ML20108B272
| ML20108B272 | |
| Person / Time | |
|---|---|
| Site: | Wolf Creek  |
| Issue date: | 04/23/1996 |
| From: | Carns N WOLF CREEK NUCLEAR OPERATING CORP. |
| To: | Russell W NRC (Affiliation Not Assigned) |
| References | |
| NUDOCS 9605030236 | |
| Download: ML20108B272 (8) | |
Text
Q W$LF CREEK NUCLEAR OPERATING CORPORATION l
l Neil S. " Buzz" Carns i
Chairman, President and Ch4et Executive Officer April 23, 1996 i
l W.
T. Russell, Director
)
Office of Nuclear Reactor Regulation i
U.
S.
Nuclear Regulatory Commission Washington, D.
C.
20555
Subject:
Docket No:
50-482: Guarantee of Payment of Deferred i
Premiums, 10 CFR 140.21 1
Dear Mr. Russell:
i I
l Pursuant to the requirements of 10 CFR 140.21, each operating reactor licensee is required to maintain financial protection through guarantees of payment of deferred premiums.
The Owners of Wolf Creek Generating Station are providing l
the attached documentation of their ability to pay deferred premiums in the amount of ten million
- dollars, as required by federal regulation l
l Kansas City Power & Light Company, Kansas Electric Power Cooperative, Inc.,
and Western Resources, Inc., including its wholly-owned subsidiary Kansas Gas and Electric Company, have provided an audited 1995 Consolidated Statement of Cash Flows in order to demonstrate sufficient funds are available to meet their share of the deferred premiums.
If you have any questions concerning this matter, please contact me at (316) 364-8831 extension 4000 or Mr.
W.
M. Lindsay at extension 8760.
Very truly yours,
')
l Neil S.
Carns NSC/jad l
l Attachments 1
t ec:
L. J.
Callan (NRC), w/a W.
D. Johnson (NRC), w/a J.
F.
Ringwald (NRC), w/a J.
C.
Stone (NRC), w/a Document C.ontrol Desk (NRC), w/a nn --
9605030236 960423 PDR ADOCK 05000482 I
PDR l
PO Box 411 ' Burlington. KS 66839 / Phone (316) 364-8831 An Equal opportunity Employer M F HC' VET 1
F i
~
'*AKCPE Nul. RoAmtAN cosmam l
April 10,1996 Mr. Mike Gayoso Wolf Creek Nuclear Operating Corporation P.O. Box 411 Burlington, KS 66839
Dear Mike:
Pursuant to the requirements of 10 CFR 140.21(e), Kansas City Power & Light Company is providing the attached audited Consolidated Statements of Cash Flows ofits ability to make payment ofits share of deferred premiums in an amount of $4.7 million.
The undersigned certifies that the foregoing memorandum with respect to Kansas City Power & Light Company's cash flow for the year 1995 is true and correct to the best of his knowledge and belief.
Sincerely, 3
4 Attachment I
l l
KANSAS CITY POWER LICHT COMPANY 12 01 W A L N U T P.O. B O X 418 6 7 9 K A N S A S C I T Y, Nt 0 6 4141 46 7 9 816-5 5 6 2 2 00 l
-. -. ~.
4 Kansas City Power 6 Lght Company I
l Consolidated Statements of Cash flows L
Year Ended December 31 1995 1994 1993 :
3 (thousands)
Cash Flows from 0perating Activities Net income
$ 122,586
$ 104,775
$ 105,772 i
Adjustments to reconcile net income to net cash fron; operating activities:
Depreciation 97,225 94,361 91.11C J Amortization of:
Nuclear fuel 14,679 10.136 8.705 l
Deferred Wolf Creek costs 12,607 13,102 13,102
.MPSC rate phase in plan l
Other 7,072 8,152 9,608 8,234 l
Deferredincome taxes (net)
(3,268) 20,524 25,502 Investment tax credit amortization and reversals (11,570)
(4,345)
(4,345 Allowance for equity funds used during construction (2,279)
(2,087)
(2 B46 Cash flows affected by changes in:
{
Receivables (17,551) 1,543 (10,245 Fuelinventories.
(5,533)
(2,020) 6,075 Materials and supplies (2,222)
(796) 1,106 Accounts payable l'
(20,980) 14.065 (17,741; Accrued taxes l
15,042 (3.116) 7,936 Accruedinterest 4,697 (3,366) 2,626 Wolf Creek refueling outage accrual 11,443 (5,142)
(5,338; j l
Pension and postretirement benefit obligations (4,176) 32,203 1,905 )
l Other operating activities 4,325 (2,860) 4,514 Net cash from operating activities 223,177 276,585 243,144 Cash Flows from investing Activities j
Utility capitalexpenditures (134,070)
(124,965l (129,199)
Allowance for borrowed funds used during construction (1,963)
(1,844)
(2,542) i Purchases ofinvestments (56,759)
(67,560).
