ML20058J828

Forwards Annual Financial Rept 1981.Quarterly Financial Statements for Period Ending 820630 & Projected Source of Funds Statement for CY83 Encl

ML20058J828
Person / Time
Site:	Hatch, Vogtle, 05000000
Issue date:	08/09/1982
From:	Michael Brown GEORGIA POWER CO.
To:	Saltzman J Office of Nuclear Reactor Regulation
Shared Package
ML20058J832	List: ML20058J828 ML20058J834
References
NUDOCS 8208120129
Download: ML20058J828 (7)

Text

Georga Power Company ,

af33 PiccDont Avenoo At anta Georg.a 30308

'

• T&phor e 404 526 6526 Maeng Address Post Ottice Sc,x 4545 Atianta Georqa 30302

. Georgia P(nver Financial Accounting and Repotting Department August 9, 1982 Mr. Jerome Saltzman Chief, Anti-trust and Indemnity Group Nuclear Reactor Regulation Nuclear Regulatory Commission

Washington, D. C. 20555 t

j

Dear Mr. Saltzman:

Enclosed you will find the following financial infor-mation pursuant to Section 140.21 of 10 CFR Part 140 that each licensee is required to furnish as a guarantee of payment of deferred premiums for each operating reactor over 100 Mw(e):

1. Annual Report containing certified finan-cial statements for calendar year 1981.

2. A set of Quarterly Financial Statements for the period ending June 30, 1982.

3

3. One year projected Source of Funds statement for period January 1, 1983 through December 31, 1983, accompanied by the underlying assump-tions.

Should you have any questions in connection with our response, please contact me at (404) 526-6728.

I ff M. T.

MJ

Brown, r.

Manager

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Enclosures:

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. . GEORGI A POWER COMPANY SOURCES OF FUNDS STATEMENT PLANT ADDITIONS IN 1983 Line Year 1983 No. Description Estimated (1) (2) (3) 1 SOURCES OF FUNDS (Thousands) 2 Internal Sources -

3 Depreciation and Amortization $ 215,841 4 Deferred Income Taxes - Net 62,386 5 Investment Tax Credits 61,007 6 Retained Earnings from Other Internal Sources - Net (32,430) 7 Total from Internal Sources 306,804 8 Additional Securities -

9 Sale of First Mortgage Bonds 125,000 10 Less - Bond Retirements (16,073) 11 Net First Mortgage Bonds 108,927 12 Preferred Stock - Net of Retirements (3,674) 13 Interim Bank Loans -

14 Long-Term Notes (299) 15 Pollution Control Obligations - Net 17,376 16 Net Capitalized Leases 3,924 17 Increments to Common Equity 183,000 18 Proceeds from Joint Ownership Contracts 444,404 19 Total from External Sources 753,658 20 Total Sources of Funds for Plant Additions $1,060,462 21 PLANT ADDITIONS 22 Generating Projects -

23 Plant Scherer Units No.1,2,3, and 4 $ 127,067 24 Plant Vogtle Units No. I and 2 327,154 25 Rocky Mountain Hydro Project 61,616 26 Other 23,292 27 Total Generating Projects $39,129 28 New Business Facilities 106,197 29 Transmission Plant 106,631 30 Joint Line and Substation Plant 43,776 31 Distribution Plant 29,039 32 Production Plant 121,367 33 Nuclear Fuel 50,697 34 General and Miscellaneous Plant 63,601 35 Total Electric Plant 1,060,437 36 Steam Heating Plant 25 37 Total Plant Additions $1,060,462

l GEORGIA POWER COMPANY Summary of Major Assumptions For Projected Sources of Funds Statment December 31,1983 1

1. Sources of Funds Statement is taken from the 1982 Revised Financial

Proj ections-1.

2. Revenues Retail: Revenues are based on currently authorized rates. KWH sales estimates are based on the January 1982 load and energy forecast.

i Resale - Territorial: Revenues are based on the PR-6 settlement rates for the entire period and FR-4 settlement rates beginning April 1982.

