ML20056C287

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Forwards Gpu Nuclear Decommissioning Trust Fund Repts,Per 930426 Telcon W/Rs Wood Chief,Policy Development & Financial Evaluation Section.Repts Provided Annually to Nj & PA Regulatory Commissioners
ML20056C287
Person / Time
Site: Oyster Creek, Crane
Issue date: 05/06/1993
From: Rogan R
GENERAL PUBLIC UTILITIES CORP.
To:
NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
References
C311-93-2075, C312-93-2034, C321-93-2141, NUDOCS 9305130113
Download: ML20056C287 (41)
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GPU Nuclear Corporation Nuclear at.'es"*

Middletown, Pennsylvania 17057-0480 (717)944-7621 Writer's Direct Dial Number:

(717) 948-8048 May 6, 1993 C311-93-2075 C312-93-2034 C321-93-2141 U.S. Nuclear Regulatory Commission Attn: Document Control Desk Washington, DC 20555

Dear Sir:

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Subject:

Three Mile Island Nuclear Station, Unit 1 (TMI-1)

Three Mile Island Nuclear Station, Unit 2 (TMI-2)

Oyster Creek Nuclear Generating Station (OCNGS) i Operating License and Docket Nos.:

DPR-50/ Docket No. 50-289 (TMI-1)

DPR-73/ Docket No. 50-320 (TMI-2)

DPR-16/ Docket No. 50-219 (OCNGS)

GPU Nuclear Decommissioning Trust Fund Reports During a telephone conference with Mr. Robert S. Wood, Chief, Policy Development and Financial Evaluation Section, on April 26, 1993, we agreed to provide information copies of the Nuclear Plant Decommissioning Trust Fund status reports-for GPU Nuclear which we provide annually to the New Jersey and Pennsylvania Regulatory Commissioners.. Copies of the most recent reports are enclosed.

The cover letter accompanying each report contains background information which is self-explanatory; however, it should be emphasized that these reports include both radiological decommissioning and non-radiological cost of removal amounts.

(for reference, the JCP&L report specifies at page 15 the radiological and non-radiological target funding levels for each of the plants.)

If you have questions concerning the reports, please call me at (717) 948-8048 or Mr. Robert C. Cutler at (201) 316-7668

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Sincerely, C

R. E. Rogan TMI Licensing Director 110025 l

-RER/mkk 9305130113 930506 l

ADOCK 0500 9

Enclosure

$DR cc:

R. S. Wood, Chief, Policy Development & Financial Evaluation Section GPU Nuclear Corporation is a subsidiary of General Public Utilities Corporation

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Jersey Central Power & Light Company clo GPU Service Corporaton 100 Interpac:: Parkway Parsippany. New Jersey 07054 (201) 263 6500 March 3,1993 Ms. Irene Johnson Acting Secretary New Jersey Board of Regulatory Commissioners CN 310 44 South Clinton Ave.

Trenton, NJ 08625 Re:

1992 Plant Decommissioning Trust Fund Report Pursuant to NJ.A.C.14:5A-4.2 Ms. Johnson:

Enclosed for filing please find an original and ten copies of the Nuclear Plant Decommissioning Trust Fund Report for 1992 reonired under NJ.A.C.14:5A-4.2 on behalf of Jersey Central Power & Light Company (" Jersey Central" or "the Company").

Plant Ownership As a matter of background, Jersey Central has an ownership interest in three licensed reactors:

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Oyster Creek Nuclear Station located in Lacey Township, New Jersey, which l

went into commercial operation in 1969. The existing license expires in 2004 and the Company has requested extension of this date to 2009..This request is based upon the Nuclear Regulatory Commission's current policy of granting an extension to an operating license for the typical 40 year period to commence at the date of plant start-up as opposed to the start of construction t

activities. Jersey Central has a 100% ownership interest in the plant.

II.

Three Mile Island Unit No.1 (TMI-1) located in Middletown, Pennsylvania, which went into commercial operation in 1974. The existing license has

.l already been extended to 2014 to reflect the length of the construction period.

Jersey Central has a 25% ownership interest in the plant. The other owners of the plant are. Metropolitan Edison Company (50%) and Pennsylvania Electric Company (25%) and are affiliates of the Company, all of which are subsidiaries of General Public Utilities Corporation.

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.le sey Central Power & Ught Company is a Member of the General Public tJtilities System

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r Trust Fund Report Page 2 III.

Three Mile Island Unit No. 2 (TMI-2) located adjacent to TMI-1, which went into commercial operation in 1978. This plant is inoperable due to the 1979 accident. Ownership of the plant is the same as for TMI-1.

Additionally, the Company, Met-Ed and Penelec own the Saxton Nuclear Experimental reactor, a small demonstration reactor, in the ownership percentages of 44%,

24% and 32%, respectively. The Company is presently collecting decommissioning revenues for its interest in Saxton based upon the recent February 25,1993 base rate order. The other owners are collecting revenues for their ownership interest. Information concerning this facility is not required to be included in this report since the plant's size was less than the 200 MW capacity criteria contained in the rule.

Trust Funds i

The Company established a master trust in 1990 under a master trust agreement with Bank of New York. The trust fund investment manager is Bankers Trust. Decommissioning funds are deposited monthly and invested under the terms outlined in the report.

If you have any questions concerning the information contained in the report or suggestions regarding its format, please contact me at (201) 455-8370.

Very truly yours, l

l OY. V (0J

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M. P. Morrell l

Vice President Materials, Services

& Regulatory Affairs I

t emb NJBRC.MPM c:

R. Chilton - NJBRC R. Hartung - NJBRC t

S. Reisner - Dept. of Public Advocate S. Weiner - Dept. of Environmental Protection and Energy L A. Amato - Mayor of Lacey Township i

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JERSEY CENTRAL POWER & LIGHT COMPANY i

Decommissioning Trust Annual Repon December 31,1992 Jersey Central Power & Light Company (the Company) has made investments in three major nuclear projects -- Three Mile Island Unit 1 (TMI-1) and Oyster Creek, both of which are operational generating facilities, and Three Mile Island Unit 2 (TMI-2), which was damaged during the 1979 accident. TMI-1 and TMI-2 are jointly owned by the Company, Metropolitan Edison Company (Met-Ed) and Pennsylvania Electric Company (Penelec) in the percentages of 25%,50% and 25%, respectively. Except where otherwise noted, amounts regarding TMI-1 and TMI-2 reflect the Company's ownership of those units.

This report includes information on all JCP&L trust funds for the above plants without e

regard to jurisdiction (retail or wholesale) or whether the funds are for radiological decommissioning or nonradiological cost of removal (the distinction between radiological decommissioning and nonradiological cost of removal is discussed in Section XI). All cumulative information contained in this report is for the period January 1,1991 through December 31,1992.

i The Company has established separate nuclear decommissioning trusts (NDTs) for the qualified and nonqualified funds of each plant. The qualified trusts qualify as nuclear 4

decommissioning reserve funds within the meaning of Section 468A of the Internal Revenue Code of 1986. The Company's nonqualified NDT investments are commingled with the nonqualified NDT investments of Met-Ed and Penelec.

i SECTION I i

Market Values at December 31.1992 fin 000's)

Nonaualified Oualified Total Oyster Creek S31,734 S34,508 566,242 TMI-1 3,902 6,812 10,714 TMI-2 36,081 4,309 40,390 j

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Pre-tax and Aner-tax investment Returns (in G i

1992 Ouarterly Returns Cumulative Annual First Second Third Fourth (Annualized) 1992 Ouarter Ouarter Ouarter Quarter i

Pre-tax Returns Oyster Creek 10.52 %

7.26 %

(.68)%

2.85 %

233 %

2.61 %

TMI-1 10.39 7.28

(.56) 2.80 230 2.59 TMI-2 10.02 7.02

(.66) 2.70 2.27 2.57 Aner-tax Returns Oyster Creek 8.39 %

6.05 %

(.11)%

2.19 %

1.81 %

2.04 %

TMI-1 8.16 5.96

(.06) 2.13 1.77 2.01 TMI-2 8.18 6.04

(.06) 2.12 1.82 2.04 l

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SECTION III Investment Return Benchmarks and Comparisons (in %)

The Company's actual fund performance as reported in Section 11 compared to the fund's benchmark is presented below:

Cumulative (Annualized) 1992 Actual Benchmark Actual Benchmark Pre-Tax Oyster Creek 10.52 %

11.17%")

7.26 %

7.59 %

TMI-I 10.39 11.17 )

7.28 7.59 0

TMI-2 10.02 11.17 )

7.02 7.59 0

After-Tax Oyster Creek 8.39 %

c) 6.05 %

a) j TMI-I 8.16 a) 5.96 a) h TM1-2 8.18 c) 6.04 g) 0)' Die NDTs and the investment guidelines were developed and implemented in the fourth quarter of 1990. During 1991 the fund was mwmg towards the prescribed asset allocation. therefore the custom benchmark reflects the actual arset allocation in 1991 and the target asset allocation in 1992.

