ML20066J093

Forwards Certified Cash Flow Projection for 1991, Demonstrating That Util Capable of Meeting Retrospective Premiums for Facilities

ML20066J093
Person / Time
Site:	Point Beach
Issue date:	02/13/1991
From:	Remmel J WISCONSIN ELECTRIC POWER CO.
To:	Murley T, Nash D NRC
References
NUDOCS 9102250098
Download: ML20066J093 (2)

Text

..

INTERNAL CoantspoNotNCE Wisconsin Elecinc vosen couraur 231 W. MICHIGAN. P.O. BOX 2046 MitwAUME, wt 53?01 February 13, 1991 Dr. Thomas Murley U.S. Nuclear Regulatory Commission 1 White Flint North 11555 Rockville Pike Rockville, Maryland 20852 Attention:

Mr. Darrell Nash Mail Stop 12E4 Pursuant to 10CFR Section 140.21 we are enclosing a Certified Cash Flow Projection for year 1991.

It demonstrates that Wisconsin Electric is capable of meeting a retrospective premium call for Point Deach Nuclear Plant Units 1 and 2.

You will note that we are not enclosing the certified annual financial statement which we had done in previous years.

This is based on a rereading of the regulation, conversations between your staff and mine, and a review of NRC guidance documents including Regulatory Guide.9.4.

If you feel certified financial statements are needed we would undertake to. file with the NRC the company's Annual' Report on Form 10-K containing such certified statements after it is filed with the Securities and Exchange Commission, on or about March 31 of each year.

As you are aware, the Form 10-K as. filed with the SEC is available to the general public.

Sincerely s

Jerry G.

Rommel

. Senior Vice President Enclosure

}

bok 1

9102250098 910213 l

PDR ADOCK 05000266 J

PDR

/ G. di g

7

., s g

' WISCONSIN ELECTRIC: POWER COMPANY v.,

f[

g*e F

'1991 Internal +--Cash Flcw-Projection

. for-Point Beach Nuclear Plant:

(Dollars,in-Millions)-

t s

Actual.

Projected

___1990 1991 t

Net Income After Taxes add-'

Preferred = Dividends'

$180

$168

'Less:. Common. Dividends Paid

-(115)

(121)

~.. Retained-Earnings!

5 15-

.- Adjustments:

.-Depreciationand Amortization 132 133 i

Deferred Income Taxes'and Investment Tax Credits 13-9 1A11owance for-Funds UsediDuring,

Construction.

11)

(.12)

,? O L, Total.. Adjustments ;

-116.

121 i

1InternaltCashiFlow-

$111

$14_4.

[,

LAverage Quarterly Cash Flow *<

$ 11

- $_lft sW

.PercentageLOwnership'inEalli Unit No.,1-100%

[

7-

' Operating 1 Nuclear' Units:

Unit: No. - 2

'100%

. Maximum Total Contingent Liability

$20 million:per year n

t i

4

• If':itJbecomas'necessary to curtail capital expenditures to' in

ensure meeting a retrospective premium: call, we?would l anticipate reducing construction 1 activities'to'the extent-unecessary.

i 8

a

?

CERTIFICATION:-

. The, cash' Flow-Projectionsc. detailed;above-are based on'the 4most current-informationiavailable-to'.us.'and-represent our; lbestLestimates as of this date.

Dat'edi I

I By-

W Jelfry G. RemmelL 3

~i Senior Vice President l'

i

,mes\\ flow.mem e

5 Y

6

+. - -

e e,--

w-e+.s

+

-e w

---

.wr r

6