ML20098C863

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Telcon W/Th Cox of NRC Re Financing for Units 4 & 5
ML20098C863
Person / Time
Site: 05000000, Washington Public Power Supply System, Satsop
Issue date: 10/08/1975
From: Hosler A
WASHINGTON PUBLIC POWER SUPPLY SYSTEM
To:
Shared Package
ML20093C821 List: ... further results
References
CON-WPPSS-030, CON-WPPSS-30, FOIA-84-603 NUDOCS 8409270244
Download: ML20098C863 (2)
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jrp 10-8-75 M D. h4/MotT~ 3%w ( ) Yes bP~ ~~ St)AthC7": h)A$- /,4 34689Y JhtMA_ t ) No FROM To.

Nome A. G. Hesler m.m. __ T. H. Cox d 2 F (- l Me A-t-75' Company or Dept. WPPSS' company or Dept. NRC SUBJECT (S) DLSCUSSED FINANCING FOR WNP-4 L

REMARKS I told Tom that I had some information to relate relative i;o the financing for WHP-4. I emphasized that what I had to say only affects WNP-4--

not WNP-1; also this was more of a status report to aid the Staff in preparing for the Safety Hearing, in particular.to aid in the preparation of any testimony.

In order to obtain permanent financing for WPd. .we need to have the participant ;'

. . agreements signed.and we had hoped ,to have these agreements signed by the time ,

of the hearing as reported to the Staff in our May 29. 1975, financial information submittal. These agreements are now not expected to be signed until May or-June of 1976. The reason, and only reason, for the failure to obtain signed agreements is the requirement to complete secondary environnental impact statements as required by a recent interpretation of the Washington SEPA. These impact statements are to address the local impact of acquiring power to assist

, in meeting challenges like that recently experienced by Seattle City Light -

that we had previously made Tom aware of.

h I further explained tr.at.until we obtain permanent financing for WNP-4,we are limited to expenditures of $100 x 106 for kHP-4 and 5 which was obtained under option agreements. Because of the schedule differences, most of this money is available for kHP-4. This doller limit presents a cash flow problem and also presents a problem of making certain that the $100 million is sufficient to cover all~ contracts, etc., including termination charges. Of a particular problem is the ERDA contract for enrichment services which increases from only a few million to over.$25 million upon receipt of a Construction Permit. We hope to meet this week with ERDA to discuss a proposed method of decreasing this liability. I suntaarized our other efforts to stretch the $100 million--

like renegotiate the E&W centract.

i .

I explained that the result of all of this was that within a few days we may need to send a letter to the NRC requesting that they defer the review of the financial qualification for WHP-4 for the present time; that is. this matter not be addressed at the Safety Hearing and, therefore, the Construction Permit for NNP-4 be deferred. . ,

. 1 3 I reemphasized that this was all a status report;\that things could change, but we believed that with the Staff preparing financial testimony we =rere not in a position to put off notifying the Staff any longer., Tom said he agreed and i

. wished we had notified him a few weeks ago. I respcoded that a few weeks ago we.had hopes of resolving the problem completely and tthereby not be required to sianw \

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discuss still stronglythis desire problem, to receive the Construction' and even Permit for if the E

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