ML20101E999
| ML20101E999 | |
| Person / Time | |
|---|---|
| Site: | Peach Bottom, Limerick  |
| Issue date: | 12/31/1995 |
| From: | Hunger G, Mcneil C, Paquette J PECO ENERGY CO., (FORMERLY PHILADELPHIA ELECTRIC |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| NUDOCS 9603250300 | |
| Download: ML20101E999 (49) | |
Text
{{#Wiki_filter:.- St:tionSupportDep rtment A'. - ( ' 10CFR 50.71 PECO NUCLEAR n m % ev Nuclear Group Headquarters A UNif or /YCO fMRGy 965 Chesterbrook Boulevard Wayne, PA 19087-5691 March 18,1996 Docket Nos. 50-277 50-278 i 50-352 50-353
- Ucense Nos. DPR-44 '
DPR-56
- NPF-39 NPF-85 U. S. Nuclear Regulatory Commission 4 ATTN
- Document Control Desk Washington, DC 20555 '
3
SUBJECT:
Peach Bottom Atomic Power Station, Units 2 & 3 Umerick Generating Station, Units 1 & 2 PECO Energy Company Annual Financial Statements
Dear Sirs:
Attached is the 1996 Annual Report of PECO Energy Company, operator of Peach Bottom Atomic Power Station and Umerick Generating Station. This Annual Report contains the annual financial statements for 1995. l Very truly yours, e A. G. A. Hunger, ., i Director-Ucensing Attachment cc: T. T. Martin, Administration, Region 1, USNRC , N. S. Perry, USNRC Senior Resident inspector, LGS W. L Schmidt, USNRC Senior Resident inspector, PBAPS
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s-a' COMPANY Paoritt PECO ENERGY COMPANY, INCORPOR ATED IN PENNSYLANIA IN 1929, iS AN OPERATING UTluTY WHICH PROVfDES ELECWC AND GAS SERVICE TO THE PUBUC IN SOUTHEASTERN PENNSYLVANIA. TWO SUBSOARIES OWN, AND A THIRD OPERATES, THE CONOWINGO HYDROELECTRIC PROJECT. THE TOTAL AREA SERVED BY PECO ENERGY COVERS 2,107 SOUARE MtES. ELECTRIC SERVICE IS SUPPtlED TO AN AREA OF 1,972 SOUARE fMLES WITH A POPULATION Or 3.7 twuGN, INCLUDING l .6 M!t00N IN THE OTY OF PHILADE!PHIA. APPROXMATELY 94 PERCENT OF THE RETAll ELECTRIC SERVICE ARE A AND 64 PERCENT Of RETAll KilOWATTHOUR SALES ARE IN THE SUBURBS AROUND PHILADELPH:A, AND 6 PERCENT OF THE RETAR SERVICE AREA AND 36 PERCENT OF SUCH SALES ARE IN THE OTY OF PHILADELPHIA. NATURAt GAS SERvfCE IS SUPPL'ED TO A 1,475-SOUARE-TALE AREA OF SOUTHEASTERN PENNSYLVAN!A, ADJACENT TO PH1ADELPH;A, WITH A POPULATION Of l .9 MILUON. THE MAP TO THE iEFT INDICATES NOT ONLY THE COMPANV'S TR ADWONAL SERVICE TERRITORY, BUT TH[ FAR4E ACHING BUlr POWER TRANSACTIONS COMPLETED BY THE COMPANY'S ButK POWER ENTERFRISES (GR AY SHADE D ARE A ON THE N ATIONAL MAP). ButK POWER ENTERPRISES H AS NEGO-TI ATE D AND COMPLETED DOWER TR ANS ACTIONS fROM MAINE TO f tORID A, AS FAR WEST AS lL!iNOIS AND EVE N INIQ THE PROVINCE OF QUEBEC, C ANADA. PECO ENERGY CONTINUES TO lOOK IO EiFAND ITS M ARKET AS NEW OPPORlUN. TIES EMERGE. g FECO Ern:. C erm
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To Oun FELLOW SH AREHOLDERS: The year 1995 was one of solid, overall progress for PECO Energy, despite some notable disappointments. On the positive side, there were many highlights:
+ Our financial condition continued to improve os earnings increased, the balance sheet was strengthened and the divi-dend was raised for the fifth consecutive year, this year by 7.4 percent. The market price of the Company's stock rebounded to $30-1/8 per share at year-end, on increase of 23 percent from the beginning of the year.
