FINANCIAL STATEMENTS
- 10. SUPPLEMENTARY INFOR&\\ TION TO DISCLOSE THE EFFECTS OF CHANGING PRICES (UNAUDITED) (continued)
Statement of Income and Operations Adjusted for Changing Prices for the Year Ended December 31, 1980 (Dollars in Thousands)
Constant Current Dollar Dollar Conventional Average Average Historical 1980 1980 Cost Dollars Dollars Operating Revenues
$84,245
$84,245 S 84,245 Operation & Maintenance 22,762 22,762 22,762 Fuel Expense 24,024 28,351 33,117 Depreciation & Amortization 8,319 15,951 41,419 Taxes 11,106 11,106 11,106 lll Interest Charges 11,752 11,752 11,752 Other, Net (1,226)
(1,226)
(1,226)
Income (Loss) from Operations (excluding reduction to net recoverable amount)
S 7,508 S(4,451)
$(34,685)
Increase in specific prices (current cost) of plant and Nuclear Fuel held dur-ing the year *
$ 84,845 Reduction to net recov-erable amoitat
$(20,757)
(24,229)
Effect of increase in general price level (51,139)
Net 9,477 Gain from decline in pur-chasing power of net amounts owed S 24,791
$24,791
$ 4,034
$34,268 ggg II-26
Maine Yankee Atomic Power Company Form 10-K-1980 Maine Yankee Atomic Power Company NOTES TO FINANCIAL STATEMENTS
- 10. SUPPLEMENTARY INFORMATION TO DISCLOSE THE EFFECTS OF CHANGING PRICES (UNAUDITED) (continued)
- At December 31, 1980 current cost of Plant and Nuclear Fuel, net of accumulated depreciation and amortization was $1,031,135 while his-torical costs or net cost recoverable through rates was $279,669.
Five Year Comparison of Selected Supplementary Financial Data Adjust-ed for Effects of Changing Prices (Dollars in Thousands, Average 1980 Dollars)
Years Ended December 31, 1980 1979 1978 1977 1976 Operating Revenues s875 378,180 $8CI85 $8972 3857 0 Fistorical Cost Information Adjusted for General O
Inflatiot Loss froe operations excluding reduction to net re:serable amount 3(4,451) $ (670)
Loss free i m ations per coma. hare (after preferred dividend requirement) $(10.77) $ (3.61)
Current Cost Information Loss free operations escluding reduction to net recoverable amount $(34,05) $(26,755)
Loss from operations per common share i
(after preferred dividend requirement)
$(71.24) $ (55.79)
Ezeese of increase in seneral price level l
over increase is specific prices af ter reduction to net re-coverable amount
$9,477
$ (2,106)
General Information Net assets at year end at recoverable amount $64,042 3 71,772 l
Gain fra.C decline in l
purchasing power of i
net amounts owed
$24,791 3 28,002 l
Cash dividends per common sha n
$13.19 315.04
$16.72
$18.23
$19.40 l
Average Consumer l
price Indu 246.3 217.4 195.4 131.5 170.5 II-27 m
Maine Yankee Atomic Power Company Form 10-K-1980 0
PART III ITEM 9 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRAhr A.
Directors The directors of the Company and their principal occupations and all positions and offices with the Company are as follows:
Name, Age and Year First Elected Director Principal Occupation Elwin W. Thurlow, 57, 1973 President and Chief Executive President and Director Officer, Central Maine Power Company Thomas C. Webb, 46, 1977 Senior Vice President, Finance Vice President and Director Central Maine Power Company Charles E. Monty, 54, 1971 Senior Vice President, Engineering Vice President and Director and Production, Central Maine Power Company John B. Randazza, 52, 1975 Vice President, Central Maine Vice President and Director Power Company g
Joan T. Bok, 51, 1977 Vice Chairman, New England Electric Director System William F. Burt, 55, 1978 Assistant to the President, NEGEA Director Service Corp.
Ralph A. Brown, 63, 1968 President and Chief Executive Officer, Director Maine Public Service Company John F. G. Eichorn, Jr., 57, President, Eastern Utilities 1971, Director Associates William B. Ellis, 40, 1976 President, Northeast Utilities Director Thomas A. Greenquist, 52, 1973 President, Bangor Hydro-Electric Director "ompany James E. Griffin, 53, 1973 President and Chief Executive Director Officer, Central Vermont Public Service Corporation Carroll R. Lee, 31, 1979 Assistant Vice President-Engineering Director Bangor Hydro-Electric Company Guy W. Nichols, 55, 1978 Chairman, President and Chief l
Director Executive Officer, New England Electric System III-1
Maine Yankee Atomic Power Company O
Form 10-K-1980 ITEM 9 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT (continued)
A.