Q) The indexes which compnse the Company's custom benchmark are pubhshed only on a pre-tax basis. After-tax returns are considered by the Company when developing its asset alkeation and investment strategy.

The Company uses a custom benchmark comprised of various indexes to monitor fund performance. One index is selected for each asset class and representation is based on asset allocation. The indexes which constitute the custom benchmark are as follows:

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4 Representation of Asset Class Index Custom Benchmark Municipal Bonds 12hman Brothers 5 and 7 year General Obligation Bond Index (arithmetically averaged) 65c7c i

Equities Standard & Poor's 500 Index 30 U.S. Treasuries Merrill Lynch Treasury Master Index 1 - 2.99 years 5

j Money Market Instruments T-Bills (30 days)

Descriptions of the Indexes above are:

Lehman Brothers 5 and 7 year General Obligation Bond Index f

A total return performance Index for the investment-grade tax-exempt bond 3

. market. Returns and attributes for the Index are calculated semi-monthly.

Bonds included in the Index are selected to be representative of the market.

Standard & Poor's 500 Index Covers 500 industrial, utility, transportation, and financial companies of the U.S. equity markets, mostly New York Stock Exchange (NYSE) issues. The index represents about 75% of NYSE market capitalization and 30% of l

NYSE issues. It is a capitalization-weighted index calculated on a total return.

basis with dividends reinvested.

a Merrill Lynch Treasury Master Index (1 - 2.99 Years) i Includes issues in the form of publicly placed, coupon-bearing U.S. Treasury debt. Issues must carry a term to maturity of at least one year, but not more

i than 3 years.

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The actual and benchmark returns (pre-tax) by asset class are:

F Cumulative (Annualized) 1992 Actual Benchmark Actual Henchmark t

Municipals 8.83 %

9.43 %

7.16 %

7.65 %

U.S. Treasuries 8.68 8.96 6.18 6.30 Equities 18.82 18.58 7.73 7.69 Money Market Instruments 4.39 3.18 k

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SECTION IV investment Straterv and Guidelines The Company's NDT investment strategy to maximize return while managing and l

monitoring portfolio risk considers three important aspects: 1) NDTs are subject to income taxes; 2) NDTs have a trust termination date; and 3) NDTs have investment restrictions.

The first item makes tax-exempt instruments desirable, the second item causes NDT i

investment guidelines to be relatively conservative, and the.last item limits the type of investment vehicles which can be used.

The Company's current NDT fund target allocation is 70% fixed income (municipal bonds and U.S. Treasuries) and 30% equities. The split between treasuries and municipals is determined by the after-tax interest rate relationship of these two investment vehicles. The after-tax yield currently favors municipals. Therefore, the vast majority of the funds are in municipals.

j The equity investments are in an S&P 500 index fund, U.S. Treasury investments model the Merrill Lynch Treasury Master Index 1 - 2.99 years, and the municipal bonds are invested in a fashion which replicates the average return of the lehman Brothers 5 and 7 year l

General Obligation Bond Index. In general, the average maturity of the bond index will approximately average the 5 and 7 year municipal indexes. This is an income investment 4

approach that attempts to capture a high percentage of the long-term bond's interest rate while limiting capital exposure to the extent possible. Incremental returns over time for long-term bonds, in comparison to short-intermediate bonds, have not justified the additional volatility inherent with long-term bonds. The mix between municipals and treasuries will shift to treasuries should the after-tax interest rate on treasuries become higher than municipals.

The target allocation percentages are total fund targets and reflect the investment restrictions applicable to both the qualified and nonqualified trusts. The Company will be reviewing its NDT investment strategy this year due to the NDT provisions contained in the Energy Policy Act of 1992. These provisions liberalized investment alternatives for qualified funds and lowered the income tax rate for qualified trusts from 34% currently, to 22% for 1994 and 20% for years after 1994.

The Company's current investment guidelines for the NDT funds that have been provided _

r to our Investment Manager for investment purposes and our Master Trustee for compliance purpor,es are attached as Appendix A.

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SECTION V Asset Allocation The Company's NDT assets are invested in municipal bonds, U.S. Treasuries and equities of U.S. corporations. The chart below shows the fund's actual and target asset allocations by asset class at December 31,1992.

i Actual Target Investment Municipal Bonds 64.1 %

65.0 %

Equities 303 30.0 U.S. Treasuries 53 5.0 Money Market Instruments 3

(Liquidity)

The fund's investments are within the Company's investment guidelines as prosided in Section IV of this report.

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SECTION VI FintLnsjal Reconciliation (in 000's) 1992 lleginning Ending Market Contributions Net Market Value Oualified Nongitaliued Earnirgd Value Oyster Creek

$48,746

$9,667

$3,956

$3,813

$66,242 TMI-1 7,691 1,856 556 6Ii 10,714 TMI-2 36,038 1,813 2,539 40,390 i

i Cumulative lleginning Ending Market Contributions Net Market

_Value Oualified Nonqualified Earnines[0 Value l

Oyster Creek

$30,261

$18,739

$8,313

$8,929

$66,242 l

TMI-I 4,542 3,638 1,158 1,376 10,714 TMl-2 30,143 3,753 (88) 6,582 40,390 I

l (1) Net earnings include interest, dividends and realized and unrealized gains and losses, net of disbursements.

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j SECTION VII Fees. Commissions and Taxes (in 000's) i r

This section reflects amounts which have been paid by the trust during the year ended December 31,1992.

Investment Manager Trustee Fees Fees Tases other Total Oyster Creek S32 S20

$196 S2 S250 TMI-1 4

3 42 1

50' TMI-2 30 20 12 1

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The qualified NDTs are individual taxable entities that pay income taxes from trust assets.

The Company reports the taxable income from the nonqualified NDTs on its corporate tax returns and has been paying these taxes out of general operating funds.

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b SECTION VIII Assumed Return on the Fundine Annuity The current retail rates were developed based on an after-tax return of 6E Reference is made to testimony submitted in the Company's recent base rate filings docketed at ER-8911-09123 and ER-9112-18203.

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SECTION IX Market Value Comparison: Actual vs. Assumed (in 000's)

The tables below compare the actual market value at December 31,1992 to the value of the funds had the rate of return (67c after-tax) used to develop rates been realized. The first table applies the 69c after-tax return to the beginning balance and scheduled contributions for the period January 1,1991 through December 31,1992. The second table applies the 6% after-tax return beginning January 1,1992.

12/31/92 Actual Adjust.

12/31/92 Market Value Market ment for 6% Return Excess Value Taxes

  • Adiusted Since 1/1/91 (Shortfall)

(1)

(2)

(3) = (1)<2)

(4)

(5)-(3)-(4)

Oyster Creek S66.242 S(1.598) 564,644

$52,961

$1,683 TMI-1 10,714 (236) 10.478 10,231 247 TMI-2 40,390 (1,280) 39,110 37,926 1,184 P

12/31/92 Actual Adjust-12/31/92 Market Value Market ment for 6% Return Exces.4 Value Taxes

  • Adiusted Since 1/1/92 (Shortfall)

(1)

(2)

(3) = (1)<2)

(4)

(5)= (3)-(4)

Oyster Creek S66,242 S(1,598) 564,644

$64.549 595 i

TMI-1 10,714 (236) 10,478 10,473 5

TMI-2 40,390 (1,280) 39,110 39,127 (17)

  • The adjustment for taxes represents taxes that would be required to be paid (to the i

Internal Revenue Service or reimbursed to the Company) if the investments were

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liquidated. These taxes primarily relate to net unrealized gains and to non-qualified investment income for which the Company has paid taxes out of general operating i

funds.

