ML20078G563
| ML20078G563 | |
| Person / Time | |
|---|---|
| Site: | Nine Mile Point  |
| Issue date: | 11/07/1994 |
| From: | Koes J NIAGARA MOHAWK POWER CORP. |
| To: | Dinitz I Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 9411160086 | |
| Download: ML20078G563 (7) | |
Text
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M Y NIAGARA RuMOHAWK NIAGARA MOHAWK POWER CORPORATIONI300 ERIE BOULEVARD WEST. SYRACUSE N Y.13202/ TELEPHONE (315) 474-1511 November 7, 1994 Mr. Ira Dinitz Insurance Liability Specialist Office of Nuclear Reactor Regulation U.S.
Nuclear Regulatory Commission Mail Stop 12E4 Washington, D.C.
20555 Re: Docket Nos. 50-220 and 50-410 Guarantee of Retrospective Premium
Dear Mr. Dinitz:
Pursuant to the Commissions's requirement of section 140.21 of 10CFR r
Part 140, enclosed are:
1.
The Annual Certified Statement for 1993; 2.
A Consolidated Balance Sheet and Statement of Earnings for nine months' ending September 30, 1994 and twelve months' ending September 30, 1994; 3.
A one year internal cash flow projection which has been prepared in the format suggested in NRC Reg. Guide 9.4; and 4.
A narrative statement addressing cash flow, certified by John W.
Powers, Senior Vice President.
If there are any questions on this material, we will be pleased to provide any additional information.
Very truly yours,
&k Ox James E.
Koes AU, ARM, AIC Manager - Insurance System Risk Management JEK:dbm Enclosures xc:
W.
David Baker hDk1160086941107 Ok ADOCK 05000220 I
'\\
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Nine Months Ended September 30, 1994 1993 (In thousands ofdolbrs)
Operating Revenues:
Electric
$2,641,575
$2,490,392 Gas 492,493 454,844 3,134,068 2,945,236 Operating Expenses:
Operation:
Fuel for electric generation 161,927 175,074 Electricity purchased 830,143 621,040 Gas purchased 260,669 252,545 Other operation expense 523,741 582,488 Maintenance 145,236 161,299 Depreciation and amortization 229,804 205,559 Federal and foreign income taxes 161,773 155,940 Othertaxes 377,866 362,414 2,691,159 2,516,359 Operating income 442,909 428,877 Other income and (deductions):
Allowance for other funds used during construction 2,512 6,090 Federal and foreign income taxes 5,259 11,869 Other items (net) 12,238 6,797 20,009 24,756 income before interest charges 462,918 453,633 Interest charges:
Interest on long-term debt 201,404 211,275 Other interest 13,386 8,370 i
Allowance for borrowed funds used during construction (6,278}
(6,888) 208,512 212,757 l
Not income 254,406 240,876 Dividends on preferred stock 23,158 24,191 Balance available for common stock
$231.,248
$216 685_
Average number of shares of common stock outstanding (in thousands) 142,987 139,814 Balance available per average share of common stock
$ 1.62
$ 1.55 Dividends paid per share of common stock
.81
.70 I
PARTl. FinancialInformation item 1. Financia_l S_tatements.
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Twelve Months Ended September 30, 1994 1993 (in thousands ofdollars)
Operating Revenues:
Electric
$3,483,647
$3,308,043 Gas 638,616 600,822 4,122,263 3,908,865 Operating Expenses:
Operation:
Fuelfor electric generation 217,917 245,575 Electricity purchased 1,072,616 817,259 Gas purchased 334,397 332,733 Other operation expense 762,500 793,367 Maintenance 220,270 220,753 Depreciation and amortization 300,868 276,128 Federal and foreign income taxes 168,348 188,216 i
Other taxes 506,815 486,776 3,583,731 3,360,807 Operating income 538,532 548,058 Other income and (deductions):
Allowance for other funds used during construction 3,541 8,836 Federal and foreign income taxes 8,830 24,331 Other items (net) 12,477 (15,420) 24,848 17,747 income before interest charges 563,380 565,805 Interest charges:
Interest on long-term debt 270,032 281,651 Other interest 16,490 11,653 Allowance for borrowed funds used during construction (8,503)
(10,210) 278,019 283,094 Not income 285,361 282,711 Dividonds on preferred stock 30,824 33,084 Balance available for common stock
$254,537
$249,62_7 Average number of shares of common stock outstanding (in thousands) 142,790 139,120 Balance available per average share of common stock 1.78
$ 1.79 Dividends paid per share of common stock 1.06
.90
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEETS i
ASSETS September 30, 1994 Decerabar 31, (Unaudited) 1993 (In thousands ofdollars)
Utility Plant:
Electric plant
$8,196,173
$7,991,346 Nuclear fuel 468,613 458,186 Gas plant 894,563 845,299 Common plant 273,771 244,294 Construction work in progress 528,945 569,404 Total utility plant 10,362,065 10,108,529 Less - Accumulated depreciation and amortization 3,429,124_