Directors (continued)
Robert F. Scott, 51, 1976 Senior Vice President, Customer Director Services, Central Maine Power Company Donald C. Switzer, 64, 1971 Vice Chairman, Northeast Utilities Director William C. Tallman, 60, 1966 Chairman and Chief Executive Officer, Public Director Service Company of New Hampshire Each of the Directors, other than Mr. Webb, has for the past five years been and is now an officer or employee of one of the Sponsors or an associate company thereof.
Mr. Webb joined Central Maine Power Company as Vice President, Financial and Treasurer in 1977 after havits served as Treasurer (from 1974) and Assistant Treasurer (1972-1974) of Wisconsin Power and Light Company.
Each of the
, Sponsors is represented on the Company's 3oard of Directors, but there is no formal understanding with respect to such representa-tion.
The Directors are elected et the & Tual meeting of stock-holders and hold office until their suct ssors are elected and qualified.
O B.
Executive Officers The following are the executive officers of e Company with all positions and offices held:
A Office and Year Tirst Elected Name y
Elwin W. Thurlow 57 President and Dire :or - 1975 Charles I.. N:nty 54 Vice President and 1 rector - 1971 Joks B. Randazza 52 Vice President and D1 tetor - 1975 Thomas C. Webb 46 Vice President and Director - 1977 l
Wendell P. Johnson 58 Vice 1:esident - 1972 i
Richard A. Crabtree 34 Treasurer - 1977
[
Robert S. Howe 41 Comptroller and Chief Accounting Officer - 1980 Seward B. Brewster 53 Secretary and Clerk - 1968 Each of the executive officers other than Mr. Webb, whose business experience is given under paragraph A.above, has for the past five III-2 LL
Maine Yankee Atomic Power Company g
For:n 10-K-1980 ITEM 9 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT (continued)
B.
Executive Officers (continued) years been and is now an officer or employee of one of the sponsors or an associate company thereof. The executive officers are elect-ed annually by the Board of Directors and hold office until their successors are elected and qualified.
There are no family relationships between any director or executive officer nor any arrangements pursuant to which any were selected as officers or directors.
C.
Other Directorships The following directers of the registrant held other directorships as follows:
Director Other Directorships Held Joan T. Bok Vermont Yankee Atomic Power Company Connecticut Yarkee Atomic Power Company New England Merchants National Bank /
New England Merchants Company, Inc.
Norton Company New England Electric System Massachusetts Electric Company New England Power Company The Narragansett Electric Company Ralph A. Brown Maine Public Service Company Maine Electric Power Company, Inc.
Maine & New Brunswick Electric Power Co., Ltd.
William F. Burt Vermont Yankee Atomic Power Company Yankee Atumic Power Company Connecticut Yankee Atomic Power Company Hopkinton LNG Corporation NEGEA Energy Products, Inc.
NEGEA Energy Services, Inc.
NEGEA Service Corporation John F. G. Eichorn, Jr.
Eastern Utilities Associates (Trustee)
Montaup Electric Company EUA Service Corporation Blackstone Valley Electric Company Fall River Electric Light Company Brockton Edison Company Yankee Atomic Electric Company Connecticut Yankee Atomic Power Company Vermont Yankee Atomic Power Company h
Electric Council of New England III-3 s-
Maine Yankee Atomic Power Company O
Form 10-K-1980 ITEM 9 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT (continued)
C.
Other Directorships (continued) h*lliam B. Ellis Northeast Utilities (Trustee)
Connecticut Yankee Atomic Power Company Yankee Atomic Electric Company Vermont Yankee Atomic ?ower Company Connecticut Bank and Trust Corporation Thomas A. Greenquist Bangor Hydro-Electric Company James E. Griffin Central Vermont Public Service Corporation Connecticut Valley Electric Co., Inc.
Vermont Electric Power Company Yankee Atomic Electric Company Connecticut Yankee Atomic Power Company Vermont Yankee Atomic Power Company Vermont National Bank Charles E. Monty Central Maine Power Company Maine Electric Power Company, Inc.
()
Guy W. Nichols New England Electric System j
New England Power Company New England Power Service Company New England Energy, Inc.
