ML20003E413

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Forwards Annual Financial Rept 1980,earnings Statement for Quarter Ending 801231 & 1-yr Internal Cash Flow Projection for 1981 & Actual Cash Flow for 1980 Per Alternative 5 of Price-Anderson Act Retrospective Premium Sys Guarantee
ML20003E413
Person / Time
Site: Beaver Valley
Issue date: 03/30/1981
From: Wushinske R
PENNSYLVANIA POWER CO.
To: Saltzman J
Office of Nuclear Reactor Regulation
Shared Package
ML20003E414 List:
References
NUDOCS 8104030391
Download: ML20003E413 (3)


Text

i IHIS DOCUMENT CONTAINS POOR QUAUTY PAGES

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PENNSYLVANIA POWER COMPANY 1 EAST WASHINGTON STREET NEW CASTLE. PA 16103

  • 412-652-5531 l

ROBERT P. WUSHINSME March 30, 1981 SECRETARY AND TREASURER j U. S. Nuclear Regulatory Commission Washington, DC 20555 Attention: Mr. Jerome Saltzman, Chief Antitrust and Indemnity Group, Nuclear Reactor Regulation

Subject:

Docket No. 50-334 - Beaver Valley Power Station Unit No. 1 Centlemen:

Pursuant to our election of alternative No. 5, regarding the Price-Anderson Act retrospective premium system guarantee requirements, and the applicable requirement for annual submittals pertaining to the requirements, you will find enclosed:

1. A copy of our 1980 Annual Report to Stockholders which includes financial statements certified by our independent public accountants;
2. A copy of our earnings statement for the quarter ended December 31, 1980; and
3. A one.-year internal cash flow projection for 1981, and the actual cash flow for 1980. This statement fndicated that

$1,750,000, our portion of the $10 million retrospective premiums for the unit in question, would be available for the payment of such premiums.

With respect to item No. 4 of alternative No. 5, please be advised that the cash flow projection indicates that no capital expenditure curtailment would have to take place in order to make the retrospective premium available for payment.

Because Pennsylvania Power Company is currently paying an indemnity fee which is greater than $1,000, it is our understanding that payment of the $1,000 minimum annual indemnity fee is not necessary, as the guarantee of payment of deferred premiums for its operating reactors.

Very truly yours,

+ . .

RPW:jm Enclosures hiII

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$1D40303h T

PENNSYLVANIA POWER COMPANY Income Statement for 3 Months Ended Dececher 31, 1980 (Dollars in Thousands)

(See Note 1)

Operating Revenues $43,162 Operation and Maintenance Expenses 24,680 Provision for Depreciation 3,462 Taxes - General 2,724-

- Federal Incoce 3,527

- State Income 623

- Federal and State Income Tnes Deferred - Net (975)

- Investment Tax Credit - Nat (68)

Operating Incoce 9,189 Other Incoce and Deductions:

Allowance for Other Funds Used During Construction 1,404 Miscellaneous, Less Applicable Income Taxes - Net 3,091 Total 4,495 Total Income 13,684 Interest and Other Charges:

Interest on Long-Term Debt 5,197 Amortization of Debt Discount, Premium and Expense - Net 32 Other Interest Expense 1,233 Allowance for Borrowed Funds Used During Construction - Credit 1,656 Net Incou (Before Preferred Stock Dividend Requirements) 5,566 Preferred Stock Dividend Requirements 1,409 Net Income for Cocnnon Stock $ 4,157 Shares of Coc: mon Stock Outstanding - Average During Period 4,160,000 r

I

, NOTE: (1) This statement is on the basis of interim figures and is subject to audit and adjustments.

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PENNSYLVANIA POWER COMPANY 1981 Internal Cash Flow Projection for Beaver Valley Power Station Unit No. 1 (Dollars in Thousands)

Prior Year Proj ection Actual Total Year Total Net Income After Taxes $20,823 $24,730 Less: Dividends Paid 19,533 22,398 Retained Earnings 1,290 2,332 Adjustments:

Depreciation and Amortization 13,021 14,170 Deferred Income Taxes and Investment Tax Credits 4,261 3,241 Allowance for Funds Used

'During Construction (5,753) (7,182)

Total Adjustments 11,529 10,229 Internal Cash Flow. 12,819 12,561 Average Quarterly Cash Flow $ 3,205 $ 3,140 Percentage Ownership in Nuclear Unit- 17.5%

Maximum Total Contingent Liability $1,750 t

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