ML20041C181
| ML20041C181 | |
| Person / Time | |
|---|---|
| Site: | Skagit |
| Issue date: | 02/12/1982 |
| From: | Adensam E Office of Nuclear Reactor Regulation |
| To: | Spangenberg F NORTHWEST ENERGY SERVICES CO. |
| References | |
| NUDOCS 8202260309 | |
| Download: ML20041C181 (11) | |
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s DISTRIBUTION:o,.cz2/05 Docket Nos. 522/523 FEB 12 y-LB #4 r/f Docket bcc: TERA MMallory NRC/PDR MDuncan Local /PDR SHanauer NSIC Mr. Frank Spangenberg RTedesco TIC Assistant Project Manager - Nuclear RVollmer ACRS (16)
Northwest Energy Services Conpany JKramer 2820 Northup Way tt n Bellevue, liashington 98004 g
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Dear fir. Spangenberg:
E (3)
Subject:
Request for Additional Information - Skagit/Hanford Nuclear Project In order that we may continue our review of your application for permits to construct the Skagit/Hanford Nuclear Project, Units 1 and 2, your response to the enclosed request for updated financial information is needed.
To naintain our licensing review schedule we require a completely adequate response to the enclosed request by March 31, 1982. Please inform us within 7 days af ter receipt of this letter whether or not you will be able to respond by March 31, 1982.
Please contact the licensing project manager, Mike Mallory, at (301) 492-4449 if you desire additional discussion or clarification of the information requested.
The reporting and/or recordkeeping requirements centained in this letter affect fewer than ten respondents; therefore, OMB clearance is not required under P.L.96-511.
Sincerely, E inor G. Adensan, Chief Licensing Branch No. 4 Division of Licensing
Enclosure:
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I Gc rosu ais nozeioisacy o24o OFFICIAL RECORD COPY 4 use m-32m j
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SKAGlT Mr. Frank Spangenberg Assistant Project Manager - Nuclear Northwest Energy Services Company 2820 Northup Way Bellevue, Washington 98004 cc:
Mr. F. Theodore Thomsen Mr. Russell Jim Perkins, Coie, Stone, Olsen Tribal Councilman
& Williams Consolidated Tribes and Bands 1900 Washington Building Yakina Indian Nation Seattle, Washington 98101 P.O. Box 151 Toppenish, Washington 98948 Mr. Robert Lowenstein Lowenstein, Newman, Reis-Robert Engelken, Regional Administrator
& Axelrad U.S. Nuclear Regulatory Commission, Suite 1214 Region V 1025 Connecticut Avenue, N.W.
1450 Maria Lane, Suite 210 Washington, D. C.
20036 Walnut Creek, California 94596 Roger M. Leed, Esq.
Law Offices 1411 4th Avenue Saattle, Washington 98104 Mr. Lloyd K. Marbet c/o Forelaws on Board 19142 South Bakers Ferry Road
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Boring, Oregon 97009 Mr. Nicholas D. Lewis, Chairman Energy Facility Site Evaluation Council 820 East 5th Avenue Olyapia, Washington 98504 Honorable Richard Sandvik i
Department of Justice 500 Pacific Building 520 Southwest Yamhill Portland, Oregon 97204 l
Coalition for Safe Power Governor Building - Suite 527 408 S.W. Second Avenue Portland, Oregon 97204 l
S
RE0 VEST FOR ADDITIONAL FINANCIAL TNFORMATION SKAGIT 1.
Provide the most recent cost estimates for each unit grouped as follows:
(a) total nuclear production plant costs; (b) trans-
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mission, distribution, and general plant costs; and (c) nuclear fuel inventory cost for the first core.
The cost estimates should be in dollars escalated through the year of construction completion.
Also, complete the attached schedule entitled, " Plant Capital In-vestment Summah," for each unit using the most recent cost esti-Indicate the estimated site labor requirements expressed as mates..
" man-hours /kWe."