Massachusetts Electric Company Narragansett Electric Company Yankee Atomic Electric Company Connecticut Yankee Atomic Power Company Vermont Yankee Atomic Power Company Breeder Reactor Corporation Electric Power Research Institute First National Bank of Boston First National Boston Corporation Nashua Corporation State Mutual Life Assurance Company of America Edison Electric Institute John B. Randazza Vermont Yankee Atomic Power Company l
Connecticut Yankee Atomic Power Company Robert F. Scott Central Maine Pswer Company Donald C. Switzer Northeast Utilities (Trustee) and a Director of its pinrcipal subsidiary companies Connecticut Yankee Atomic Power Company Vermont Yankee Atomic Power Company
()
Yankee Atomic Electric Company William C. Tallman Public Service Company of New Hampshire Yankee Atomic Electric Company Amoskeag National Bank & Trust Company Amoskeag Industries, Inc.
III-4
Maine Yankee Atomic Power Company g
Form 10-K-1980 ITEM 9 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT (continued)
C.
Other Directorships (continued)
ENin W. Thurlow Central Maine Power Company Yankee Atomic Electric Company Great Northern Nekoosa Depositors Corporatioc.
Maine Electric Power Company, Inc.
Thomas C. Webb Maine Electric Power Company, Inc.
ITEM 10 - MANAGEMENT REMUNERATION AND TRANSACTIONS The Company has paid no remuneration to its officers or directors, but, complying with regulatory requirements, has reimbursed Central Maine Power Company for services rendered by its employees.
During the construction period, no retur1 was paid to Sponsors on the money paid by them for Common Stock, but a return (at the rate of 7% per annum through November 30, 1970 and at the rate of 10% per annum there-after) was charged to plant in a manner similar to that followed by utility companies in recording plant construction costs.
The amounts charged were recorded as paid-in capital.
This practice terminated soas of December 31, 1972, the last day of the last month of the con-struction period.
These amounts are to be paid to the Sponsors on the redemption of Common Stock.
The Company's First Mortgage Indenture and the provisions of its Articles of Incorporation relating to its capital stock contain various limitations on redemption.
During 1980 and 1979, the Company paid $4,203,332 and $3,123,255 l
respectively, to Yankee Atomic Electric Company, an associate of sev-eral of the Sponsors, for services at cost of its engineering and nuclear services department.
Prior to the execution of the Capital Funds Agreements and Power Contracts, Central Maine Power Company, one of the Sponsors, advanced necessary construction funds to the Company at cost.
Subsequent to that time, Central Maine has furnished the Company c*rt.in engineering, administrative and legal services, and furnished cec.ain facilities, at ccst and electric service at its filed rates.
During 1980 and 1979, Central Maine was reimbursed in the amount of $3,052,066 and $3,090,256, respectively, for such services.
It is expected that Yankee a td Central Maine will continue to perform such services for the Company in the future, for which they will be reimbursed by the C,mpany.
O III-5
Maine Yankee Atom : Power Company C3 Form 10-i-1980 PART IV ITEM 11 - FINANCIAL STATEMENTS AND EXHIBITS FILED, AND REPORTS ON FORM 8-K (a) Financial statements and exhibits filed as a part of this report:
1.
Financial Statements:
Report of Independent Public Accountants.
Statement of Income for the three years ended December 31, 1980.
Balance Sheet at December 31, 1980 and 1979.
Statement of Capitalization at December 31, 1980 and 1979.
Statement of Changes in Common Stock Investment for the three years ended December 31, 1980.
Statement of Sources of Funds for Acquisition of Nuclear Fuel and Construction of Electric Property for the three years ended December 31, 1980.
Notes to Financial Statements 2.
Schedules:
V Electric Property and Nuclear Fuel.
VI Accumulated Provision for Depreciation and Amortization
()
of Electric Plant and Nu' lear Fuel.
IX Short-Term Borrowings All other schedules are omitted as the required information is inapplicable or the information is presented in the Financial Statements or related notes.
3.