SECTION X Jointiv Owned Plant Information (in 000's)

The tables below show the market value and annual level of contributions at December 31,1992.

Market Value at Annual 12/31/92 Contribution TMI-1 JCP&L S10,714 52,413 Met-Ed 5,030 598 Penelec 3.036 236 Total

$18,780

$3240

.l On February 25,1993, the NJBRC approved the Company's request for a change in the decommissioning revenues for TMI-1.

Effective with the order, the Company's decommissioning revenues for contribution to the NDT will be 52,418,000 on a total company basis.

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In April 1992, Met-Ed filed for a base rate increase with the Pennsylvania Public Utilities,

Commission (PaPUC) which included a request for decommissioning revenues. On January l

21,1993, the PaPUC approved the requested amount for TMI-1 decommissioning totalling i

$8,735,000 (55,591,000 for radiological and $3,144,000 for non-radiological) on a total company basis.

Penelec has not made a filing with the PaPUC to seek an increase in the amount collected f

for TMI-1 decommissioning.

Penelec does intend to seek an increase in TMI-1 decommissioning revenues in its next base rate filing.

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I Market Value at Annual 12/31/92 Contribution TMI-2 JCP&L

$40,390

$1,850 Met-Ed 2,373 233 Penelec

_12M 40 Total

$43.967

$2.123

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On February 25,1993, the NJBRC approved the Company's request for a change in the j

decommissioning revenues for TMI-2.

Effective with the Order, the Company's -

decommissioning revenues for contribution to the NDT will be $1,935,000 on a total company basis.

in the April 1992 filing mentioned above, Met-Ed also requested revenues for decommissioning costs connected with TMI-2. In its January 1993 Order, the PaPUC l

denied Met-Ed's request. Met-Ed plans to fund the amount for TMI-2 over the next few years. Met-Ed's share of TMI-2 decommissioning costs has been charged to expense.

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Penelec has not made any filing with the PaPUC seeking any revenues for TMI-2. In light i

of the PaPUC decision in the Met-Ed case, Penelee will similarly fund its share of the TMI-l 2 decommissioning costs. Penelec's share of TMI-2 decommissioning costs has been 3

charged to expense.

l Met-Ed has requested the PaPUC to reconsider its decision regarding the collectibility of TMI-2 decommissioning costs. The PaPUC is expected to be acting upon the petition in March 1993.

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EE. CTION XI Proiected Excess (Shodfall) at Ernected Date of Decommissionine (in 000's)

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I The Nuclear Regulatory Commission (NRC) issued a final rule (10 C.F.R. 50.75), published on June 27,1988, regarding decommissioning of nuclear generating facilities that required compliance effective July 1990. The rule requires owners of nuclear generating stations to certify that adequate funds will be accumulated to decommission nuclear facilities by the j

end of their operating lives. The certification must comply with certain funding criteria and i

include an initial target amount which can be based upon a formula that takes into consideration reactor type and capacity. A copy of the certification filing made with the

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NRC on July 26,1990 is attached as Appendix B. The fund target amount includes the cost to release the site to unrestricted use from a radiological point of view (" decommissioning"),

but does not include demolition and removal of nonradiological structures (" cost of removal"). NRC regulations provide mechanisms to adjust the funding targets over the collection periods for increases or decreases due to inflation or changes in technology.

Finally, a preliminary decommissioning plan along with a site specific cost estimate including an updated funding plan must be submitted to the NRC five years before the end of operating life, accompanied by any necessary adjustment to the funding program. The j

rule contemplates full funding of the decommissioning cost estimate by the conclusion of plant operations. Oyster Creek, TMI-I and TMI-2 are subject to the NRC decommissioning rule.

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i The NRC rule was primarily written for large light water reactors with 40 year operating lives, and is less specific regarding facilities such as TMI-2. For TMI-2, NRC generic studies i

have been published that estimate funding target amounts for plants which have had various types of accidents. This provided the Company's basis for TMI-2's funding target. The i

Company plans to decommission TMI-2 coincident with TMI-1, most likely no sooner than

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2014 (i.e., the current licensed life of TMI-1).

The cost of nonradiological work to retire a generating station includes activities such as l

demolition of all remaining (nonradiological) site buildings, site restoration and closecut activities. The costs of removal for Oyster Creek and TMI-1 are based on 1988 site specific studies. Although no specific study has been conducted for the cost of removal for TMI-j 2, the level established in the study for TMI-1 is an appropriate proxy due to site j

similarities.

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r The following table summarizes the deconunissioning target funding levels for the Company's ownership interest in the nuclear units ($1992 millions):

Of.

TMI-1 TMI-2 Radiological

$173

$36

$57 Nonradiological

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$212 551

$25 t

Decommissioning funding requirements may change from time to time as regulatory requirements and techniques for completing the work develop. The NRC is currently j

reviewing the levels of their established funding targets. Inflation of the costs and earnings on the trust funds will also change depending on market conditions and interest rates.

Requirements for decommissioning nuclear facilities will also change and develop over time.

Given these uncertainties, the Company believes that the NRC proposed compliance targets represent a reasonable basis to provide for decommissioning costs for each of these units at the end of their operating lives.

The following table (S in millions) depicts the projected excess (shortfall) at the expected date of decommissioning.

At Decomminionine Date

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lYojected IYojected Funding Fund Funding Excess Decommissioning Target

- Balance Target Excess (Shortfall)

Date 09935)

(6mW (6mW (Shortfall) in 1992 5 Oyster Creek 2009 219 580 589 (9)

(3)

TMI-1 2014 54 149 194 (45)

(12).

TM1-2 2014 75

-230 270 (40)

(11)

(1) The projected fund balance assumes the adjusted market value (Section IX) and annual level of '

contributions at December 31,1992 as well as an assumed after-tax return of 6%.

I (2) The projected funding target at the decommissioning date assumes the funding target la D92 dollars inflated at a rate of 6% annually.

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APPENDIX A j

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-i JERSEY CENTRAL POWER & LIGIIT COMPANY NUCLEAR DECOMMISSIONING TRUST i

INVESTMENT GUIDELINES T

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ISSUED OCTOBER 1,1990 REVISED' FEBRUARY 1,1991

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JERSEY CENTRAL POWER & LIGHT COMPANY NUCLEAR DECOMMISSIONING TRUST INVESTMENT GUIDELINES I

OUALIFIED FUND Issued: 10/1/90 Revised: 2/1/91 General Investments within the qualified fund are to be made in strict compliance with Internal Revenue Code Section 468A (e)(4)(C).

Elicible investments Public debt securities of the United States including Treasury bills, notes and bonds. Securities of government agencies are not permitted.

Obligations of state or local governments that are not in default as to principal and interest.

Time or demand deposits in a bank or an insured credit union located in the United States.

Discrete investment restriction Qualified funds of each plant may not be commingled. Separate secunties must be purchased for and maintained in each qualified fund for each plant.

Ouality Standards The quality standards for obligations of a state or local government shall be that:

Each security shall be rated with an investment grade rating from any two of Moody's, Standard and Poor's, Duff & Phelps or Fitch at the time of purchase, and not be in default. This limhation shall not apply to securities that have been prefunded where a third party trustee holds direct U.S.

Government obligations of sufficient amount to pay debt service and the specified call price.

The quality standards for obligations of a bank shall be that:

The bank issuing the time or demand deposit shall have a net worth of not less than S100,000,000 and shall have an investment grade m..

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QUALIF"

' tND Revised February 1,1991 Decor

Trust Investment Guidelines Page 2 rating from at least one of Moody's or Standard & Poor's on its publicly issued senior long term debt.

Such quality standards as imposed by any amendment or modification of Internal Revenue Code Section 468A shall likewise apply.

Maturity and Duration Reauirement Investments shall be made in securities of various durations in a " laddering" fashion, with a target of maintaining an average portfolio duration of not greater than eight years.

i Additionally, no security shall have a maturity of greater than 20 years.

Diversification No single holding (other than of U.S. Government securities) in the Funds shall exceed 5% of the market value of the Funds at the time of purchase.

No single issuer (other than the U.S. Government) shall represent more than 5% of the market value of the Funds at the time of purchase.

Investments in time on demar.d deposits shall be limited to 55 Million face value/ par value with any single issuer or receiver of deposits.

