ML20042G308

Forwards Alabama Power Co Annual Rept 1989, Unaudited Financial Statements for Quarter Ending 900331 & Cash Flow Projections for 1990

ML20042G308
Person / Time
Site:	Farley
Issue date:	04/25/1990
From:	Whitson D ALABAMA POWER CO.
To:	Saltzman J Office of Nuclear Reactor Regulation
Shared Package
ML20042E908	List: ML20042E907 ML20042G308
References
NUDOCS 9005140069
Download: ML20042G308 (5)

Text

r-Alat>ama Power Company 600 North 18th Street l

Post Offee Box 2641 Dwmingham. katume 3$291 o042 Telephone 205 2502497

%20,*o ",,

AlabamaPower the southem doctre system April 25, 1990 1

Mr. Jerome Saltzman L

Chief, Antitrust and Indemnity Group I

Nuclear Reactor Regulation Nuclear Regulatory Commission Washington, D.C. 20555 l

Dear Mr. Seltzman:

Enclosed is the annual submission of Alabama Power Company with respect to the retrospective premium guarantee required under the Price-Anderson Act, as amended, applicable to its Joseph M. Farley Nuclear Plant. We have elected to satisfy this guarantee requirement by submitting l

annual certified financial statements and cash projections, showing that a cash flow can be generated and would be available for payment of retrospective premiums up to $20,000,000 vithin three months after I

submission of the statement. -In this connection, enclosed are the-following:

t 1.

1989 Annual Report which includes financial statements for the calendar year 1989, together with the report on such statements by Arthur Anderson & Co., independent public accountants; 2.

Unaudited Financial Statements for the quarter ended March 31, 1990:

3.

Cash Flow Projections for the period January 1, 1990-through December 31, 1990, showing that cash flow of $20,000,000 can be generated and would be available for payment of retrospective premiums within three months after submission of the statement.

Please acknowledge receipt of the enclosures by signing and returning the enclosed copy of this letter.

Very truly yours, h

i t* e-w l.,.

h DLV/af Enclosures

[Il@8 9005140069 900425 h

PDR ADOCK 05000348 I

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j Athama Power Company 600 North 18th Street Post Office Box 2641 i

Birmingham. Mabamo 352910042 Tuiephone 20$ 2!a2497 4

E*,#n%O Alabama Power its0 Sout!Wn %clic $$%9n r

April 25, 1990 l

I Mr. Jerome Saltzman-Chief, Antitrust and Indemnity Group T

1 Nuclear Reactor Regulation l

Nuclear Regulatory Commission Washington, D.C. 20555

Dear Mr. Saltzman:

t Enclosed is the annual submission of Alabama Power Company with respect to the retrospective premiur. guarantee required under the.

l Price-Anderson Act, ao amended, applicable to its.loseph M. Parley Nuclear Plant. Ve have elected to satisfy this guarantee requirement by submitting i

annual certified financial statements and cash projections, showing that a i

cash flow can be generated and would be available for payment of retrospective premiums up to $20,000,000-vithin three months after submission of the statement.

In this connection, enclosed are the i

following:

1.

1989 Annual Report which includes financial statements for the calendar year 1989, together with the report on such_ statements by Arthur Anderson & Co., independent public accountants; 2.

Unaudited Financial Statements'for the quarter ended March 31, 1990:

3.

Cash Flow Projections for the period January 1,-1990 through l

December 31, 1990, showing that cash flow of $20,000,000_can be E

generated and would be availa' ale for paynient of retrospective premiums within three months'after submission of the statement.

l Please acknowledge receipt of the enclosures by signing and returning i

the enclosed copy of this letter.

Very truly yours, I

l w -

V f.

DLV/af Enclosures l

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ALA&AMA POWtt Coe ANY haithc3 Sheet l

(Stated in Thousands of boilers) i UNAUDITED 3

II At Watch 31 A$$tTS

-L UTILITY PLANT:

1990

}

Plant in service. at cristnel cost...................

S 8.314 916 1

Lees - Accumulated provleien for depreciation........

.. 2 633 693 6.781.322 Nuclear fuel at cmortised c0st........'.'.............

137 J

Construction work in progrese........................

.... 600 463

.197 6.619.072 i}

Lees - Propertr*related occumulated deferred income teres......................................

. 1 066 007 6.463.976 CTHER PROPERTY AND INVESTWlMitt i

Southern Electric Generating Company, at osuit

-26,666

- Wi e ce(l aneove..... y not...................... y......

Nonut )ity St *t trt i

3 679 914 l

6.

36

...... 169 CURRENT A$$tTS:

Cash.................................................

6.9 96 Tempor a ry cash ir,ee tment e, at cos t..................

Receivables -

Cu s t omer ac',ount o r ec e i v a bl e..... l e................217.620 other acecante and notes receivab 93.683 Affilletedcompanies...........le..................

60 000 268 Accumule ted provision f or uncol ctible accoun (22.676) 76.

Refundable income tones..........................te..

Fosell fret stock, at everage cost...................

193.179 a

Materials and supplies, at-average cost..............

140.766 Prope 621 Vacatfmunts.........................................

106 021 en pay deferred................................

22 787.920 Of FERRED CHARGES:

Debt expense being amortised.......

6 Miscellaneous..... pense,beingamortis................

28 368 Debtredemotlenem ed.............

676 67.,420

.... 92.364 TOTAL A$$tT3...........................................

t 6.370.400 4

CAPITAL!!ATION AND LIABILIT!!$

CAPITAL!!ATION:

Common stock'oeulty.....

8 2.164.836-Preferred stock...................

4td.4M Preferred stock subject to mandatory redemption......

16 i

Long-term debt.......................................

2.409 000

.650 i

6.103.446.

CURRENT LI ABILITitti Preferred. stock due within one year..................

2.600 Lon0-term deot due within one 73 Notes payable to banks........ year...................

113 614 000 Accounts payable -

Affiliated com Other.........panies..............................

44.619 161.216 Customer deposite............................

29.142 i

Tames accrued -

Fsdstal and state income..

46.201 Other.....................

4 70 676 24 Interest accrued...............

487 Vocation pay accrued..

t 22 W1scellaneous........................................

117 021

. D48 706.404 OtFERRED CRt0!T$ AND OTHER LI ABILITitti Accumulated deterred investment tax credite..........

3D6.468 Propsid capacit Wiscellaneous..y revenues, 6et.......................

101.060 62.811 661.119-4 TOTAL CAPITALI ZATION AND LI A81 LIT!!$...................

8

6. 370.404

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ALABAMA POWER COMPANY Internal Cash Flow for i

Joseph M. Farley Nuclear Power Station (Dollars in Thousands) 1989 1990 Actual Projections Net-Income After Taxes

$350,669

$338,223 Less Dividends Paid 256,823 259,803 Retained Earnings 93,846 78,420 Adjustments:

Depreciation and Amortization 322,042 336,296 Deferred Income Taxes and

+

Investment Tax Credits 38,632 64,523 Allovance for Funds Used During Construction (Gross)

(57,142)

($2,131) i Total Adjustments 303,532 348,688 i

Internal Cash Flov

$397.378

$f21t1Q8 Average Quarterly Cash Flow

$ 99.34}'

$106.771 Percentage Ownership in all Operating Nuclear IJnits:

Joseph M. Farley Units 1 and 2 100%

Maximu.a Total contingent Liability

$20,000-r t

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