ML20098C636

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Advises NRC of Contractual & Financial Arrangements,In Response to NRC .Participants Agreement Fully Executed for 100% Output
ML20098C636
Person / Time
Site: 05000000, Washington Public Power Supply System
Issue date: 07/19/1976
From: Renberger D
WASHINGTON PUBLIC POWER SUPPLY SYSTEM
To: Parr O
Office of Nuclear Reactor Regulation
Shared Package
ML20093C821 List: ... further results
References
CON-WPPSS-020, CON-WPPSS-20, FOIA-84-603 7323, NUDOCS 8409270088
Download: ML20098C636 (6)
v • d • e


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July 19,1976

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  • g Docket No. 50-513 8

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  • ul,y Director of Nuclear Reactor Regulation ~

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ATTN: Mr.-Olan D. Parr y a= '88% %

Light Water Reactor Project P Branch No. 3 4 '

U. S. Nuclear Regulatory Commission tu Washington, D. C. 20555

Subject:

WPPSS NUCLEAR PROJECT NO. 4 CONTRACTUAL AND FINANCIAL ARRANGEMENTS

References:

1) Letter, N. O. Strand, WPPSS, to A. Giambusso.

NRC, Contractual and Financial Arrangement for WPPSS Nuclear Project No. 4, dated October 22, 1975.

2) Letter, J. J. Stein, WPPSS, to A. Giambusso, NRC, Submittal of Financial Data, dated May 29, 1975.

Dear Mr. Parr:

In Reference 1 we requested that tion of the Supply System's finan,,the Staff temporarily dial qualifications defer considera-to construct WPPSS Nuclear Project No. 4 (WNP-4). The basis for this request was that execution of the Participants' Agreements for WNP-4 had been delayed pending completion of secondary environmental impact statements pursuant to the Washington State Environmental Policy Act.

This letter is to inform the NRC Regulatory Staff that particioants'_

~Aareements have been fully executed for 100% nf the outnut of WMP 4 and

.for the Supply System's share Olue) of the output of WPPSS Nuclear Pro-ject Na. 5 (WNP-5). As mentioned in Reference 2, WNP-4 and the Supply System's share of WNP-S will be financed as one system. The partici-pants in WNP-4 and WNP-5 are approximately 89 public and cooperative utilities (consisting of 21 municipalities, 24 public utility districts and 44 electric cooperatives) located principally in Washington, Oregon, Idaho, and Mnntana.

As you may be aware, by letter dated July 9. 1976, we requested that he l Atomic Safety and Licensing Board take steps to receive additional evidence from the Applicant and the Staff by the end of July,1976, with 8409270088 840824 PDR FOIA ry q r) aj COHENB4-603 PDR s u & s>

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. Mr. Olan D. Parr Pag] 2 -

July 19, 1976 m -

s a view toward supplementing its Initial' Decision with appropriate

' findings relating to the Applicant's financial qualifications to con-struct WNP-4..s We are hopeful that a favorable su.pplemental Initial Decision will 'be issued promptly thereaf ter, leading to the issuance of -

a construction permit for WNP-4 in the first or second full week of September, 1976. , __ . , , , , _ . ,._.,, ,.,a;_ .

.g-. ....

The method of financing WNP-4 and the Supply System's share of WNP-5 was pre'sented to the Staff in Reference 2 in response to Staff Questions

.1.(a) and 1.(b). In addition, the Atomic Safety and Licensing Board .,

. explored this method of financing at some length at the radiolo 850-

,' 852).. health and safety hearings held in November,1

.~ An updated estimate of the total cost of WNP-4 (current as of May 31,

    • 1,976)is: ~

(a) Total nuclear production plant costs

$ 991,463,000 V

(b) Transmission and general plant costs 12,327,000 (c) Nuclear fuel inventory cost-2/ for first core 91,210,000 Total Estimated Cost $1,095,000,000 Siting, fuel cycle costs, payments to vendors and preliminary construc-tion expenditures through May 31, 1976, for WNP-4 and WNP-5 are $21,074-,000-and $7,896,000, respectively. Current estimates for WNP-4 and WNP-5 future expenditures (including fuel and owners' cost) are as follows:

WNP-4 'WNP-5 Year Expenditures Expenditures s '* %

Thru 1976 $ 72,997,000 $ 15,624,000 1977 108,358,000 100,442,000

- 1978 229,672,000 160,091,000 1979 326,031,000 271,351,000 ,

1980 198,567,000 293,651,000

- 1981 131,970,000 228,899,000  :

1982 27,405,000 164,426,000 '

1983 36,359,000 i 1984 157,000 i

1/ Including net interest during construction, owner's costs, and allowances for escalatica and contingencies.

y Nuclear fuel will be purchased rather than leased. ,

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Mr. Olan D. Parr .

Page 3 July 19. 1976 With the executiori of Participants' Agreements, financing of WNP-4 and Yi . WNP-5 will be continued by the issuance of approximately $2,718,000,000 of tax exempt revenue bonds in series from time to time during the phriod of construction. The Supply System plans to issue these bonds in the following approximate amounts and on the following schedules:

Date of Issue Amount ., ., .

1977 $300,000,000 1978 300,000,000 -

1979 450,000,000 1980 600,000,000' 1981 750,000,000 1982 318,000,000 Each series of bonds issued will be on a parity.with other bonds issued.

A scheduled summarizing financing activities through June 15, 1976, for all WPPSS construction projects is attached hereto.