Performance Reauirement The Investment Manager is authorized, but not required to replicate the Shearson Lehman Hutton 5 and 7 year indexes. The Investment Manager is authorized to practice stratification, which allows the substitution of securities not in the subject index but emulating the return. Securities so purchased should be rated not less than cqually rated to the lowest rated of the index securities.

The Master Trustee shall monitor the performance of each Investment Manager against established benchmarks and shall also monitor their compliance with these guidelines.

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JERSEY CENTRAL POWER & LIGHT COMPANY NUCLEAR DECOMMISSIONING TRUST INVEST' DENT GUIDELINES NON-OUALIFIED FUND Issued: 10/1/90 Revised: 2/1/91 General The investment of non-qualified funds is not restricted by the provision of Internal Revenue Code Section 468A(e)(4)(C).

The fixed income portion will initially be invested in a manner generally consistent with the qualified guidelines. The equity portion will initially be iuvested in an S&P 500 index fund.

Elicible Investments Fixed income (LIMITED TO IRC 6468A OUAUFIED INVESTMENTS AND OTHER INVESTMENTS LISTED BELOW):

U.S. Treasury bills, notes, and bonds.

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U.S. Government Agency obligations.

t Obligations of state and local governments not in default as to principal or interest.

Money market instruments.

Commingled funds / common trust funds (as allowed under IRC 6468A).

Equity:

Common stocks of corporations traded on major (including regional) United States exchanges and as listed by the National Association of Security Dealers,.

and as characteristically included in the S&P 500 Index.

Initially, equity investments will only be in an S&P 500 Index Fund.

GPU stock shall be excluded from equity investments.

L Discrete Investment Restriction None. All non-qualified funds may be commingled.

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NON-QUALIFIED FUND Revised February 1,1991 Decommissioning Trust Investment Guidelines Page 2 Ouality Standards

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The quality standards for obligations of a state or local government shall be that:

Each security shall be rated with an investment grade rating from any two of Moody's, Standard and Poor's, Duff & Phelps or Fitch at the time of purchase, and which are not in default. This limitation shall not apply to securities that have been prefunded where a third party trustee holds direct U.S. Government obligations of sufficient amount to pay debt service and the specified call price.

The quality standards for obligations of a bank shall be that:

The bank issuing the time or demand deposit shall have a; net worth of not less than $100,000,000 and shall have an investment grade rating from at least one of Moody's or Standard & Poor's on its publicly issued senior long term debt.

The quality standards for money market instruments shall be that:

Money market securities shall bear an A-2/P-2 rating (or its equivalent) from Moody's, Standard & Poor's, Duff & Phelpa or Fitch at the time of purchase.

i Maturity and Duration Renoirgment (fixed income onM Investments shall be made in securities of various durations in a " laddering" fashion, with l

a target of maintaining an average duration of not greater than eight years. Additionally, ro security shall have a maturity of greater than 20 years.

Diversification Fixed Income:

No single holding (other than of U.S. Government securities) in the a

Funds shall exceed 5% of the market value of the total Funds at the time of purchase.

i No single issuer (other than the U.S. Government) shall represent a

more than 5% of the market value of the Funds at the time of i

purchase.

Investments in time or demand deposits, or in money market i

instruments shall be limited to 55 Million face value/ par value with any single issuer or receiver of deposits.

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NON-QUALIFIED FUND Revised February 1,1991 Decommissioning Trust Investment Guidelines Page 3 2

Equity:

No single holding orissuer (other than of U.S. Government securities) in the equity portion of the non-qualified fund shall exceed 5% of the 1

market value of the total non-qualified fund at the time of purchase, provided that this stricture shall not apply to equity investments ofless than $1,000,000.

No single industry shall represent more than 25% of the equity portion of the non-qualified fund at the time of purchase, provided ih.21 this stricture shall not apply to equity investments of less than

$1,000,000.

GPU stock shall be excluded from equity investments.

Performance Reauirement:

The Investment Manager is authorized, but not required to replicate the Shearson Lehman Hutton 5 and 7 year indexes. The Investment Manager is authorized to practice stratification, which allows the substitution of securities not in the subject index but emulating the return. Securities so purchased should be higher rated or no less than equally rated to the lowest rated index securities.

The Master Trustee shall monitor the performance of each Investment Manager against established benchmarks and shall also monitor their compliance with these guidelines.

i

APPEFDIX B GPU Service Corporation G3J Serv = ice c;;;;; m -; r

<20's 3'63000 (201) 263-6646 July 26, 1990 C311-90-2082 4410-90-L-0044 C301-90-0014 SNEC-90-0041 U.S. Nuclear Regulatory Comission Attn:

Document Control Desk Washington, D.C. 20555 Gentlemen:

Decomissioning Financial Assurance Certification Report for Oyster Creek Nuclear Generating Station (OC)

Provisional Operating License No. DPR-16 Docket No. 50-219 Three Mile Island Nuclear Station, Unit-1 (TMI-1)

Operating License No. DPR-50 Docket No. 50-289 Three Mile Island Nuclear Station, Unit-1 (THI-1)

Materials License No. 37-17257-02 Docket No. 030-14371 Three Mile Island Nuclear Station, Unit-2 (TMI-2)

Operating License No. DPR-73 Docket No. 50-320 Saxton Nuclear Experimental Station Operating License No. DPR-4 Docket No. 50-146 GPU Nuclear Corporation (GPUN) is the licensed operator of Oyster Creek (OC), Three Mile Island Unit-1 (THI-1), and Three Mile Island Unit-2 (TMI-2), and Saxton Nuclear Experimental Corporation is the holder of the Saxton Nuclear Facility (Saxton) license (collectively the Facilities).

'900MO l2 f I2fg?-

GPU 5emce Corporation is a suoscary of General Puche Utiuties Corocration

Jersey Central Power & Light Company (JCP&L), Metropolitan Edison Company (Met-Ed), and Pennsylvania Electric Company (Penelec) are the licensed owners (the Owners).

Percentage ownership in the Facilities is as follows (%):

JCP&L MET-ED PENELEC OC 100 TMI-1 25 50 25 TMI-2 25 50 25 Saxton 44 32 24 In accordance with 10 CFR 50.33(k) and 50.75, as amended, this letter constitutes a report as to how the Owners intend to provide reasonable assurance that funds will be available to decommission the Facilities.

In the case of Saxton, it also requests, pursuant to Section 50.12, exemption from Part 50 in certain respects.

In addition to its Part 50 license, THI-1 also possesses Materials License No. 37-17257-02. This license permits the use of licensed material at temporary job sites of the licensee anywhere in the United States where the NRC maintains jurisdiction. The work must also be performed under the

~,

supervision of specifically designated GPUN THI Radiological Controls personnel.

This license has been used infrequently.

It is periodically renewed as a contingency for repair of components for use in the operation of THI-1.

Presently there are no temporary job sites outside the boundary of the TMI-l station where this license is applicable.

In addition, any necessary decontamination work which might result from use of this license will be performed under the scope of the work which necessitated the use of this license.

Because of the unique nature of this particular Materials License, GPUN does not believe a plan to establish a separate specific decommissioning fund for work associated with this license is required in accordance with 10 CFR 30.35, 10 CFR 40.36, or 10 CFR 70.25. Any decommissioning funding needs will be adequately enveloped by the funding required for THI-l's Part 50 license.

Fundino Method The external sinking fund method has been selected for each of the Facilities through the use of trusts. Several trust or escrow accounts have been in existence for some time for the Owners to deposit amounts collected from customers. The Owners are in the process of consolidating the accounts under a single trustee in a master trust agreement. The proposed master trust will be segregated from the Owners' assets, outside the Owners' administrative control and intended to meet the requirements of 50.75(e)(ii). Copies of the_ existing trust instruments for the Facilities are given in Attachments 4 to 7.

l I

i Fund Tarcet Amounts In the case of TMI-l and Oyster Creek, the Owners intend to fully fund i

those Facilities' decommissioning trusts to the initial target amounts as -

i calculated by the formula given in 50.75(c). The target amount for the TMI-2 trust has been developed in a manner consistent with the methodology of the formulas given in 50.75(c), but further modified to recognize TMI-2's unique, post-accident condition. The fund target amount for Saxton is based upon a site-specific study forwarded to the NRC by letter f

dated July 20, 1990 (letter No. C301-90-0016, SNEC-90-0048). Attachments 1, 2, and 3 are schedules that show the derivation and escalation of the fund target amounts for 50.75(c)-based calculations.

