ML20126G907

Forwards Annual Financial Rept 1980,earnings Statement for Quarter Ending 801231,1-yr Internal Cash Flow Projection for 1981 & 1980 Actual Cash Flow.Submittal Complies w/Price- Anderson Requirements

ML20126G907
Person / Time
Site:	Beaver Valley
Issue date:	03/30/1981
From:	Firestone L OHIO EDISON CO.
To:	Saltzman J NRC OFFICE OF STATE PROGRAMS (OSP)
Shared Package
ML20126G913	List: ML20126G907 ML20126G916
References
NUDOCS 8104020370
Download: ML20126G907 (3)

Text

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LYNN FIRESTONE OHIO EDISON' COMPANY-76 SOUTH MA!N STREET, AKRON. OHIO 44308 e 216 384 5840 t

March 30, 1

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$(NIOR YlCE PRES 10ENT g U.S. Nuclear Regulatory Commission o eg[, Q v sh-

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Washington, D.C. 20555  !,f Attention: Mr. Jerome Saltzman, Assistant Director d\ d$ron f,7s #

State and Licensing Relations

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.s Office of State Programs, Nuclear Reactor Regulav

Subject:

Docket No. 50-334 - Beaver Valley Power Station Unit No.1 Gentlemen:

Pursuant to our election of alternative No. 5, regarding the Price-Anderson Act retrospective premium system guarantee requirements, and the applicable requirement for annual submittals pertaining to the requirements, you will find enclosed:

1. A copy of our 1980 Annual Report to Stockholders which includes financial statements certified by our indepen-dent public accountants;

2. A copy of our earnings statement for the quarter ended December 31, 1980; 3 A one-year internal cash flow projection for 1981, and the actual cash flow for 1980. This statement indicated that ,

$35million,ourportionofthe$10millionretrospective '

premiums for the unit in question, would be available for the payment of such premiums.

With respect to item number 4 of Alternative No. 5, please be advised that the cash flow projection indicates that no capital expenditure .

curtailment would have to take p3 ace in order to make the retrospective premium available for payment.

Because Ohio Edison is currently paying an indemnity fee which is greater than $1,000, it is our understanding that payment of the $1,000 minimum annual indemnity fee is not necessary, ac the guarantee of payment of deferred premiums for its operating reactors.

f/\00Y 5 Very truly yours,

~ .

bj Enc.

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ORIO EDISON COMPANY Income Statement For 3 Months Ended December 31, 1980 l (Dollars in Thousands) i Operating Revenues $ 233,565 Operat ion and Maintenance Expenses .$ 157,983 Provision for Depreciation 19,543 Taxes - General 18,504 l

- Federal Income 7,530

- State Income 225

- Federal and State Income Taxes Deferred - Net 5,131

- Investment Tax Credit - Net (4,886)

Operating Income $ 29,535 Other Income and Deductions: .

1 Allowance for Other Funds Used During Construction $ 12,754 )

Income Taxes - Credit 10,089 1 Miscellaneous, Less. Applicable Income Taxes - Net 4,398  !

Total $ 27,241 I Total Income S 56,776  !

Interest and Other Charges: I Interest on Long-Term Debt $ 40,940 Amortization of Debt Discount, Pres, and Exp. - Net 163 l Other Interest Expense 3,100 t

- Credit- (17,592) l Net' Income (Before Preferred Stock Dividend Requirements) $ 30,165 Preferred Stock Dividend Requirements $ 8,393 l Net Income for Common Stock $ 21,772 q Shares of Common Stock Outstanding - Average During Period 68,145,327 I

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OHIO EDISON COMPANY 1981 Internal Cash Flow Projection For Beaver Valley Power Station Unit No.1 (Dollars in Thousands)

Prior Year Projection Actual Total Year Total Net Income After Taxes $ 100,6k5 $ 145,678 Less: Dividends Paid 118,137 125,167 Retained Earnings $ (17,492) $ 20,511.

Adjustments:

Depreciation and Amortization $ 72,435 $ 80,717 Deferred Inccane Taxes and Investment Tax Credits $ 14,027 $ 32,504 Allowance For Funds Used During Construction - (S1,962) (60,854)

Total Adjustments i 34,500 :s 52,367 Internal Cash Flow li 17,006 :s 72,878-Average Quarterly Cash Flow $ h,252 $ 18,220 Percentage Ownership in Nuclear Unit 35% .

Maximum Total Contingent Liability $3,500 E

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