3,231,237 Not utility plant 6,932,941 6,877,292 Other property and investments 266,975 221,008 Current assets:
Cash, including temporary cash investments of $88,004 and $100,182, respectively 145,894 124,351 Accounts receivable (less-allowance for doubtful accounts of $3,600) 230,498 258,137 Unbilled revenues 185,800 197,200 Electric margin recnverable 48,423 21,368 Materials and supplies, at average cost:
Coal and oil for production of electricity 25,723 29,469 Gas storage 37,597 31,689 Other 159,569 163,044 Prepaid taxes 48,825 23,879 Prepaid pension expense 39,933 37,238 Other 27,928 29,498 950,190 915,873 Regulawry and other assets :
Unamortized debt expense 157,266 154,210 Deferred recoverable energy costs 48,935 67,632 Deferred finance charges 239,880 239,880 income taxes recoverable 527,995 527,995 Recoverable environmental restoration costs 240,000 240,000 i
Other 190,908 175,187 1,404,984 1,404,904
$9J55J90_
$9A19 07_7_
t
=
i
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES J
CONSOLIDATED BALANCE SHEETS CAPITALIZATIOM AND_ LIABILITIES Septernber 30 1994 December 31,
_]Unaudited) 1993
)
Capitalization:
(In thousands ofdonars)
Common stockholders' equity:
Common stock - $1 par value; authorized 185,000,000 and 150,000,000 shares, respectively; issued 143,886,104 and 142,427,057 shaies, respoctively
$143,886
$142,427 Capital stock premium and expense 1,778,894 1,762,706 Retained eamings 666,833 551,332 2,589,613 2,456,465 Cumulative preferred stock, authorized 3,400,000 shares, $100 par value:
Non-redeemable (optionally redeemable),
issued 2,100,000 shares 210,000 210,000 Redeemable (mandatorily redeemable), issued E76,e'0 and 294,000 shares, respectively 25,800 27,600 Cumulatwo preferred stock, authorized 19,600,000 shares, $25 par value:
Non-redeemable (optionally redeemable),
issued 3,200,000 shares 80,000 80,000 Redeemable (mandatorily redeemable), issued 10,290,005 and 4,840,005 shares, respectively 231,850 95,600 547,650 413,200 Long-term debt 3,244,472 3,258,612 Total capitalization 6,381,735 6,128,277 Current liabilities:
Short-term debt 359,001 368,016 Long-term debt due within one year 68,078 216,185 Sinkin0 fund requirements on redeemable preferred stock 27,200 27,200 Accounts payable 225,158 299,209 Payable on cutstanding bank checks 63,151 35,284 Customers' deposits 14,741 14,072 Accrued taxes 63,880 56,382 Accrued interest 68,458 70,529 Accrued vacation pay 41,370 40,178 Other 133,794 82,145 1,064,831 1,209,200 Regulatory and other liabilities:
Accumulated deferred income taxes 1,373,246 1,313,483 Deferred finance charges 239,880 239,880 Unbilled revenues 83,568 94,968 Deferred pension settlement gain 53,266 62,282 Customers refund for replacement power cost disallowance 5,770 23,081 Other 112,794 107,906 1,868,524 1,841,600 Commitments and contingencies :
Liability for environment:: remoration 240,000 240,000
== $9,555,090
$9 41_9A77_
g
NIAGARA MOHAWK POWER CORPORATION 1994 Internal Cash Flow Projection for Nine Mile 1 and Nine Mile 2 Nuclear Power Station (Thousands of Dollars) 1993 1994 Actual (Projected)
Net income After Taxes
$271,831
$288,000 LEiSS; Dividends Paid 165,765 194,000 Retained Earnings 106,066 94,000 Adjustments:
Nuclear replacement power cost disallowance (23,720)
(23,000)
Depreciation and amortization 276,623 292,000 Amortization of nuclear fuel 35,971 32,000 Gain on investments - net (5,490)
Provisions for deferred Federal income taxes 30,067 64,000 Allowance for other funds used during construction (7,119)
(13,000)
Deferred recoverable energy costs (5,688)
(45,000)
Deferred operating expenses 15,746 Increase in net accounts receivable (36,972)
(23,000)
Decrease in materials and supplies 43,581 28,000 increase in accounts payable and accrued expenses 15,716 17,000-Increase in accrued interest and taxes 3,996 30,000 Changes in other assets and liabilities 22,581 82,000 Total Adjustments 365,292 441,000 Internal Cash Flow
$471,3_58_
$_535,000 Average Quarterly Cash Flow
$117&40_
$133,Z50_
Nuclear Units Operated:
Nine Mile No. 1 Nine Mile No. 2 Wximum Total Annual Contingent Uability
$20,000
It is Niagara Mohawk's view that the curtailment of capital expenditures to ensure payment of possible retrospective premiums of up to $20 million would not be a material problem as this amount represents only about 4.9% of currently scheduled construction expenditures, net of Allowance for Funds Used During Construction (AFC) for the year 1994.
DATE: November 4,1994 CERTIFIED:
NIAGARA MOHAWK POWER CORPORATION
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6
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escun JahrfW. Powers Senior Vice President Finance & Corporate Services
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