In summary, and shown in 1989 dollars, the fund target amounts for the Facilities are j

given below:

l OC

$151.6 million r

THI-1

$123.0 million TMI-2

$195.6 million Saxton 5 16.0 million Fund Completion Dates The Owners intend to complete the funding of the trusts, to the amounts specified above, on the following dates for each Facility I

OC 2009 TMI-l 2014 TMI-2 2014 l

Saxton 1997 In the case of Oyster Creek and TMI-1, the funding completion dates represent the dates to which jurisdictional regulatory funding of the trusts have been or will be requested and represent the expected end of current licenses.

In the case of THI-2, the fund completio.. date was selected coincident with that assumed for TMI-1, which is consistent with stated plans for TMI-2 to remain in monitored storage no later than end of THI-1 operation and with the expectation that TMI-2 will be decommissioned at that time. No exemption is believed necessary under these unique post-accident circumstances at TMI-2, and Owners could provide further i

detail if questions exist on the need for an exemption for~TMI-2 from NRC's funding requirements. Saxton's completion date is consistent with our current decomissioning plans, and is understood to require an t

exemption which is explained below.

I Annual Fundino Funding for all of thi: Facilities has begun and revenues are being collected from customers (at present, only minimal amounts are being l

collected for TMI-2). The attached Table I compares the annual fund collections under the current rate allowances (Current) with the annual

.l collections necessary to meet the initial fund target amounts (New) listed

~

above, with collections at the new level starting by year-end 1990 for JCP&L's ownership interests, and in mid-1993 for Met-Ed's and Pen 91ec's ownership interests, under certain assumptions.

l i

f.j

The Owners believe that adequate funding for decommissioning should be recoverable from customers in all jurisdictions. The exact timing and amount of the increase in annual deposits to the trusts to comply with the certification target amounts for the Facilities will depend upon when such increased collections are authorized by the state and federal regulating commissions for each of the Owners.

The largest increase in customer costs (in the case of Met-Ed) necessary to meet the new fund target amounts is less than 3% in overall customer rates.

In the case of JCP&L and Penelec, the increase is about 1% each. A rate request for JCP&L has been filed with the New Jersey Board of Public Utilities which includes increased revenues for decommissioning to achieve the fund targets noted in the table above. Met-Ed and Penelec intend to request decommissioning revenues adequate to achieve the fund targets in their next retail base rate filings.

Met-Ed has filed for a rate increase with the Federal Energy Regulatory Commission (FERC) which provides for increases in customer collections for decommissioning to achieve the fund targets listed above for its wholesale

~

customers. Rate recovery from wholesale customers for decommissioning all the Facilities is authorized by the FERC and any increased levels of collection will be addressed in JCP&L's and Penelec's next rate i

proceedings.

Saxton Exemotions Saxton requires exemption from 50.75 and 50.82(c)(1).

First, it was i

declared that the plant permanently ceased operations in 1972. Thus it is impossible to comply with 50.82(c)(1) in so far as it contemplates completion of funding at the end of plant operation. The funding plan outlined above, however, is a responsible alternative under these special circumstances. Monies have already been collected and the remaining funds will be collected as described so as to complete funding commensurate with planned commencement of additional decommissioning work. This approach presents no undue risk to the public health and safety and is consistent with common defense and security. Second, Saxton was a small 20 MWt demonstration reactor with less contamination than a large commercial reactor and whose facilities have already been substantially decontaminated and dismantled. Thus, the estimated amount of funds necessary to complete decommissioning is far less than the nominal formula calculation of 50.75(c). GPUN has a specific estimate of the funds required to complete decommissioning and requests exemption from application of 50.75 to allow application of its site specific calculated amount. Granting the exemption will not present any undue risk to the i

public health and safety and be consistent with common defense and security. Adequate decommissioning funding which-is a basis for 50.75 will still be assured given the special circumstances of the Saxton site, and there is no apparent reason for requiring a funding level in excess of that estimated to be sufficient to accomplish the task.

i S.ummarv The Owners of the Facilities and the licensed operator', GPUN, h' ave presented plans to provide for adequate funding of decommissioning the Facilities, in compliance with 30 CFR Parts 50.33 and 50.75, and certify that decommissioning funds, as required by 10 CFR 50.75, will be available by the fund completion dates identified herein and will be accumulated in external sinking funds, as collected in rates.

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e-M.- P.* Morrell,. Treasurer; ac. g r 3

-- GPU-Nuclear Corporation.

Jersey Central Power & Light Company, Metropolitan _ Edison Company, Pennsylvania Electric Company,

Saxton NucleariExper.imental Corporation-
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rarie c cue 4c3s sev=r. tne cc:

A. Adams USNRC w/o attachments R. Bernero USNRC w/o attachments --

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7 n ::.

E. Collins USNRC w/o attachments A. Dromerick USNRC w/o attachments R. Hernan USNRC w/o attachments T. Martin USNRC.w/o attachments J. Roth USNRC w/o attachments W. Ruland USNRC w/o attachments J. Stolz USNRC w/o attachments L. Thonus

- USNRC -u/A3tfachments re,.re em:ne ror twc F. Young USNRC w/o attachments

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($ Millions) j New Jersey Pennsylvania I

JCP&L Met-Ed Penelec 1g111 Difference l

l OC

$ 1.8 5.-

$ 1.8 j

CurIpt(I) 11.3 9.5 l

New i 11.3 Y

THI-1 f

Currggt(I) 5.5

$.2

$ 1.3

$.6 s

Newt i 2.2 5.9 2.9 11.0 9.7 I,

TMI-2 Currggt(I) 50

$0 50

$0

$0 Newt /

4.0 10.1 5.0 19.1 19.1 l

Saxton Newiggt(I)

Curp

$.6

$.1 5.1

$.8 1

.3 1.1 0.8 2.2 1.4 NOTES:

(1) Actual current rate collections for each plant and each company.

'l (2) Calculated amounts required to meet the fund target amounts for each j

plant under the following assumptions: (a) annuity calculation,

'I (b) 6% per annum inflation rate, (c) 6%.per annus fund earnings rate, and (d) increased collection to the required amounts begins by year-end 1990 for JCP&L's ownership interests and by mid-1993 for Met-Ed's and Penelec's ownership interests.

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ATTACHMENT 1 DECOMMISSIONING FUNDING PLAN

{

OYSTER CREEK NUCLEAR GENERATING STATION.

l PROVISIONAL OPERATING LICENSE NO. OPR-16 l

I 1.

Amount of funds for Decommissionina j

i A.

Initial Fund Target Amount $121.4 million (1986 dollars)

[

The initial fund. target amount for radiological decommissioning is derived from the formula in Section 50.75(c) of the rule as

[

follows:

i V

BWR = $104 million + (.009 x licensed thermal power in MW) million j

OC - $104 + (.009 x 1930) - $121.4 million (1986 dollars)

B.

Annual Ad.iustments The initial target amount will be adjusted annually by use of the i

equation in paragraph 50.75(c)(2); specifically, not less than 0.65L + 0.13E +0.228 Where L and E - escalation factors for. labor and energy

~

and B - escalation factor for waste burial j

as defined in the rule.

j i

Adjusting the initial target amount' of. 5121.4 in 1986 ~ dollars to l

1989 dollars:

$(121.4)'[.65(153.5/130.5)+.13(.23(110.6/111.9)+.77(57.3/82))

+.22(1.75/1.00))

j

~

i

$(121.4)(1.249) - $151.6 million (1989 dollars)

ATTACHMENT 2 DECOMMISSIONING FUNDING PLAN THREE MILE ISLAND NUCLEAR STATION. UNIT 1 OPERATING LICENSE NO. DPR-50 1.

Amount of funds for Decomissionino A.

Initial Fund Target Amount 597.5 million (1986 dollars)

The initial fund target amount for radiological decommissioning is derived from the formula in Section 50.75(c) of the rule as follows:

PWR - 575 million + (.0088 x licensed thermal power in MW) million P

THI-I - 575 + (.0088 x 2568) - $97.5 million (1986 dollars)

B.