Indicate the average site labor pay rate in dollars per hour (including fringe benefits) effective at month and yea.r of NSSS purchase., Indicate the estimated month and year of construction start for each unit and the earliest and latest -~
estimated dates for completion-oT construction of each unit.
2.
If nuclear fuel for the facility i:; to be acquired by lease or other arrangement than purchase, briefly describe the tems of the Icase or other arrangement.
The following infomation is required for each investor-owned 3.
applicant:
Complete the attached schedule entitled, " Sources of Funds for a.
System-Wide Construction Expenditures. During Period of Construction of Subject Nuclear Power P1' ant," through the year of earliest
3 t
,e estimated completion of Unit.
Indicate the assumptions Jpon which the " Sources of Funds" s.tatement is based.
These assumptions include, but are not necessarily limited to:
(a) rate of return on average c w n stock equity; (b) preferred stock dividen'd rate; (c) lor:g-term and short-term debt interest rates; (d) market / book ratio with respect to the projected comon stock offerings; (e) comon stock dividend paycut ratio; (f) target, year-by-year capital structures; and (g) resultant SEC and indenture interest coverages over the period of construction.
Provide a brief explanation of the basis for each assumption.
b.-
Provide copies of:.
(1) the 1979 and 1980 anntfal reports to stockholders; (2) the most recent interim financial statements; (3) the prospectus for the company's most recent security issue; (4) the preliminary prospectus for any pending security issue; and..
(5)1the 1979 and 1980 SEC Form 10-k and the most recent SEC
' Form:10-Q, and most recent 8-k.
Continue to submit copies of the annual report for each year thereafter as required by 10 CFR 50.71(b).
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provide copies of the most recent Officer's Certificate or h ?
c.
Earnings Certificate prepared in conjunction with the issuance of mortgage bonds or debentures and showing interest coverage calculations using the tests s'et forth in the applicable in-denture.
Explain bondable property addition provisions as they relate to restrictions on the issuance of new long-term debt.
Provide copies of the portions of the indenture relating,
to interest coverage tests or alternative earnings tests and bondable property additions.
Provide calculations of net earnings and interest coverage for the most recent 12-nontn period using the definitions' of net earnings and annual interest
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requirements (on debt presently outstanding) using the most.
restrictive test set forth in.the mortgage bond] indenture.
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Assuming a range of interest rates consider,ed realistic by the l
utility, state the additional amount of first.moctgage bonds which could be issued.
Under the most restrictive test based on net earnings as defined by the indenture for the most recent 12-month period.
i d.
If the corporate charter contains a preferred stock. coverage requirement, provide copies of that portion o'f the charter.
Assuming a range of dividend yields considered realistic by 1
the utility, state the additional amount of preferred stock that could be ' issued by applying the most restrictive test for preferred dividend coverage.for the most recent 12-month period.
9
Provide a detailed explanation of all other restrictions, e.
indenture provisions or constraints on the issuance of short and long-term debt, preferred stock, preference stock and common stock.
Short-tem debt should include bank lines of.
credit and commercial paper, if any, Indicate compensating balance requirements, if any, for bank loans.
f.
Describe the nature and amount of the Company's most recent In rate relief action and the anticipated effect on revenues.
addition, indicate the nature, status, and amount of any,
pending rate relief proceedings.
Use the attached fom to provide this infomation.
Provide copies of the hearing examiner'.s report and recommendation and the interim and final rate orders and opinions,-including all financially related exhibits referred to thereiTi.
Provide copies of the submitted, financially related testimony and exhibits of the staff and company in the most recent rate relief action or pending rate relief request.
Describe aspects of the Company's regulatory environment
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including, but not necessarily limited to, the following:
test year utilized (describe nature and timing); prescribed treatment i
of allowance for funds used during construction and of construction work in progress (indicate percentage and amount included in rate base); fom of rate base [ original cost, fair value, other (describe)]; accounting for deferred income taxes ~ and investment tax credits; and fuel adjustment clauses in effect 8
or proposed.
