ML20002D127
| ML20002D127 | |
| Person / Time | |
|---|---|
| Site: | Calvert Cliffs  |
| Issue date: | 01/14/1981 |
| From: | Inners A BALTIMORE GAS & ELECTRIC CO. |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| Shared Package | |
| ML20002D128 | List: |
| References | |
| NUDOCS 8101190502 | |
| Download: ML20002D127 (5) | |
Text
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C0!!IMNS I
p033 OUAUTY PAGES 1
SALTIMORE i
GAS AND LECTRIC CHARLES CENTER. P.O. BOX 147',. BALTIMORE, MARYLAND 21203 ALFREDH.IW4ER$
Tataswata January 14, 1981 Mr. Jerome Saltzman, Chief Utility Finance Branch Division of Engineering Office of Nuclear Reactor Regulation
.I United States Nuclear 3*
Regulatory Commission 3
Washington, D.C.
20555
Subject:
Calvert Cliffs Nuclear Power Plant Units Nos. 1 and 2 Docket Nos. 50-317 and 50-318 Guarantee of Retrospective Premium
Dear Mr. Saltzman:
In accordance with Mr. B. H. Sherry's letter of June 30, 1977, our annual submittal date for the Guarantee is August 1.
Accordingly, we are enclosing herewith:
Exhibit I
- A copy of the 1979 Annual Report to Stockholders of Baltimore Gas and Electric Company containing certified financial statements.
Exhibit II
- 1 copy of quarterly financial statements as of June 30, 1980.
Exhibit III
- A copy of Projected Cash Flow for the twelve months ended July 31, 1981.
Exhibit IV
- Narrative statement on curtailment / deferment of capital expenditures (if any) to ensure that retrospective premiums up to $10 million applicable to each of the two units would be available for payment.
Please excuse the delay in submission which was the result of an inadvertant oversight.
Sincerely yours, oO/
q
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,- -Q :- w.
//
kms Enclosures 81011490601 1
EXHIBIT III PAGE 1 of 2 Internal Cash Flow Projection for Calvert Cliffa Nuclear Power Station Percentage Ownership in All Operating Calvert Cliffs Unit No. 1 100.00%
Nuclear Units Calvert Cliffs Unit No. 2 100.00%
Maximum Total Contingent Liability ($000)
$20,000 Twelve Months Twelve Months Ended 6/30/80 Ended 7/31/81 Non-Cash Expenses (5000)
Depreciation and Amortization
$104,275 5135,603 Deferred Income Taxes and Investment Tax Credits 53.445 37.033 Total 5157',720 5172,636 Percentage of Total to Maximum Total Contingent Liability 788.6%
863.2%
Retained Earnines (5000)
Net Income After Taxes
$114,587 Less Allowance for Funds Used During Construction 22,030 Less Dividends Paid 77.634 Total
$ 14.923 Total Internal Cash Flow
$172.643 Percentage of Total Internal Cash Flow to Maximum Total Contingent Liability 863.2%
State of Maryland)
)SS:
City of Baltimore)
Mr. A. H. Inners makes oath and says that he is Treasurer of Baltimore Gas and Electric Company; that the above Projected Cash Flow was prepared under his direction and in good faith in accordance with the stated Underlying Assumptions; that he has examined the above projection, and to the best of his knowledge it is a fair representation-of cash flew for the twelve months ended July 31, 1981.
T
'n a., w,.
Subscribed and-sworn to before me, a Notary Public, in and for the State and City above named, this
/a% day cf < k.,, m e
,-1981.
/
/
My Commission expires 1 e4
/ / 9 P4 J
/
CL)
t EXHIBIT III PAGE 2 of 2 Baltimore Gas and Electric Company l'nderlying Assumptions for Pro jected Cash Flow (1) Projected Cash Flow does not include an estimate of retained earnings.
However, Internally Generated Funds without retained earnings are well in excess of the maximum possible retroactive premiums. The Company is expected to realize retained earnings net of Allowance For Funds Used During Construction during the projected period.
(2) Depreciation accruals based on composite straight line rates of 3.26% for electric property other than nuclear, 3.45% for nuclear property, 2.6% for gas, 2.75% for steam and 3% for common utility property.
(3) Estimates of Federal income taxes and other tax expense are based upon existing tax laws and any known changes.thereto.
(4) Accounting policies consistent with those in effect June 30, 1980.
EX11TBIT IV Baltimore Gas and Electric Company curtailment of Capital Expenditures Estimated construction expenditures including nuclear fuel for the twelve months ended July 31, 1981 are $294 million. To insure that retrospective premiums under the Price Anderson Act would be available during the aforementioned twelve month period without additional funds from external sources, construction curtail-ments would affect all construction expenditures rather than impacting a specific project.
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