Very truly yours,

/

D. L. RENBERGER  !

Assistant Director Generation & Technology DLR:AGH:km .

. Attachments i "ap cc: JB Knotts - Conner & Knotts - w/att. -

HW Phillips - UE&C - w/att.

JR Schmieder - UE&C - w/att.

EG Ward - B&W - w/att. .

CR Bryant - BPA - w/att.

W Albert - NRC I&E - w/att. - - -

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CONSTRUCTION. PROJECTS FINANCING ACTIVITIES '

June 15, 1976

. . 1 PROCEEDS EFFECTIVE MATURITY PAR RECEIVED INT. RATE PROJECT TYPE RATING SALE DATE 77,000,000 $ 76,722,800 6.050 WNP1 Notes MIG-1;AA 5/22/74 12/15/1976 $

175,000,000 172,159,750 7.7269 W N P 1' Bonds Aaa';AAA 9/18/75 7/01/2017 " 6.83734 7/01/2017 180,000,000 179,715,934 WNP1 Bonds Aaa;AAA 2/04/76 ,

150,000,000 149,628,930 5.650 WHP2 Bonds A-1;Aa* '6/26/73 7/01/2012 79,864,055 7.2035 A-1;AA* '7/23/74 7/01/2012 80,000,000 WHP2 Bonds 125,000,000

.124,458,992 7.6667 WNP2 Bonds AA;AA-* 11/26/74 7/01/2012 6.7097 125,000,000 126,813,477_

WNP2 -

Bonds Aaa;AAA 3/06/75 7/01/2012 118,845,130 6.634 Aaa;AAA 6/03/,76 7/01/2012 120,000,000 WNP2 . Bonds . 9 150,000,000 147,876,742 7.867599 WNP3 Bonds Aaa;AAA 12/03/75 7/0'/2018 99,444,851 6.481385 Aaa;AAA 4/13/76 7/01/2018 100,000,000 W N.P 3 Bonds 6/01/1981 100,000,000 99,419,902 7.04099

' W N P 4/5' Bonds A-1;A 7/24/75 Total Outstanding $1,382j000,000

" NOTES RETIRED -

x 12/15/1975 2,500,000 ' 2,500,000 4:700 W N P 4/5 - Notes 3/20/74 15,056,867 8.007 MIG-1;A 8/01/74 6/15/1976 15,000,000 W N P 4/5 Notes ,

8/24/1973 1,500,000 1,492,879 2.925 WNP1 Notes 8/24/72 24,984,325 4.270 A-1;AA 2/15/73 12/15/1975 25,000,000 WNP1 Notes 15,000,000 s 14,775,100 3.550 WNP2

  • Notes A-1;AA 7/01/71 7/01/1974 12/15/1974 40,000,000 40,000,401 3.500 WNP2 Notes ;A-1 12/15/72 12/17/1973 2,000,000 2,004,026 4.050 WNP3 Notes 5/15/73 29,004,640 4.368 MIG-1;AA 10/01/73 6/15/1976 29,000,000 WNP3 Notes

- *The first series of bonds for WNP-2 were upgraded to AAA ratings

  • by both services subsequent to their issuance.

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. Docket No. _50-513 'WPPSS NUCLEAR PROJECT NO. 4

( - Contractual and Financial Arra.ngements s .

STATE OF WASHINGTON )

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--. COUNTY OF BENTON- )

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R. E. SMITH, Being first duly sworn, deposes and says: That,he is the Manager, Operations Division, for the WASHINGTON PUBLIC POWER SUPPLY SYSTEM, the applicant herein; that he is authorized to submit the fore- I

. going on behalf of said applicant; that he has read the foregoing and 1 knows the contents thereof; and believes the same to be true to the best of his knowledge.

, i DATED /k , 1976

. / .

R. E. SMITH A $

On this day personally appeared before me R. E. SMITH to me known to be the individual who executed the foregoing instrument and acknowledged that he signed the same as his free act and deed for the uses and purposes therein, mentioned. ,

GIVEN under my hand and seal this /9&/.dayof kg, , 1976.

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W4j 8 YYescio '

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  • i Notary Public in and for the State of

.: Washington

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Residing at M M s

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Cr:nM 195 U.S. NUCLE AR REOULATERY C MMISSl!N DOCKET NUMIE R

  • M . SO'b] S NRC DISTRIBUTION rO4\# ART 50 DOCKET MATERIAL Ts FROM: WPPSS
  • oATE OF oOCUMENT MR O D PARR g ' ASH 74b% .

D L RENBERGER -

oATE RcCEivEo l 7-2/-76  !

h0TORl2ED PROP INPUT FORM NUMBER OF COPIES RECEIVED

% LETTER f MORIGIN AL UNC LASSiFIE D aCm .

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ossCRIPTION ENCLOSURE I IlfR REF THEIR 10-22-75 & 5-29-75 LTRS..... l FURNIEIIING INFO ON THE CON.TRACTUAL AND '

FINANCIAL ARRANGEMENTS....... .

s PLANT NAME! \A.) P f S'S %

. .1 i SAFETY FOR ACTION /INFORMATION ENVTRn #1 'lD -7 t* f/.S.

_ ASSIGNED AD: e .s n ' ASSIGNED ADr

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l'ROJECT MANAGER: i s i PROJECT MANAGER! *-

ap'110. ASST. :

(/7) duSHSROCK LIC. ASST.!

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_ MIPer .MACCARRY KIBKWOOD FRNRT CASE KNIGHT BALLARD

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