Resale - Non Territorial:

Bulk Power Sales In the 1983 Forecast year the dollars j associated with Bulk Power Sales are $171,852 (000's).

i i Unit Power (UPS) - GPC's portion of UPS sales for 1983 includes j 412 MW and $196,161 (000's).

3. Financing

} The New Scheduled External Financing is as follows (in thousands):

First Mortgage Bonds $125,000 Pollution Control Bonds (issues) -

Pollution Control Bonds (drawdowns) 17,376 Preferred Stock -

Capital Contributions 183,000 Short Term Borrowing -

4. Construction Budget

(

l The 1983 expenditures of $1,060,462 include $54,343 which represents

( 16.5% of Plant Vogtle construction expenditures from 1/1/83 to l 5/31/83.

l

5. Sale of Assets (000's)

The book profits and tax implications are reflected in the budget for the following sales:

% Sold Sales Date Facilities Participants By GPC Price 6-01-83 Plant Vogtle FMPA 10 % $339,863 Units 1 and 2 6-01-83 Plant Vogtle JEA 6.5% $220,910 Units I and 2 6-01-83 Wansley-O'Hara OPC 100 % $ 12,486 500 KV Line 6-01-83 Distributions OPC 100 % $ 21,662 Substations i

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- - - , y--.._m- .mm_ _ -_. s. m m .m_- _ _ - _ - _ - . - _

CEORCI A POWER COMPANY Income Statement Jtsie 1982 CURRENT MONTH YE AR-TO-D ATE TWELVE MONTHS ENDED CURRENT MONTH l ine n i i No. OPER ATING REVENUES - ELECTRIC: This Year Last Year incr. This Year Last Year incr. This Year Last Year incr.

I Total Operating Revenues 224,065,120.08 178,*03,777.94 25.24 1,184,695,544.09 949,272,714.02 24.80 2,251,232,410.89 1,961,725,293.04 14.76 OPER ATING EXPENSES - ELECTRIC:

2 Fuel for Generaten 75,311,664.76 79,648,095.93 401.812,476.39 387,979,379.68 824,921,331.12 786,876,903.46 3 Other Production Expenses 15,671,119.53 16,931,689.58 104,452,303.87 104,081,327.31 194,258,149.45 193,708,181,72 4 Purchased Power 25,978.292.31 4,124.794.77 140.580.78).,.11 . 3L 2 %.j85. 67 . 181.461.404.21 54.22s ssa.60 5 Total Production Expenses 116,961,076.60 100,704,580.28 646,845,563.77 524,309,392.66 1,200,640,884.78 1,034,811,641.78 6 Transeession and Distribution 6,604,245.26 5,819,394.15 32,129,496.13 33,258,763.22 68,054,841.69 69,239,429.98 7 Customer Account 6ng 2,419,372.80 2,378,772.69 14,917,185.94 13,286,952.18 29,948,160.89 26,636,292.03 .

8 Customer Service and Information 1,297,645.99 799,464.40 6,390,443.76 5,040,098.58 12,852,324.78 9,504,587.91 9 Sales Expense 172,577.62 132,861,45 1,034,639.88 836,521.97 1,964,883.70 1,514,150.99 10 Administrative and General 11,477,842.54 12.119,215.56 76.956.762.38 68,833.321.13 145.607.698.85 12 2. 97s . 8c2. 37 11 Total Operation and Maintenance

• 138,932,760.81 121,954,288.53 778,274,111.86 645,565,049.74 1,459,0s8,794.69 1,264,681,905.06 13 Depreciaten and Amorttaation 13,612,567.00 13,506,993.40 82,579,402.00 81,519,602.00 158.395,697.00 158,317,490.92 .