I
-S-Provide a list of generating units, transmission and distribution g.
facilities and general plant projects to be constructed during the p'eriod of construction of the subject nuclear power plant, showing the t9pe of facility, net capacity for each gene' rating unit, the dollar amounts to be expended for each facility during each of the years involved, and in-service date of each facility.
Complete the attached form entitled, " Financial Statistics" h.
for the most recent 12-month period aid for the years ended December 31, 1980, December 31, 1979 and' December 31, 1978.
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I ATTACEMEh7 TOR ITIM NO. 1 PLAhi CAPITAL INVESTMEhi SL ?.ARY SIC DATA Cos: basistat start of construction Na=2 of plan:
Nec capacity M*4(e)
Reactor type Tvoe of cooling Location Run of river Natural draft mien and construction period cooling towers MechmMeal drafc Month, year NSS$ order cooling towers placed other (describe)
Month, year of comercial operation k e...,
ength of workweek neares rate, interes:
during construe:Lon
,d--la? or co= pound?
CST SLTPF.ARY Total Cos:
Account Title Acceent Nu=ber (thousand dollars)
I DIRECT COSTS _
Land and land rights....................
20 PETSICAL PLANT Structures and site f acilities..........
21 22 Reactor plant equipment.................
23 Turbine plant equipmen:.................
l 24 Electric plant equip =ent................
25 Misc. plant equipment...................
Subtota1........................
Spare parts a11ovance.........
Contingen cy allowance...................
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Subcora1........................
.f INDIRECT. COSTS _
Construe:1on facilities, equip't, and 91 services..............................
Engineering and cons:. =g' t. services...
92 Other costs.............................
I 93 94 Interes during construe:Lon............
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Subcora1........................
S Star: of construction ecst..............
- Escalation during construc:fon (_: yr.)
Total plant capi:a1 inves =ent (S~/i~J) i PIndicate separate escala:1on rates, for site labor, si:e =ateriab, and for purchased
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ATTACb24ENT FOR ITEM NO. 4.f. '-
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RATE DEVELOPMENTS Electric Gas Steam f2' Granted Test year utilized i
Annual amount of revenue increase requested-test year basis (000's) i Date petition filed Annual amount of revenue increase allowed-test year basis (000's)
Percent increase in revenues allowed l
l Date of final o.rder Effective date Rate base finding (000's)
Construction work in progress included in Rate base (000's)
Rate of return on rate base authorized Rate of return on common equity authorized
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Revenue Effect (000's)
Amount received in year granted Amount received in subsequent year (If not available, annualize amounts received in year granted)
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Pendina Recuests j
Test year utilized 1
Amount (000's)
Percent increase Date petition filed Date by which dec.ision must be issued Rate of return on rate base requested Rate of return on common equity requested i
Amount of rate base requested Amount of construction work in progress requested for inclusion in rate base
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ATTACHMENT FOR ITEM NO. 4.h.
FINANCIAL STATISTICS 12 months' ended 1981
'1980 1979 (dollars in millions )
Earnings available to comon equity Average comon equity Rate of return on average common equity Times total interest earned before FIT:
Gross income (both including and excluding AFDC) + current and deferred FIT + total interest charges + amortization of debt discount and expense Times long-term-interest earned before FIT:
Gross income (both including and excluding AFDC) + current and deferred FIT + long-term interest charges + amortization of debt discount and expense Bond ratings (end of period)
Standard and Poor's Moody's Times interest and preferred dividends parned
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after FIT:
Gross income (both including and excluding AFDC) + total interest charges + amor-tization of debt discount and expense + preferred dividends.
AFUDC Net income after preferred dividends Market price of comon Book value of comon Market-book ratio (end of period)*
Earninos avail, for comon less AFDC +
depreciation and amortization, deferred taxes, and invest. tax credit adjust.-
deferred.
Ccmon dividends Ratio l
Short-term debt Bank loans Cc=ercial paper Capitalization (Amount & Percent)
Long-term debt Preferred stock
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