+ Sales of electricity reached another record, os we took advantage of our strong position in the evolving wholesale mor-ket through marketing efforts by our Bulk Power Enterprises. Sales of gas also reached a record due to increased deliv-eries of transported gas.
- Limerick and Peach Bottom, the two nuclear plants operated by the Company, performed safely and efficiently, achieved above-overage performance once again and rxeived outstanding rotings from the Nuclear Regulatory Commission.
+ The arduous task of reengineering our customer contact and response activities was completed. This new system is expected to significantly improve our ability to hondle customer calls expeditiously and efficiently.
+ Our cost-control program continued successfully as we completed the final steps of the voluntary retirement and separa-tion programs announced in 1994. As a result, the number of employees at yearend 1995 was about 7,000, o reduc-tion of 40 percent in five years.
- We also instituted a number of structural changes in 1995: completion of the sale of Conowingo Power Company to Delmarva Power & Light Company; establishment of the new Telecommunications Group to take advantage of opportu-nities in that rapidly changing industry; creation of a gas supply subsidiary to enhance our abilities to purchase and market natural gas to customers inside and outside of our service territory; and a filing with the Federal Energy Regulatory Commission for permission to sell wholesale energy at market based rates, outside of the Pennsylvanio-New JerseyMaryland Interconnection Association area.
The major disappointment of the year was the inability to complete the Company's proposed merger with PP&l Resources, headquartered in Allentown, Pennsylvania. The potential benefits of a combination of the two companies were compelling. It would have produced savings of $2 billion over 10 years, permitting lower rates for customers of both utilities, as well as increased shareholder value. However, PP&L Resources rejected our final proposal on November 1, and we decided it was in the best interests of PECO Energy not to pursue the proposal further. Nevertheless, we remain committed to exploring strategic opportunities that will increase shareholder value. Alti.ough we will always be open minded and continually evoluote all of our alternatives, we have a strong standclone position and do not feel compelied to pursue a merger at any cost. The continued poor performance of the Salem Nuclear Generating Station, operated by Public Service Electric and Gas Company (PSE&G), was another disappointment. The two units at Salem, which are 42.59-percent owned by PECO Energy, g PECO ENFNGY COtNY
.m. . _ _ . . . _ . _ _ _ _ _ _ .
e [% - pussy M - : 4 v '. I l 4 1 l 1 4 8 g JosaPH F. PAourm, Ja., CHARMAN oF TH: BOARD (LIFT) AND ConssN A. McNint, Ja., Pass 4 DENT AND CHIEF Exscunvs Omcan. l i i i have been idle since mid-1995 and will remain shut down until at least mid.1996 while PSE&G's new Nuclear Department senior management continues its program to restore the plant and retrain its personnel to achieve a level of performance which will satisfy or exceed regulatory standards We are providing assistance to PSE&G during the shutdown and will continue to evaluate all alternatives to protect our investment in these facilities. Another major challenge which crose in 1995 was the filing of four separate petitions by two unions to organize some of , our workforce. After lengthy hearings before the National Labor Relations Board (NLRB), it is very difficult to predict whether the NLRB will order on election in 1996. We are committed to maintaining a union-free status and will continue our efforts to convince employees that it is in their best interests to reject unionization. STRATEGIES FOR A COMPETITIVE ENVIRONMENT Nationally, the prospects for replacing regulated franchises for electric utilities with competition heightened as many state regu-lators looked more closely at the structure of the industry. In Pennsylvania, the Public Utility Commission (PUC) continued its study of this issue and expects to make a recommendation to the Governor and the state legislature in the spring of 1996. Our position focuses on the central issue of how best to improve the efficiency of electric service, while continuing to ensure the availability of reliable service for all customers at reasonable prices. We must not lose sight of the most critical objective, which is that any change must create additional net benefits that all can share, while avoiding change that may l ! harm some customers or our shareholders. To be competitive in the future, we must continue to focus on prices and customer satisfaction. The ability to ottract new customers and to retain our existing customers is a challenge we face every day. I ! Our Competitive Breakthrough Strategy was introduced to regulators and industry analysts in 1995. It is an integrated strategy to improve the efficiency, financici condition and rate stability of the Company through a broad array of initiatives.