Listing of Exhibits:
Incorporated Filed Documents Herewith SEC at (A) Articles of Incorporation and Bylaws Exhibit Docket Page Incorporated herein by reference:
A-1 Articles of Incorporation 3.1, 3.3 2-38547 l
A-2 Amendment to Exhibit A-1 setting forth terms of Cumulative Preferred Stock 3.2-2-46226 A-3 Bylaws, as amended 3.2 2-38547 A-4 Amendment to Exhibit A-3 3.5 2-46226 (B) Instruments defining the rights of security holderi
()
Incorporated herein by reference:
B-1 First Mortgage Indenture from the Company to Old Colony Trust Company, Trustee, dated as of November 1, 1970 3.2 1-6554 IV-1
l Maine Yankee Atomic Power Company Fo rm 10-K-1980 ITEM 11 - FINANCIAL STATEMENTS AND EXHIBITS FIIID, \\ND REPORTS ON FORM 8-K Inco rporated Filed Documents Herewith SEC at (B) Instruments Defining the Rights Exhibit Docket Page of Security Holders B-2 First Supplemental Indenture from the Company to the First National Bank of Boston, Trustee, dated as of March 1,1971 4
70-4976 B-3 Second Supplemental Indenture from the Company to the First National Bank of Boston, Trustee, dated as of December 1, 1972 4.3 2-46226 (C) Material Contracts Incorporated herein by reference:
C-1 Composite copy of Power Contract between the Company and Sponsors (Included in lll dated as of May 20,*1968 prospectus in 2-46226)
C-2 Composite copy of Capital Funds Agreement between the Company and Sponsors, dated as of (Included in May 20, 1968 prospectus in 2-46226)
C-3 Stockholders Agreement dated as of May 20, 1968 among the (Included in Sponsors prospectus in 2-46226)
C-4 Loan Agreement between the Company and MYA Fuel Company, dated as ot August 26, 1976 B-1 70-5805 (D) Statements re computation of per share earnings Not applicable (E) Statements re computation of ratios Not applicable (F) General report to security holders Not applicable lll (G) Letter re change in accounting principles Not applicable IV-2
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I.
Maine Yankee Atomic Power Company Form 10-K-1980 ITEM 11 - FINANCIAL STATEMENTS AND EXHIBITS FIIID, AND REPORTS ON FORM 8-K l
(H) Previously unfiled documents i
Not applicable (I) Subsidiaries of the resistrant None (b)
No reports on Forms 8-K were filed during the last quarter of 1980.
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M ing Ycni=2 Ato ic Powar Comptny Form 10-K-1980 Schedule V O
Maine Yankee Atomic Power Company ELECTRIC PROPERTY AND.WCLEAR FUEL For The Year Ended December 31, 1980 (Dollars in Thousands)
Balance at Balance Beginning Additions Retirements Transfers and at End of Period at Cost or Sales Other Charges of Period Elect.ic Property 7
S-S Orgacization 7
c Miscellaneous 601 Intangible Plant 601 Land and land 522 rights 522 Structures and 57,874 improvements 57,527 356 9
Reactor plant 103,182 equipment 101,468 1,714 Turbogenerator 60,304 units 56,997 3,8,12 505 Accessory electric 14,500 g equipment 14,498 2
Miscellaneous 5,230 power plant equip. 5,128 380 278 4,627 Substation equip.
3,239 1,388 Miscellaneous 74 electric property 74 Unfinished 9,124 construction 8,951 173 Total Electric
$256,045 Property
$249,012
$ 7,825
$792 Nuclear Fuel Nuclear fuel in S 21,782 S 74,346 reactor S 52,564 S
Nuclear fuel in (238) 70,240 process 40,594 30,084 Nuclear fuel -
9,257 51,814 spent 42,557 Nuclear fuel -
(30,801) 4,895 stock 35,679 17
$201.295
$171,194
$30,101 S-O IV-4 L
Maina Yanksa Atomic Powar Company Form 10-K-1980 Schedule V O
Maine Yankee Atomic Power Company EI.ECTRIC PRAPERTY AND NUCLEAR FUEL For The Year Ended December 31, 1979 (Dollars in Thousands)
Balance at Balance Beginning Additions Retirements Transfers and at End of Period at Cost or Sales other Charges of Period Electric Property S
7 Organization S
7
- tiscellaneous 601 601 Intangible Plant Land and land 522 rights 522 Structures and 57,527 improvements 56,025 1,505 3
Reactor plant 101,468 equipment 101,184 280 1
Turbogenerator 56,997 608 unit 57,605 O
acce s e<7 etectric 14,498 equipment
'4,498 Miscellaneous 5,128 power plant equip.
4,725 405 2
3,239 Substation equip.