13 Taxes other than income Taxes 8,371,484.57 6,849,846.47 47,187,148.71 40,897,930.75 90,068,540.93 76,002,053.98 14 income Taxes 23.116,768.00 11,173,650.00 90,686,125.00 2 9 022.576.00 182.859.543.00 152.116.449.00 15 Total Operating Expenses - Electric 184,033,580.38 153,484,774.40 1 9. 90 998,726.787.57 817,005.158.49 JM4 1.890.392.595.62 1.651.117.898.96 _14.49 16 income Property Sales - - - - -

370. 30 17 Operating income - Electric 40,031,539.70 25,418,999.54 57.49 185,968,756.52 132,267,555.53 40.60 360,839,815.27 310,607,764.38 16.17 14 Heating and Other Operating Ir r= - Net (115. 42 L 23) (38,147.04) (953.64) 329,767.25 (565,632.28) 70,560.41 OTHER INCOME AND DEDUCTIONS:

19 Allow, for Funds used Dur. Const. - Equity 5,589,585.00 3,335,323.00 32,769,115.00 19,231,384.26 62,227,262.74 35,784,273.28 20 Dividends for SECCo 228,819.00 231,182.00 1,211,285.00 1,319,474.00 2,423,165.00 2,375,078.00 21 Interest on Temporary investments 2,535,245.84 1,211.281.99 19,494,762.76 17,233,139.22 48,760,738.78 ' 31,508.034.39 32 income Taxes (1,125,538.00) (409,955.00) (8.587,874.00) (7.468,665.00) (22.422.021.00) (16.091,707.00) 33 Other Nonoper. Inc. less Ded. - Net 62,439.96 (70,922.87) 390 810.40 404.137.37 26.830.30 9.014.811.34 Total Other income and Deductions 7,29FETT 4,296 909.12 45,2 , 9 T4

~

30,719,469.85 91,015,975.82 62,590,490.01 34 income Before Interest Charges 47,206,668.27 29,677,761.62 59.06 231,245,902.04 163,316,792.63 41.59 451,290,158.81 373,268,814.80 20,90 thTEREST CHARCES:

25 interest on Long-term Debt 21,753,351.69 17,260,817.68 125,359,801,84 101,811,785.96 236,825,518.19 196,227,894.41 26 Amortizaten of Debt Discount and Expense 116,379.46 84,574.53 661,162.09 473,355.57 1,246,275.75 918,655.17 27 Amortization of Premium on Debt - Credit (14,784.78) (9,685.92) (88,676.12) (61.224.54) (156,480.39) (100,525.39) 28 Other Interest Expense 245,754.85 319,765.23 1,814,054.41 1, 569,306. 72 3,406,745.46 3,230,121.74 29 Allow. for Funds used Dur. Const. - Debt (5,066,164.001 (3,000,638.00) (29,848,080.00) (17,301,606.81) (59.014.091.19) f 35. 345.679. 021 30 Total Interest Charges 17,0 34. 53 7. zz 14,654,533.52 97 HFRT72 86,491,616.90 182,307,977.82 164,930.466.91 31 NET INCOME 30,172,131.05 15.022,928.10 100.44 131,347,639.82 76,825,175.73 73.57 268.982,180.99 208.338.347.89 29.11 32 Dividends on Preferred Stock L 802,863.34 2,928,840.49 29.84 22,849,910.,07 17,470,117.73 30.79 45,745,673.07 35.050.378. 93 30.51 33 NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK 26.369,267.71 12,094,087.61 118.03 110,497,729.7) 59,355,058.00 86.14 223,236.507.92 173.287.968.96 It,R 30 TOTAL ELECTRIC CUSTOMERS 1,256,710 1,224,499 1,252,833 1,221,297 1,246,398 1,214,409

• Total Operation Expenses: 126,104,733.98 107,784,921.33 689,690,412.88 557,517,691.6' 1,297,181,054.49 1,097,222,431.78 Total Maintenance Expenses: 12,828,026.83 14,169,367.20 88,583,698.93 88,047,358.1. 161,887,740.20 167.459,473.28

GEORCI A POWER COMPANY SOURCES OF FUNDS FOR CROSS PROPERTY ADDITIONS JUNE 1982 CURRENT MONTH YE AR-TO DATE 7his Year This Year Sourree of Funds for Cross Property Additaans:

het10- 5 30,172,131.05 5 133,347,639.82 Add (deduct) principal noncash items -

Depreciatlan and amertlaation 15,472,491.07 93,626,994.54 Deferred W- taxes, not 7,966,644.00 43,915,906.00 Deferred investment tax credit 13, 251, 74s. 00 44.604.788.00 Allowance for equity funds used during Construction (5,549,585.00) (32,769,115.00)