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These initiatives include, but are not limited to, reengineering of processes, reduction and containment of costs, development of 1 1 1 new revenue opportunities, reduction of exposure to osset write-downs, and reduction of outstanding debt. The succeuful com- i pletion of these initiatives will enhance profitability and will permit us to pursue key strategic objectives. in October, we petitioned the PUC for permission to accelerate depreciation of assets ossociated with the Limerick f j Generating Station by approximately $100 million per year and to decrease depreciation of other Company assets by about i g P[CO Fwp Cuw
$10 million per year, effective October 1,1996. By accelerating the depreciation of Lirnerick, the plant will be in a better posi-tion to succeed in a competitive marketplace. In lieu of an increase in customer rates, we proposed to offset the increased depreciation through income generated as part of the Competitive Breakthrough Strategy.
In another 1995 initiative, we introduced to our employees the PECO Energy Advantage, a set of core values and guiding behaviors that are the basis of the day-to<foy operations of the Company. The PECO Energy Advantage incorporates these concepts that shape our high-performance work culture: Teamwork Openness, Trust and Respect Integrity Customer Focus Accountability Continuous Learning Embracing Change Safety The PECO Energy Advantage is the defining framework by which we will work together to succeed in the new utility mar-ketplace and achieve our vision of becoming a competitive energy supplier with high customer loyalty. During 1995, we also strengthened the Company's senior management team. Damion A. Thomas joined the Company as Vice President of Marketing and Sales offer a successful career at General Electric, where he was responsible for all parts and services business in North and Latin America. William E. Powell, Jr. was elected Vice President of Support Services offer hav-ing served as Vice President of Logistics at DuPont and 31 years in the United States Navy, retiring with the rank of Rear Admirol. Most importantly, in April, os another step in our plan for on orderly transition of senior management duties, Corbin A. McNeill, Jr. assumed the position of Chief Executive Officer in addition to his responsibilities os President of the Company. Mr. Poquette will continue as Chairman until his retirement next year. There is no doubt that we are in the midst of a period of dramatic change in the history of America's utilities. There is no turning back and we are preporing ourselves to meet the challenges of a new competitive marketplace. We are confident that PECO Energy will be prepared for whatever the future brings. We have in place a capable management team, with diverse experiences in non-regulated industries as well as valuable knowledge and achievements in all aspects of the utility industry. Our employee workforce is skilled and dedicated to fulfilling the Company's objectives. Together, we are committed to making your investment in PECO Energy on investment in excellence. We oppreciate your continued support of our efforts. J. F. PAoueTTs, Ja., CHANtMAN C. A. McNent, Ja., PassmeNT AND CEO FemauAav 2,1996 g PECO nom Cowen
1995 REYlEW due to increased transportation sales related to sanoine vus FounsAview higher levels of gas transported for customers pur' PECO ENEROY StutvEs A HIGH-FINANCIAL AND OPERATING HIGHUGHTs chasing on the spot market. PERFoltMANc3 work CuL7uRE is CRffiCAL To fuCCEss. WE REFust in 1995, earnings were $2.64 per share versus in August, our customers' single-hour peak to ACCint rHe RArioNAtt rxAr
'S $1.76 per share in 1994, primarily due to the electric demand reached 7,244 megawatts (MW), oONE.y ToHow IT's WE THis ENo, ALWAYs HAvt SIIN one-time, after-tax charge of $0.66 per shore in surpassing the previous record peak of 7,227 MW Ass MetEo AN ExpiRi NCio ANo set in July 1994. 'ALINTIo CORPORATE MANAGE.