3,239 Miscellaneous 74 electric property 74 Unfinished 8,93 construction 1,275 5,676 Total Electric
$249,012 Property
$241,159
$ 8,467
$614 Nuclear Fuel Nuclear fuel in S 52,564 reactor
$ 52,564 Nuclear fuel in (30,578) 40,394 process 35,905 35,167 Nuclear fuel -
42,557 spent 42,557 Nuclear fuel -
30,678 35,679 stock 4,924 77
$171,194
$135,950
$35,244 S
r%
sj IV-5 m
Maine Yankee Atomic Power Company ggg Form 10-K-1980 Schedule V (continued)
Maine Yankee Atomic Power Company ELECTRIC PROPERTY AND NUCLEAR FUEL For The Year Ended December 31, 1978 (Dollars in Thousands)
Balance at Balance Beginning Additions Retirements Transfers and at End of Period at Cost or Sales Other Charges of Period Electric Property 7
Organization S
7 Land and land 522 rights 522 Structures and 56,025 improvements 55,861 166 2
Reactor plant 101,189 equipment 101,084 126 21 Turbogenerator 57,605 units 56,658 947 Accessory electric 14,498 equipment 14,477 21 Miscellaneous 4,725 power plant equip. 4,607 130 12 3,239 Substation equip.
3,239 Miscellaneous 74 I
electric property 74 Unfinished 3,275 constrection 2,537 738 Total Electric
$241,159 Property
$239,065
$ 2,128
$ 35 Nuclear Fuel Nuclear fuel in
$ 12,752
$ 52,564 reactor
$ 39,812 Nuclear fuel in (22,900) 35,905 process 33,140 25,665 Nuclear fuel -
9,355 42,557 spent 33,202 Nuclear fuel -
793 4,924 stock 4,064 67
$135,950 llh
$110.218
$25,732 IV-6 L
t Maina Yankze Atomic Powar Compcny Form 10-K-1980 Schedule VI Maine Yankee Atomic Power Company ACCL?!ULATED PROVISION FOR DEPRECIATION AND AMORTIZATION OF ELECTRIC PLANT AND NUCLEAR RTL For The Years Ended December 31, (Dollars in Thousands)
Additions Balance at Charged Balance Beginning to Costs Other at End 1980 of Period _
and Expenses Retirements Changes of Period
' Electric Property
$54,105 S 8,319
$792
$171 S 61,803 Nuclear Fuel
$91,844
$24,024 S-
$115,868 1979 r's,)ElectricProperty
$46,448
$ 8,279
$614
$ (8)
$54,105 Nuclear Fuel
$76,525
$15,319
$91,844 1978 Electric Property
$38,313
$ 8,173
$35
$ (3)
$46,448 Nuclear Fuel
$59,114
$17,411 S
$76,525 l
- See Note 1 of " Notes to Financial Statements" for the' Company's depreciation and amortization policies.
l IV-7 u
liaine Yankee Atomic Power Company Schedule IX Short-Term Borrowings (Dollars in 1housands)
Column A Column B Column C Column D Column E Column F Category of Balance at Weighted Maximum Amount Average Amt.
Meighted Daily Short-Term End of Average Outstanding Outstanding Average Borrowings Year Interest During the Year During the Year Interest Rate Rate During the Year a
Year Ended December 31, 1980 Banks (1)
$16,000 22.51%
$20.155
$6,992 17.905 E
Year Ended c!o December 31, 1979 Banks (1)
$ 3.925 15 25%
3 9.300
$1,148 15.4c5 Year Ended 3 3,900 3
97 7.79%
December 31. 1978 Banks (1)
- s s:
(1) See Note 3 to Notes to Financial Statements
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SIGNATURES O
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the under-signed, thereunto duly authorized.
MAINE YANKEE ATOMIC POWER COMPANY By Robert E. Howe, Cnief Accounting Officer (Principal Accounting Officer)
March 27, 1981 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By By Elwin W. Thurlow, President Jonn F. G. Eichorn, Jr.
and Director (Principal Director I
l Executive Officer)
March 27, 1981 March 27, 1981 By By William B. Ellis, Director Thomas C. Webb, Vice March 27, 1981 President and Director (Principal Financial Officer) By l
March 27, 1981 Thomas A. Greenquist, Director March 27, 1981 By Charles E. Monty, Vice By President and Director James E. Griffin, Director March 27, 1981 March 27, 1981 l
By By Jonn B. Randazza, Vice Carroll R. Lee, Director President and Direcor March 2 7, 1981 l
March 27, 1981 By By Guy W. Nichols, Director Joan I. Bok, Director March 27, 1981 March 27, 1981 i
By l
By Robert F. Scott, Director l
Ralpn A. Brown, Director March 27, 1981 March 27, 1981 Q
By By Donald C. Switzer, Director William F. Burt, Director March 27, 1981 l
March 27, 1981 By l
William G. Ia1.unan, Director l
IV-9 March 27, 1981
.