Less -

Dividends on m stock - 73.900,000.00 Dividends on preferred stock 3,802,863.34  ?? sat tio.n7 57,870,566. 78 1 a5_97s in1. 29 Decrease (increase) in not current assets, excluding long-term debt and preferred stock due within one year -

. Cash and short-term investments (3,782.401.76) 157 795,222.78 Receivables (21,973,469.441 (32,880,605.14)

Fossil fuel stock 23,289,812.73 (36,620,324,77)

Materialsand s@ plies $ 90,497.17 911.248.56 Revenues to be refunded (7,047,222.28) -

Accounte payable (18,215,447,67) 19,918,565.29 Taxes accrmd 6,132,665.74 3,590,156.34 Interest accrued (11,828,586.53) 865.34 1,483,605.3s Other, not (K aan _7a 7 ui 1_862.

(65.083.174.66) 116.060.733.76 Other, net, including allowance for equity funds used during construction (499,042. 8J6 13. 542.16 LIL Total internal sources (7, 711,4 50. 74; 315.579.205.76 External Sources - - -

First mortgage tionde sold Less-Bonds retired or refunded at maturity

- 30.000.00 (30,000.00)

Preferred stock sold * -

Preferred stock reacqunrod, at cost Cash contributions by parent company 30,000,000.00 45,000,000.00 Pollution control obligations 49,793,448.00 56,216,045.71 Increase (decrease) in other long-term debt 258,103.92 2,033,284.23 Notes - (258,997.00) f 236.612.31 2. 3 50_ Oso. s t Sa6es of facilities. not book value 105.310 393 55 Total enternal sources 7,9 814.939.53 Cross Property Additions 5 1*dLh 8 4MM9J9h1L

CEORCI A POWER COMPANY palance Sheet June 1982 ASSETS This Year Last Year CAPITALIZATION AND LIABILITIES This Year tant Year Line

& UTILITY PLANT C APIT AL12 ATION 1 Plant in Service (Classified and Unclassified) $ 5,375,890,943.65 $ 4,966,060,832. 28 Common Equity: $ $

2 Electric Plant Head for Future Use 12,220.545.61 12,523,039.15 Common Stock 7,761,500 SHARES 344,250,000.00 344,250,000.00 3 Construction Work in Progress 1,312.325,165.01 960,792.657.81 Capital Contributions 844,800,000.00 726,800,000.00 4 Total Cross Plant 6,700,436,654.27 5,939,376,529.24 Premium on Preferred Stock 1,088,820.00 1,088,820,00 Unappropriated Retained Earnings (5107,831,597.59 5 Accumulated Provisions for Depreciation restricted against payment of dividends) 347,235,331.28 252,681,592.64 6 and Amortization (1,409,846,700.98) (1,266,192,194.82) Appropriated Retained Earnings 849,012.00 849,012.00 7 Cain on Cancellation of Reecquired Capital Stock 1,614.834.43 872,696.93 8 NET PLANT 5 5,290,589,953.29 s 4,673,184,334.42 Total Common Equity 1,539,837,997.71 1,326,542,121.57 9 OTHER PROPERTY AND INVESTMENTS Preferred Capital Stock 12,125,389 SHARES 496,517,650.00 500,528,900.00 10 Nonutility Property $ 3,329.203.96 $ 3,293,584.87 Long-Term Debt:

11 Accumulated Provisions for Depreciation (63,662.67) (43,662.67) Bonds 2,329.114,000.00 2,209,114,000.00 12 Net Nonutility Property 3,4s s, m . zs 3, 2 3 5, 3 3 3. m Reacquired Bonds - -

13 Unamortised Premium on Long-Term Debt 455,400.78 500,969.62 14 investments in Subs 6 diary ra Pmies Unamortired Discount on Long-Term Debt (21,595,232.47) (16,807,431.13)