Annual Ad_iustments The initial target amount will be adjusted annually by use of the equation in paragraph 50.75(c)(2); specifically, not less than 0.65L + 0.13E +0.22B Where L and E - escalation factors for labor and energy and 8 - escalation factor for waste burial as defined in the rule.

Adjusting the initial target amount of $97.5 in 1986 dollars to 1989 dollars:

5(97.5)(.65(153.5/130.5)+.13(.58(110.6/111.9)+.42(57.3/82))

+.22(1.75/1.00)]

5(97.5)(1.262) - $123.0 million (1989 dollars)

.~

ATTACHMENT 3 DECOMMISSIONING FUNDING PLAN THREE MILE ISLAND NUCLEAR STATION. UNIT 2 OPERATING LICENSE NO. DPR-73 1.

Amount _of funds for Decommissionino A.

Initial Fund Target Amount $155 million (1986 dollars)

An accurate estimate of THI-2 radiological decommissioning costs is not currently possible.

NRC published studies have been used as a basis for establishing an approximate initial fund target amount.

During the preparation of the environmental impact statement on decommissioning, the NRC commissioned Batelle Northwest Labs.(now Pacific Northwest Labs, PNL) to develop cost estimates for decommissioning hypothetical nuclear generating stations under a i

variety of possibilities.

Two studies formed the basis upon which all permutations were based (" Technology, Safety and Cost of Decommissioning a Reference Pressurized Water Reactor Power Station", NUREG/CR-0130, and " Technology, Safety and Costs of Decommissioning a Reference Boiling Water Reactor Power Station",

NUREG/CR-0672). These studies were also the basis for the

" initial amount" formulae that appear in the rule. A third study s

(" Technology, Safety and Costs of Decommissioning Reference Light Water Reactors Following Accidents", NUREG/CR-2601) was produced l

TMI-2 for the environmental impact statement that estimated the costs.

in 1986 dollars, for decommissioning the same " reference PWR" cited above after it had sustained three hypothetical accidents.

Accident cleanup costs were excluded from the estimates.

The costs of the decommissioning processes were estimated under three accident scenarios.

Two of the three accident scenarios are described below (Scenario 1 assumes an accident much less severe than that experienced at THI-2):

- Scenario 2.

A small loss of coolant accident (LOCA) in which emergency core cooling system (ECCS) is delayed, resulting in 50*. fuel cladding failure and a small amount of fuel melting.

The consequence scenario includes extensive radioactive i

contamination of the containment building but only minor physical damage to the building and equipment.

It also includes radioactive contamination of the auxiliary and fuel handling buildings.

- Scenario 3.

A major LOCA in which ECCS is delayed, resulting in 100% fuel cladding failure and significant fuel melting and core damage.

The postulated consequences include extensive radioactive contamination of the containment building and major physical damage to structures and equipment.

Some radioactive contamination of the auxiliary and fuel handling building is also postulated.

The applicable cost projections are given in the following table, as well as the comparable non-accident cost. The multipliers from non-accident DECON to the accident scenario are also given.

2

1 TMI-2 COST. MILLIONS OF 86 DOLLARS i

NON-ACCIDENT SCENARIO 2 SCENARIO 3 i

METHOD

[gil $&I GEil. ELLI

(

DECON 88.7 104 1.17 154 1.75 l

SAFSTOR, 30 YR.

100.5 115 1.29 164 1.84

[

Taking the multipliers for the two scenarios in the 30 year i

SAFSTOR case, and applying them to the non-accident TMI-2 l

" initial amount" of $99.4 million* results in a range of potential " initial amounts" for TMI-2, in 1986 dollars, of

$128 to $183 million. The two sc'enarios deal in a hypothetical event; a precise comparison of these accident i

conditions with TMI-2 is not possible, other than to say that TMI-2 was more severe than Scenario 2 and less severe than l

Scenario 3.

The midpoint of the range of costs shown for the j

SAFSTOR 30' year case was therefore selected, resulting in a TM!.-2 initial amount of $155 million.

l 1

The SAFSTOR method was chosen for the estimate for two reasons.

First, as a practical matter DECON is not a reasonable choice for the foreseeable future.

Decon exposes workers to higher levels of radiation, no standards exist j

I l'

  • PWR-$75+(.0088 x licensed thermal power in MW) million TMI-2 base /non-accident- $75+(.0088x2772)

- $99.4 million (in 1986 dollars)

)

3

THI-2 l

under which to implement it, and no repository exists to which f

high level radioactive waste can be shipped.

It is assumed j

for funding purposes that when monitored storage ends and decommissioning begins for THI-2, SAFSTOR will be the method f

chosen.

Secondly, the midpoint for the DECON case would be

$145 million.

Even if SAFSTOR were not chosen, use of the SAFSTOR estimate yields a higher initial amount than DECON and achieves somewhat greater financial conservatism.

l B. Annual Adiustments The initial target amount will be adjusted annually by use of the equation in paragraph 50.75(c)(2); specifically, not less than 0.65L + 0.13E +0.22B Where L and E - escalation factors for labor and energy and B = escalation factor for waste burial as defined in the rule.

Adjusting the initial target amount of $155 in 1986 dollars to 1989 dollars:

i

$(155)[.65(153.5/130.5)+.13(.58(110.6/111.9)+.42(57.3/82))

+.22(1.75/1.00)]

$(155)(1.262) = $195.6 million (1989 dollars) i e

4

I.

5 GPU Service Corporation y

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g MWCe Parsippany.New Jersey 07054-1149 (201)263-6500 TELEX 136-482 Writer's Direct Dial Number:

(201) 263-6646 April 12,1993 John G. Alford, Secretary Pennsylvania Public Utility Commission Commonwealth of Pennsylvania P.O. Box 3265 Harrisburg, Pennsylvania 17120

Dear Mr. Alford:

Re: Nuclear Decommissioning Trust Fund - Annual Mling This report is being submitted on behalf of Metropolitan Edison Company (" Met-Ed")

and Pennsylvania Electric Company ("Penelec"), pursuant to a request issued by your office on November 16,1989 and clarified in your letter dated February 10,1993,which asked for the status of nuclear decommissioning trust funds.

Both Met-Ed and Penelec ("the Subsidiaries") are subsidiaries of General Public Utilities Corporation

("GPU");

consequently, a joint submittal is being filed. The schedules attached repon the balance of funds deposited with the Trustee.

In discussing the assumptions made in the attached schedules, reference is made to the previous reports sent to you March 7,1990, March 22,1991 and May 18,1992. Certain changes from previous reports to the projections submitted herein are as follows:

All cost estimates have been adjusted to reflect the latest levels of costs for radiological decommissioning consistent with those initially filed with the Nuclear Regulatory Commission on July 26,1990. Non-radiological cost estimates were adjusted in a similar manner.

For Met-Ed, the PUC order dated January 21,1993, authorized a change in decommissioning accrual amounts for TMI-1 and Saxton from $438,125 - and $68,863 to 58,527,194 and 51,277,307 dollars per

year, respectively.

TMI-2 decommissioning accrual amounts were addressed by the PUC vote which occurred on March 11,1993 authorizing an accrual level of $8,302,000 dollars per year after TMI-2. plant amortization is complete. The differential between the current estimates for TMI-2 and TM1-1 (the accident differential) will GPU Service Corporation is a subsidiary of General Public Utilities Corporation

i e

s t

be funded from stockholder funds in 1993. In last year's report, this differential was assumed to be funded in equal monthly amounts through 2014.

Penelec intends to seek regulatory authorization for decommissioning revenues some time in the future. Penelec's share of the TMI-2 accident differential willbe funded in 1993.

This essumption differs from that utilized in last year's report as explained above.

v Met-Ed and Penelec-intend to review their decommissioning trust investment strategy this year as a result of the enactment of the Energy Policy Act of 1992 which liberalized investment alternatives for qualified funds and lowered the income tax rate i

for qualified trusts from 34% currently, to 22% for 1994 and -

20% after 1994.

r All other assumptions are consistent with those reported in earlier filings referred to above.

j i

If you have any questions regarding this material, please contact me at (201) 263-6646.

l

[

t i

f Very truly yours, u

i Don W. Myer Vice President and reasurer s

NUCDECOM.DWM Attachments i

t cc: D. E. Carroll i

G. T. Miner R. Wilson /K. J. Schiavo (Office of Special Assistants) t

GPU: Nuclear Decommissioning Trust Fund report to the PaPUC (dollars in thousands)

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(6)

(13)

(14)

(15)

COMPANYHAME DEGIN AMOUNT AMOUNT ENDING DECOM YRS EST DECOM CURRENT CURRENT EST FUT EST FUT EST FUT EST YRLY UNIT-DOTE COMMERCIAL YR DALANCE FUNDED GROWTH BALANCE DATE REMAIN EXPENSE SHORTFALL SHORTFALL FUND EXPENSE SHORTFALL SHORTFALL Int /Div (Current)

(Current)

{(9).{6))

[(10) f(9]} DALANCE

((13) (12}]

((14)

  • a f.)