(7,351) l Otherinvesting activities 9,046 5.624 7,657 Net cash used in investing activities (183,746)
(188.745)
(131,435) i Cash Flows from Financing Activities trsuance oflong-term debt 111,055 133,793 324,826 Repayment of long-term debt (33,428)
(170,170)
(271,450)
Specialdeposits 60,118 (60,115)
Premium on reacquiredlong term debt l4,077)
Net change in short terrn borrowings (13,000) 3,000 (4,000)
Dividenas paid (99,358)
(96,238)
(93,555)
Other financing activ; ties 3,473 335 (1,913)
Net cash used in financing activities (31,258)
(69,162)
(110,2931 Net Change in Cash cnd Cash Equivalents 8,173 18,678 1,411 Cash and Cash Equivalents of Beginning of Year 20,217 1,539 125 Cash and Cash Equivalents at End of Year
$ 28,390
$ 20,217
$ 1,539 i
Cash Paid During the Year for:
interest (net of amount capitalized)
$ 48,200
$ 48.246
$ 47,351 Income taxes S 67,053
$ 53,720
$ 40,141 l
l l
xerco Kansas EIGctric Power Cooperative, Inc.
g l
March 29,1996 Mr. Michael A. Gayoso Chief fausiness Officer Wolf Creek Nuclear Operating Corp.
P. O. Box 411 l
Burlington, Kansas 66839
Dear Mike:
Pursuant to the requirements of 10 CFR 140.21(e), Kansas Electric Power i
Cooperative, Inc. is providing the attached audited Statements of Cash Flows to show its ability to make payment of its share of deferred premiums in an amount of $600,000.
The undersigned certifies that the foregoing memorandum with respect to Kansas Electric Power Cooperative, Inc.'s cash flow for the year 1995 is true and correct to the best of his knowledge and belief.
Si rely l
' chard M. Tyler Director, Finance and Accounting i
Enc.
1 W
i Mathng Address: P O Box 4877. Topexo. Konsos e6604 0877 5990 S.W. 28th St eet at wanomoxer Road 06614 42 4 73 7010
N l
l KANSAS ELECTRIC POWER COOPERATIVE, INC.
STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31,1995 AND 1994 1995 1994 l
CASH FLOWS FROM OPERATIONS:
Cash received from member sales
$ 72,315,163 571,824,160 Cash received from nonmember sales 617,383 597,638 Cash paid for purchased power (30,321,711)
(32,110,186)
Cash paid for Wolf Creek operations (6,745,283)
(8,836,919)
Cash paid for KEPCo operations (2,363,555)
(2,318,719) l Interest paid (17,202,258)
(16,899,177)
Property taxes paid (3,131,294)
(2,991,557)
Interest received 1,253,101 962,008 Cash paid to decommissioning trust (266,330)
(266,336)
Miscellaneous cash received 214.956 Net cash from operations 14.155.216 10.175.868 CASH FLOWS FROM INVESTING ACTIVITIES:
Nuclear fuel purchases (3,427,459)
(2,545,968)
Plant additions (1,187,072)
(1,698,981)
Wolf Creek Nuclear Operating Corp. investments (236,324)
(222,005) l Purchases of short-term investments (2,567,429)
(1,018,451) l Purchases of other investments (1,454,740)
Increase (decrease) in investments in associated organizations 7.666 (92.509)
Net cash used by investing activities (8.865.358)
(5.577.914)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment oflong-term debt (3,820,150)
(3,596,862)
Penalties paid for repricing long-tenn debt (2,187,394)
(966,034) l Financed penalties for repricing long-term debt 2.134.043 Net cash used by fmancing activities (3.873.501)
(4.562.896)
INCREASE IN CASH AND CASH EQUIVALENTS 1,416,357 35,058 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 9.803.038 9,767.980 CASH AND CASH EQUIVALENTS, END OF YEAR S11.219.395
$ 9.803.038 (Continued) 4
i 1
l l.
1 l
KANSAS ELECTRIC POWER COOPERATIVE, INC.
STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31,1995 AND 1994 1995 1994 RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Net margin 5 5.892.753
$ 4.514.082 I
Adjustments to reconcile net margin to net cash from operating activities:
l Depreciation 4,223,012 3,878,270 l
Amortization of nuclear fuel 1,921,927 1,453,045 i
Amortization of deferred charges 766,170 709,831 Amortization of deferred incremental outage costs 1,352,932 1,383,604 l
Amortization of bond issue costs 104,761 105,114 Accretion of discount / amortization of premium (2,255)
(2,255) l Loss on sales of assets 583 15,760 l
Decrease in restricted cash and cash equivalents 214,956 (Increase) in Wolf Creek Nuclear Operating Corp. investments (158,610)
(147,309)
(Increase) in decommissioning fund assets (404,936)
(333,604) j increase in decommissioning liability 404,936 333,604 (Increase) decrease in deferred charges 28,059 (21,387)
(Increase) in deferred incremental outage expense (2,045,580) increase in arbitrage payable 88,139 184,923 1
l Increase in Wolf Creek Nuclear Operating Corp. liabilities 325,507 278,719 Net change in current assets and liabilities:
Accounts receivable from members (285,166) 51,811 Materials and supplies inventory (32,079)
(23,241)
Other assets and prepaid expenses 32,949 (114,579)
Accounts payable 314,824 (310,733)
Payroll and payroll related liabilities (8,505) 5,372 Accrued property taxes (21,115) 173,984 Accrued mterest payable (388.670)
(128.519)
Total adjustments 8.262.463 5.661.786 l
l Total cash from operations
$ 14.155.216
$ 10.175.868 i
See notes to financial statements.