• 15 Southern Electric Generating Co. r-n Stock 16,400,000.00 16,400,000.00 Other Long-Term Debt 435,824,829.19 330,925.071.42 16 Other investments 40,254.56 40,254.56 Notes 2,091,051.00 2,350,048.00 17 Sinking Funds 3,734.20 2,844.20 Total Long-Term Debt 2,745.890,048.50 2.526.082,657. 91 18 TOTAL OTHER PROPERTY AND INVESTMENTS t 19,709,530.05 s 19,473,020.96 TOTAL CAPITALIZATION $ 4.782.2tMQ $ 4.111_131_ syg CURRENT ASSETS CURRENT LI ABILITIES 19 Cash $ 17,193,059.38 $ 11,668,486.27 Notes Payable $ - $ -

20 Special Deposits 3,353,754.29 4,151,131.51 Accounts Payable 150,508,914.06 163,717,617.59 21 Working Funds 670,676.75 809,121.31 Payables to Associated Companies 14,969,676.68 12,434,808.75 22 Temporary Cash investments 168,500,000.00 325,400,000.00 Customer Deposits 29,169,551.48 27,720,226.00 Notes and Accounts Receivable:

23 Notes Receivable 95,421.38 1,751.23 income Taxes Accrued:

24 Customer Accounts Receivable 204.670,220.32 180,037,930.65 Federal 10,550,684.53 19,728,023.27 25 Other Accounts Receivable 32,814.093.39 45,150,551.00 State 1,185,851.75 660,565.62 Accumulated Provision for Uncollectible 26 Accounts - Credit (1,758,283.52) (2,000,000.00) Other Taxes Accrued 45,531,293.23 38,587,252.71 27 Receivables from Associated Companies 12,555,816.68 16,779,265.17 Interest Accrued 68,077,728.27 59,276,148.81 28 Materials and Supplies - Fuel 293,721,742.51 208,611.245.67 29 Materials and Supplies - Other 36,102,154.73 30,326,366.49 Other Current and Accrued Liabilities:

30 Prepayments 3,480,417.87 4.385,647.73 Dividends Declared 11,598,233.58 8,841,866.44 31 Other Current and Accrued Assets: Tax Collections Payable 10,770.989.58 8.114,140.88 32 Interest and Dividends Receivable 1,352,7E SS 7,632,130.86 2,101,453.00 1.573,979.54 Miscellaneous Current and Accrued 6,026,709.99 6,618,270.57 33 Rents Receivable ti m in 34 TOTAL CURRENT ASSETS 5 774,853,323.33 s 834,527,607.43 TOTAL CURRENT LIABILITIES 5 348,389,633.15 s 345,698,920.64 DEFERRED DEBITS DEFERRED CREDITS 35 Unamortired Debt Expense $ 7,846,388.10 $ 7,025,268. 8C Customer Advances for Construction $ 44,768.00 $ 124,591.79 36 Preliminary Survey and Investigation Other Deferred Credits 2,530,7E 46 8,706.897.74 37 Charges 207,547.40 88,408.04 Unamortised Investment Credit 319.069,121.97 238,622,305.97 18 Clearing Accounts 975,546.96 1,276,442.31 Injuries and Damages Reserve 3,600,314.00 4,145.814.00 39 Miscellaneous Deferred Debits 23,523,052.07 7, 9 6,259.10 Unamortized Cain on Reacquired Debt 2,432,639.41 1,396,648.50 00 ~

Miscellaneous Operating Reserves 1,508,000.00 1,100,000.00 41 Accumulated Deferred income Taxes 14,408,230.00 21,467,263.00 Accumulated Deierred income Taxes 672,292,602.00 612,239,746.00 43 TOTAL DEFERRED DEBITS g 46, % 0,764.53 s 37,803,641.31 TOTAL DEFERRED CREDITS s 1,001,478,241.84 L866,3 36,004. 00 43 TOTAL ASSETS AND OTHER DEBITS $ 6.132,113,571.20 s 5,565,188.604.12 TOTAL CAPITALIZATION AND LIABILITIES s 6,132,113,571,20 s 5.565,188,604.12 W _-