METROPOLITAN ED: SON TMI UNIT #1 1989 2,478 2008 19 93,400 90,922 97.3%

20,443 282,591 262,148 7,765 R 060384 - 9/74 I w 0 2,478 417 172 3,067 2014 24 99,004 95,937 96 9 %

43,456 400,861 357,405 7,033 1991 3,067 634 189 3,889 2014 23 103,743 99,854 96 3 %

43,588 396,272 352,684 7,505 1992 3,8C9 598 222 4,709 2014 22 107,450 102,741 95 6%

387,200 387,200 (0)

(0)

TM/ UNIT #2 1989 75 2009 20 129,700 129,625 99 9 %

747 415,965 415.218 11,288 12/78 1990 75 16 6

97 2014 24 137,482 137,385 99 9 %

12,700 556,656 543,956 10,705 1991 97 286 10 392 2014 23 143.743 143,351 99.7 %

97,474 549,062 451,588 9,609 1992 392 1,900 67 2,359 20I4 22 150,000 147,641 98 4 %

454,337 540,531 86,194 1,986 Saxton 1989 338 1997 8

6,400 6,062 94.7 %

1,166 9,623 8,458 1,008 1990 338 69 22 429 1997 7

4,420 3,991 90.3%

1,231 6.270 5,038 722 1991 429 69 (76) 421 1997 6

4.745 4,324 91.1%

1,093 6,350 5,257 933 1992 421 69 (216) 274 1997 5

4,877 4,603 94 4 %

5,813 6,157 344 79 PENNSYLVANIA ELECTRIC TM/ UNIT #f 1989 1,724 2008 19 46,700 44,976 96 3 %

11,759 141,295 129,537 3,837 R-060384

- 9/74 1990 1,724 218 132 2,074 2014 24 49,502 47,428 958%

20,671 200,430 179,759 3,537 1991 2,074 238 102 2,414 2014 23 51,871 49,457 95 3%

20,646 198,134 177,490 3,777 1992 2,414 238 141 2,793 2014 22 53,725 50,932 94.8%

20,387 193.600 173,214 3,992 TMI UNIT #2 1989 261 2009 20 64,850 64,589 99.6 %

2,947 207,983 205,036 5.574 12/78 1990 261 37 18 316 2014 24 68,741 68,425 99.5 %

3,352 278,328 274,976 5.411 1991 316 42 17 375 2014 23 71,871 71,496 99 5 %

45,805 274,529 228,724 4.867 1992 375 874 41 1,289 2014 22 75,000 73,711 98 3 %

71,550 270,265 198,715 4,580 Saxton 1989 435 1997 6

4,800 4,365 90.5%

1,109 7,217 6,108 728 1990 435 48 2B

$11 1997 7

3,315 2,804 846%

1,178 4,702 3,524 505 1991 511 48 (48) 511 1997 6

3,559 3.048 85.6%

1,072 4,763 3,691 655 1992 511 48 (156) 403 1997 5

3,658 3,255 09.0%

719 4,618 3,898 891 NOTES (1)- Interest Rate for cols. (12), (13) and (15) calculations:

6 00 %

(2) For Santon, column (5)is not of expenditures, (3). Dollars in Thousands (4) For TMI-2, the 'EST FUT FUND BAl.ANCE* (Col 12) ref?ects funding of the accidant daerential frorn stockholder funds in 1993.

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CtNERAL PUOLIC UilLITIES CORPORAfl04 PAGE P DECOMMITH UNING QUALIFIED FUNO CONSOLICATED FOR THE PERIOD 12/01/92 THROUGH 12/31/92 JCP & L MET EO PEN ELEC

...u..............s........

CONS 0tt04fE0 DESCRIPfl0N-TOTALS OYSTER CREEE TMl. 1 TMI - 2 TMt.1 iMI - 2 iMI 1

iMI. 2 gelence et Market 51,2 %,674.34 33,653,370.15 6,645,426.51 4,133,101.15 4,065,959.58 351,773.90 2,044,808.57 312,234.48 solence et Book 49,531,404.26 32,549,952.23 6,434,275.95 4,045,204.87 3,900,322.67 341,288.23 1,960,902.01 299,458.30 RECEIPTS Contributtone 1,156,154.08 775,658.16 150,494.25 154,189.83 42,T88.50 10,T29.17 19,329.09 2,965.08 other 11,418.1T 0.00 0.00 11,418.1T 0.00 0.00 0.00 0.00 OlssURSEMENis Federal / State income femes 29,355.95 19,500.00 4,300.00 2,250.00 3,305.95 0.00 0.00 0.00 Investnent Meneger*e Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Trustee's Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other Espenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Adjusted Merket Vetue 52,344,890.64 34,409,528.31 6,791,620.76

- 4,296,459.15 4,105,442.13 362,503.07 2,064,137.66 315,199.56 INCOME Interest Texebte 34,734.91 23,740.38 5,578.42 2,373.73 1,713.86 208.00 957.58 162,94 Interest Non.Temable 209.T48.69 13 T,497.01 26,385.05 16,211.60 17,953.28 g 1,400,84 9,001.82 1,299.09 Reetired Geln/(Loes) 4,246.09 4,246.09 0.00 0.00 0.00 0.00 0.00 0.00 i

Endine Botence et took 50,918,350.25 33,471,593.87 6,612,433.67 4,227,148.20 3,959,472.36 353,626.24 1,990,190.50 303,885.41 l

Seg Unrest Appr/(Depr) 1,675,270.08 1,103,417.92 211,150.56 87,896.28 165,636.91 10,485.67 83,906.56 12,776.18 Current Appr/(Depr)

(102,030.13)

(66,579.61)

(11,325.70)

(6.412.45)

(11,236.27) 02f. 08)

(5,347.76)

(700.26)

Ending Apr/(Depr) 1,573,239.95

.1,036,838.31

~199,824.86 81,483.83 154.400.64

tu,057.59 78,558.80 12,075.92 Ending Betance et Merket 52,491,590.20 34,508,432.18 6,812,258.53 4,308,632.03 4,113;873.00 363,683.83 2,068,749.30 315,961.33 s

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CENERAL PUBLIC Uiltlf!ES CORPORAil0N PAGE 4 DECOMMISSIONING QUAllFIED FUND MET ED FOR iME PERIOD 12/01/92 iMROUGH 12/31/92 ACCf. 631148 TMt. 1 PAPUC FERC C

  • RENT l

YTD-CURRENT l

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  • CURRENT l

710-DESCRIPil0M Betence et Market 4,065,959.58 3,374,569.96 3,894,279.49 3,279,220.26 171,680.09 95,349.70 setence et Book 3,900,322.67 3,252,008.85 3,733,218.12 3,159,371.17 167,104.55 92,637.68 RECEIPTS Contributions 42,788.50

$12,2&3.34 36,510.42 438,125.04 6,278.08 74,158.30 Other 0.00 0.00 0.00 0.00 0.00 0.00 DISBURSEMENTS Federel/stete ineone femes 3,305.95 20,898.49 3,166.36 20,207.72 139.59 690.77 investment Meneger's Fee 0.00 2,565.2T 0.00 2,475.50 0.00 89.77 trustee's Fee 0.00 1.556.04 0.00 1,504.54 0.00 51.50 other Eppenses 0.00 1,720.00 0.00 1,653.33 0.00 66.67 Adjusted Merket value 4,105,442.13 3,860,113.50 3,927,623.55 3,691,5D4.21 177,818.58 168,609.29 INCCME l

Interest Tenebte 1,713.86 24,863.36 1,639.63 23,959.02 76.23 904.34 Interest Non-Tenebte 17,953.28 175,136.38 17,175.67 187,923.26 TTT.61 T,213.12 f