(Concluded) l l
f l
~
.. ~
4 APR 0 91996 l
WesternResources JERRY D. COURINoTON cmmer.
l l
April 4,1996 Mr. Mike Gayoso Wolf Creek Nuclear Operating Corporation PO Box 41i Burlington, KS 66839
Dear Mike:
Pursuant to the requirements of 10 CFR 140.21(e), Western Resources, Inc., including its wholly-owned subsidiary, Kansas Gas and Electric Company since March 31,1992, is providing the attached audited Consolidated Statements of Cash Flows ofits ability to make payment ofits share of deferred premiums in an amount of $4.7 million.
The undersigned certifies that the foregoing memorandum with respect to Western Resources, Inc 's cash flow for the year 1995 is true and correct to the best of his knowledge and belief.
Q
/
'N Jerr)/ Dl Couringtdn
\\f,ufttroller 818 South Kansas Avenue / P.O. Box 559 / Topeka, Kansas 66601 Telephone: (913) 575-6365 i Fax: (913) 575-6496 Internet: jerry _counneton 3w>tnres.com
l
.CONSCL1DATE3 STATEMENTS CF CASH FLC715 wtSTERN R E S o u R C E S. I N C.
l l
ur en&d ibrmtwe l1.
hbilan in eh.mur=he 19N 1934u 1993 i
Cash Flows from Operating Activities:
Net inwmc 101,676 187.447 177.370 Depredation and amortization 150,106 151.630 164.364
- Other amortiution (including nuclear fuel) 15,193 10.905 11.254 Gain on sales of utility plant (net of tax)
(951 )
(19.296)
Deferred taxes and investment tax credits (net) 14,972 (16.555) 27.686 Amortization of phase-in revenues 17,545 17.544 17.545 Corporate-owned life insurance.
(28,540)
(17.246)
(21.650)
Amortir.arion of gain from sale-leaseback (9,840)
(9.640)
(9.640)
Amortization of acquisition adjustment.
6,729 Changes in other working capital items (net of effects from the sales of the Missouri Properties):
i Accounts receivable and unbilled revenues (net) (Note 1)
(37,532)
(75.630)
(15.536)
Fossil fuel (15,900)
(7.828) 18.073 Gas stored underground 17,116 (5.403)
(37.144)
Accounts payable 18,578 (41,682)
(43.169)
Accrued taxes.
(19,024) 20.756 7.485 Other.
8,179 ;
41,309 25.400 Changes in other assets and liabilities (11,555) 31.480 (45.927)
Net cash flows from operating activities 306,944 267,791 276.111 Ctsh Flows Used in investing Activities:
Additions to utility plant.
236,827 237,696 237,631 l
Utility investment 2.500 Sales of utility plant (1,723) j (402.076)
Non-utility investments (net) 15,408 I 9.041 14,271 l
Corporate-owned life insurance policies 55,175 54.914 55.833 I
l Death proceeds of corporate-owned life insurance policies (11,187) l (1,251)
(10.590)
Net cash flows used in (from) investing activities.
294,500 l (101,676) 299.645 j
Cash Flows from Financing Activities:
Short-term debt (net)
(104,750)
(132.695) 218.670 l
Bank term loan retired (230.000) l Bonds issued 235.923 223.500 l
Bonds retired (105) *
(223.906)
(366,466) l Revolving credit agreements (net) 50,000 :
(115.000)
(35.000)
Other long-term debt (net)
(67,893) 7.043 j
Other mandatorily redeemable securities 100,000 Borrowings against life insurance policies (net) 43.895 70.408 210,188 Common stock issued (net) 36.161 125.991 Preference stock redeemed (2,734)
Dividends on preferred, preference, and common stock (137,946)
(134.806)
(127.316) j Net cash flows (used in) from financing activities (12,745)
(367.969) 23.876 l
Net increase (Decrease) in Cash and Cash Equivalents.
(301 )
1.498 342 C sh and Cash Equivalents:
Beginning of the period 2,715 1.217 875 End of the period 2,414 2.715 1.217 l
Smplemental Disclosures of Cash Flow information ash Paid for:
Interest on financing activities (net of amount capitalized) 136,548 134,785 171.734 Income taxes 84,811 90.229 49.108 f informanon retlecn the ulci u(the houri Propernes iLce h i he Lees to Comolidated Financal 5tacemenn are an integral part oichu naiement.
31