1994 for the voluntary retirement and separation MENT TEAM WILLING To TAKI rHE programs. The increase was also due to lower As a result of the Company'stontinuing finon- CAtCutArno Risks rHar HAvE operating and maintenance expenses attributable ciel improvement, in October 1995 the Board of [,Q,*',C "",'"',' , y, to the Company's ongoing emphasis on cost con- Directors increased the common stock dividend for HioHty ouAurito ANo MotivAr-trol and savings from the voluntary separation and the fifth consecutive year. The 7.4-percent increase U,",*c',",'j,'",7,["',*,' retirement programs; the gain on the sole of raised the annual dividend from $1.62 to $1.74, ACCoMPusHING OoALs WILL CONTINUE To Movt rHE Conowingo Power Company (COPCO); sales of effective with the December dividend payment. company ,o wAno, power to other utilities; and the Company's ongo. REGULATORY ENVIRONMENT l ing debt and preferred stock refinancing program. l During 1995, the Federal Energy Regulatory Those savings were partially offset by the costs of Commission (FERC) issued proposed rules for open the shutdown of Salem Generating Station (Salem) transmission occess to third parties for wholesale Units No.1 and No. 2, operated by Public power transactions. The Company filed comments Serv. ice Electn.c and Gas Company (PSE&G). in response and, while generally supportive of the For 1995, electn.c soles increased 9.4 percent FERC's initiative, sugyted several modifications 6 over 1994 primarily due to increased sales to other ensure full recovery of potentially stranded invest-utilities and higher retail sales from warmer summer ment. The FERC anticipates issuing a ruling in the weather and colder December weather. Total gas first ha!' of 1996. sales increased 13.9 percent over 1994 primarily l g PECO Erao Cwm
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i i . . - i . The staff of the Pennsylvania Public Utility RATE MATTERS Commission (PUC), in 1995, issued a report rec- As part of PECO Energy's continuing effort to ommending against retail electric power competi- become more cost competitive, the Company ! tion at this time. PECO Energy responded to the requested permission from the PUC to increase i PUC's request for comments by proposing five depreciation of assets associated with the Limerick major initiatives to reduce the cost of electricity Generating Station (Limerick) by approximately E.,ning. .na o;y;asna. while preserving the reliability and universal ser- $100 million per year and decrease depreciation *" PW be vice essential to Pennsylvanio citizens. of other Company assets by $10 million per year, 5 3 oo - - -- - - - - l l For a more completa discussion of these and beginning October 1,1996, with no correspond-2 50 - --- --- - other related matters, please refer to the ing increase in customers' rates. If granted, this l
" Competition" section in Management's Discussion proposal will allow the Company to accelerate 2 oo - - -
and Analysis of Financial Condition and Results of recovery of its investment in Limerick, enhancing I'So Operations beginning on page 13 of this report. its ability to become o competitive source of gen-erotion in the future. 1.00 - lNITIATIVES TO INCREASE SHAREHOLDER VALUE SALE OF CONOWINoo PowEn COMPANY 0 50 - In June, the Company completed the sale of its The Company .is o oo . - - - - subsidiary COPCO to Delmorvo Power & Light 's '2 's 94 's using both trods.- Company (Delmorva) for $150 million. The sole of , Eo,nings tional and inno. a Dmdends COPCO benefitted shareholders by increasing votive means 1995 earnings by $0.12 per share and permitting to . improve g the Company to reduce debt. The transaction included a 10 year contract for PECO Energy to sell wholesale power to Delmarva beginning in 1996. The COPCO sale did not involve the '"',*M"gM o Conowingo Hydroelectric Station. $333 igg ,g Decernber 31,1990, in CONSUMEa ENERGY SERVICES GeoUP CO ne C PECO Energy recognizes that its customer base is Duonn uumn indo (Assurnes all dividends ore a very important asset. With more alternatives reinoniedi avoilable, many customers are asking for more $250 - - - - - ~ - - - - information about energy options, services and 200 -- -- prices. As a result, PECO Energy has completely Company's reengineered its marketing and sales operations 150 - financial perfor- and launched a broad base of initiatives to mance and improve the overall quality of service. A new focus 3gg _ . ._ _ __ increase shareholder was given to key accounts and customers were " ' ' " " " " value- segmented to provide more detailed administro- =O PECO Ene<gy tion of their accounts. The Company is also help- [ [ ,uumn ing its commercial and industrial customers to be The Company's piogram to reduce long-term debt more competitive by providing new services and and interest expense through the refinancing and i options. The Company continues to work with all redemption of higher-cost debt and preferred stock customers to meet their energy needs. resulted in annuolized savings of approximately t The Company's goal is to provide all cus-
- $10 million or $0.03 per shore.