Restired Geln/(Lose) 0.00 1,920.23 0.00 1,843.08 0.00 80.15 l

l Ending Betance et Book 3.959,472.36 3,959,472.36 3,785,377.48 3,785,377.48 174,094.88

_174,094.88 Beg Unreet Appr/(Depr) 165,636.91 122,561.11 161,061.37 119,849.09 4,575.54 2,712.02 Current Appr/(Depc)

(11,236.27) 31,839.53 (10,749.59) 30,462.69 (486.68) 1,376.84 Ending Appe/(Depr) 154,400.64 154,400.64 150,311.78 150,311.78 4,088.86 4,088.86 Ending Botence et Market 4,113,873.00 4,113,873.00 3,935,689.26 3,935,689.26 178,183.74 178,ta3.74 l

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. t GENERAL Puelic UitLITIES CORPORATION PAGE 5 DECupellS$10NING QUAllFIED FUND

' MET EO FOR THE PERIOD 12/01/92 iMR00GN 12/31/92 b

ACCT. 631149 TMI - 2 PAPUC FERC DESCRIPil0N CURRENT l

-YID-CURRENT l

. yid-CURRENT l

-YfD-setence et Merket 351,773.90 214,942.99 56,000.84 52,730.36 295,773.06 162,212.63 solence et Book 341,088.23 210,642.17 53,811.24 51,584.41 287,476.99 159,057.76 RECElPiS 8

Contributions 10,T29.17 129,440.48 0.00 0.00 10,729.17 129,440.48 Other 0.00 0.00 0.00 0.00 0.00 0.00 DISSURSEMENTS federal / State Income Tenes 0.00 971.02 0.00 208.40 0.00 762.62 Investment Meneger's Fee 0.00 178.97 0.00 35.01 0.00 143.96 Trustee's Fee 0.00 109.71 0.00 22.89 0.00 86.82 Other Espenses 0.00 1,000.00

-0.00 175.48 0.00 824.52 AdjustedMerketvetoe 362,503.07 342,123.77 56,000.84 52,288.58 306,502.23 289,835.19 INCOME Interest tenable 208.00 2,376.T5 32.13 447.39 175.87 1,929.36 Interest non Teseble 1,400.84 13,289.05 216.41 2,444.80 1,184.43 10.844.25 3

meellaed sein/(Loes) 0.00 137.49 0.00 24.96 0.00 112.53 1'

Ending solence et took 353,626.24 353,626.24 54,059.78 54,059.78 299,566.46 299,566.46 seg unreet Appr/(Depr) 10,485.67.

4,300.82 2,189.60 1,145.95 8,296.07 3,154.87 Current A p r/(Dept)

(428.08) 5,756.77 (66.13) 977.52 (361.95) 4,T79.25 Ending Appr/(Depr) 10,057.59 10,057.59 2,123.47 2,123.47 7,934.12 7,934.12 Ending Betance et merket 363,683.83 363,683.83 56,183.25 56,183.25 307,500.58 307,500.58 b

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GENERAL PUBLIC UTILITIES CORPORAil0N DECONMIS$10NING QUAllFIED FUND PAGE 6 PEN ELEC FOR iME PERICO 12/01/92 THROUGM 12/31/92 ACCT. 631151 IMI - 1 PANC NYPSC FERC DE SCRIPil0N CURRENT l

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.................l.......YfD-CURRENT CURRENT l

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.................l................

Relence et Market 2,044,808.57 1,713,792.94 1,968,468.54 1,670,256.93 2,632.10 1,474.49 73,687.93 42,061.52 totence et Book 1,960,902.01 1,648,140.91 1,886,531.61 1,605,841.57 2,565.64 1,432.60 71,804.76 40,866.74 RECEIPTS 9

Centributione 19,329.09 231,949.08 16,593.00 199,116.00 92.67 1,112.04 2,643.42 31,721.04 other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 DISBURSEMENTS Federal / State income Temes 0.00 171.92 0.00 194.26 0.00 (0.75 )

0.00 (21.59)

Investemt Manager's Fee 0.00 1,296.54 0.00 1,256.49 0.00 1.38 0.00 38.67 iruetee's Fee 0.00 78T.80 0.00 764.67 0.00 0.79 0.00 22.34 Other E venses 0.00 2,389.00 0.00 1,043.02 0.00 1.28 0.00 1,344.70 Adjusted Merket Vetue 2,064,137.66 1,941,096.76 1,985,081.54 1,866,114.49 2,724.77 2,583.83 76,331.35 72,398.44 INCOME Interest immebte 957.58 13,066.91 920.90 12,647.42 1.26 14.51 35.42 404.98 Interest Non Texebte 9,001.82 98,916,79 8,657.05 95,689.10 11.88 111.71 332.89 3,115.98 teollred Coln/(Less) 0.00 2,762.07 0.00 2,666.91 0.00 3.29 0.00 91.87 Ending estance et Book 1,990,190.50 1,990,190.50 1,912,702.56 1,912,702.56 2,671.45 2,671.45 74,816.49 74,816.49 seg unreet Appr/(Depr) 83.906.56 65,652.03 81,956.93 64,415.56 66.46 41.89 1,883.17 1,194.78 Current A mr/(Depr)

(5,347.76) 12,906.77 (5,142.94) 12,398.63 (T b6) 17.51 (197.76) 490.63 Ending Appr/(Depr) 78,558.80 78,558.80 76,813.99 76,813.99 59.40 59.40 1,685.41 1,685.41 Ending 8etence et Merket 2,068,749.30 2,063,749.30 1,989,516.55 1,989,516.55 2,730.85 2,730.85 76,501.90 76,501.90 y

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CONSOLIDATED MET ED JCP & L FENELEC DESCRIPil04 CURRENT

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CURRENT yid-CURRENT YfD-CURRENI

-Yio-Selenco Ct Merket 37,6 %,925.48 34,430,195.60 1,211,337.63 206,542.00 35,963,277.16 34,075,593.14 522,310.69 148,063.47 s.etenes c,t Book 36,015,195.03 33,127,707.12 1,191,181.92 198,720.68 34,316,932.20 32,791,236.04 507,080.91 137,750.40 RECEIPIS s

~Centributione 654,151.82 7,213,824.03 167.304.15 1,856,623.07 410,208.42 4,513,28T.54 76,639.25 843,913.42 Other 0.00 1,309.00 0.00 0.00 0.00 0.00 0.00 1,309.00

- DISOURSEPENil Fed /Sttta Inc Tom 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Irw Mgr's Fee 0.00 43,091.05 0.00 678.01 0.00 42,113.62 0.00 299.42 Trustee's Fee 0.00 29.113.97 0.00 407.03 0.00 28,515.11 0.00 191.83 Other Empensee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 fransfers 286,418.1T 5,877,246.51 50,000.00 784,259.00 211,416.17 4,651,851.51 25,000.00 441,136.00 l'4djusted Mkt Vetue 38,064,659.13 35,695,877.10 1,328,641.78 1,2TT,821.03 36,162,067.41 33,866,400.44 573,949.94

$51,655.64 l

INCOME Interest.Tenebte 10,685.73 142,052.12 372.99 3,136.90 10,151.62 137,532.41 161.12 1,382.8l Interest Won Tem 174,391.18 2,011,293.73 6,087.10 41,065.24 165,674.56 1,951,722.52 2,629.52 18,505.97 Reettred s/L 0.00 21,271.12 0.00 T4(.31 0.00 20,250.36 0.00 276.45

'Ending Bet et took 36,568,005.59 36,568,005.59 1,314,946.16 1,314,946.16 34,691,548.63 34,691,548.63 561,510.80 561,510.80

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Dog Unroel A/D 1,681,730.45 1,302.488.48 20.155.71 T,821.32 1,646,344.%

1,284,35T.10 15.229.78 10,310.06 Curr A p /(Dep)

(124,312.341 254,929.63 (4,339.10) 7,995.28 (118,098.83) 243,889.04 (1,874.41) 3,045.31 Ending App /(pop) 1,557,418.11 1,55T,418.11 15,816.61 15,816.61 1,528,246.13 1,528,246.13 13,355.37 13.355.37 Ending set et Mkt 38,125,423.70 38,125,423.70 1,330,762.77 1,330,762.TT 36,219,794.76 36,219,794.76 574,866.1T 574,866.17 4

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