j tomers with superior service while maintaining sto-i in addition, the Company used internally l ble rctes. Last year,1.4 million residential cus-generated funds to repay $125 million of debt tomers were placed in a new, more streamlined and $175 million of term loans, resulting :n annu-customer service program. New PC-based ol.ized sovings of approximately $23 million or technology allows customer consultants to complete
$0.06 per shore.
i ! g PfCO E m C m
Sain to ohr utilitin most routine transactions in a single contact. Mobile PowfR GENERATION GROUP cnd Retail Sales manon, s xiio-onsoorg computer terminals allow energy technicians to The Power Generation Group operates the receive and complete work orders without returning Company's fossiLfueled and hydroelectric generat-50 - - -- to the office. Additionally, office hours have been ing stations. Power Generation has been a main- ,o _ _ _ _ expanded to occommodate customers' needs. stay of PECO Energy since the Company's incep-The Company's aggressive business marketing tion well over a century ogo. It continues today to 30 - - - - - - plan continues to attract new customers to the help meet the power requirements of all customers. Company's service territory. In 1995, this plan cre- The Power Generation Group's Vision Quest 20 - - - ated or retained more than 2,200 jobs in the program fundamentally recreated all workflow region while generating more than $11 million in processes to achieve substantial annual savings. '0~ ~ ~ new revenues. Employee teams, empowered to make critical An entirely new Power Delivery organization changes, reengineered the structure of the Power 51 n M " n was established to support the operation of the Generation Group and its core work processes. o sol io chr uia,e , Company's electrical distribution system. Through these employee-supported actions, the , 8 " d 5d** Maintenance programs have been restructured to Power Generation Group dramatically improved ! enhance system reliability while innovative, cost- critical performance indicators such as costs, quali-effective techniques are being eraployed to ty, service and productivity. Vision Quest is improve PECO Energy's distribution system and to designed to achieve opproximately $100 million in Gas Sain and streamline business processes. savings by 199?. These dramatic cost reductions, Transported Goa sanon.scob.a i including a 30-percent decrease in the number of GAS SERVICES GROUP 120 - - employees, and on increased dn,ve toward organi- ) The Company continues its aggressive, growth-zational excellence are only part of Vision Quest's , ico _ _ _ _ _ _ oriented strategy in the natural gas business. The j Company has increased promotional activities and ! 80 --- - - - encourages strong relationships with area builders, NUCLEAR GENERATION GROUP
- g. _ _ _ _
orchitects, contractors and others in order to expand The Nuclear Generation Group continues to strive j the use of natural gas in traditional gas markets and for superior performance from all of its units. The l 40 - - - non-traditional areas such as natural gas vehicles Company's nuclear units have become recognized l ond gas cooling. In 1995, the Gas Services Group in the industry as leaders in providing sofe, reliable accounted for $3 million of increased revenue, net and efficient generation. For 1995, the combined O'g g ny g of fuel, and 8,500 new customers. capacity factor for Companyoperated nuclear units l In the unregulated gas areno, PECO Energy was 88 percent as compared to the national over- ) created a gas supply subsidiary to porticipate in age of 80 percent for all boiling water reactors, efforts designed to lower gas costs and increase in May, the Nuclear Regulatory Commission reliability, as well as to arrange gas supplies for (NRC) issued its periodic Systematic Assessment of Company use in its fossil fueled electric generating Licensee Performance (SALP) Report for Limerick. stations. This subsidiary will also remarket pur. The SALP process rates nuclear power plant chased gas directly to current transportation cus- licensees in four functional areas: plant operations, tomers and will continue to pursue soles with inter- maintenance, engineering and plant support, ested part:es, limerick achieved superior rotings, the highest of the three rating categories, in all four areas. The NRC stated that, overall, it observed on excellent level of performance at Limerick. The NRC r.ated continued strong performance in the operations 1 g PKo Da s o e
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