ML20207C941

Forwards 880718 Projection for Period 880801-890731, Demonstrating That Util Will Have Sufficient Cash Flow &/Or Cash Reserves Available Throughout Period to Pay Restrospective Premium

ML20207C941
Person / Time
Site:	Indian Point
Issue date:	08/01/1988
From:	Bram S CONSOLIDATED EDISON CO. OF NEW YORK, INC.
To:	NRC OFFICE OF ADMINISTRATION & RESOURCES MANAGEMENT (ARM)
References
NUDOCS 8808110006
Download: ML20207C941 (2)

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Stepnen B. Erem VcJ Prudent i

Consohdated Edison Company of New York, Inc.

Indian Point Station Broadway & Bleakley Avenue Buchanan, NY 10511 Telephone (914) 737-8116 August 1, 1988 Re Indian Point Unit No. 2 Docket Nos. S0-03 and 50-247 Document Control Desk U.S. Nuclear Regulatory Commission Mail Station F1-137 Washington, DC 20555

SUBJECT:

Report Submittal Pursuant to 10 CFR S140.21 "Licensee Guarantees of Payment of Deferred Premiums" Enclosed, pursuant to 10 CFR S140.21, is a projection dated July 18, 1988, for -the period August 1,

1988 to July 31, 1989, demonstrating that Consolidated Edison Company of New York, Inc. will have sufficient cash flow and/or cash reserves available throughout such period to pay any applicable retrospective premium to which the Company might be subject.

Very truly yours,

/

Enclosure cc:

Mr. William Russell

)

. Regional Administrator - Region I U.S. Nuclear Regulatory Commission 475 Allendale Road King of Prussia, PA - 19406-1498 Ms. Marylee M. Slosson, Project Manager Project Directorate I-l Division of Reactor Projects I/II U.S. Nuclear Regulatory Commission Mail Stop 14B-2 Washington, DC 20555 Senior Resident Inspector U.S. Nuclear Regulatory Commission P.O. Box 38 Buchanan, NY 10511 Mr. Ira P. Dinitz Q

U.S. Nuclear Regulatory Commission Mail Stop 12E-4

'I Washington, DC 20555 G808110006 880901

{DR ADOCK 050oo003 PDC

i. -'y CCNSOLIDNITD EDISO4 QNPANY N NEW YCEX. DC.

PitOJECIIQi W ABILITY 'ID PAY RE'1BDSPECTIVE PREMILH AaJtEDENT FCR PDtICD AUGUST 1,1988 - JULY 31.1989 (Millicos of Dollars)

I.

Past Earnings, Interrally Generated Punds ard Allwance for has Used During Constructicn:

Year Ended Decarber 31 1%7 1986 1985 1984 1983 1982 1981 1980 1979 1978 Net Inccina

$550.1 $546.4 $563.7 $620.0 $575.8 $492.6 $448.0 $334.7 $323.9 $309.6 Internally Generated Ibnds 952.8 977.0 988.3 994.9 946.7 819.9 809.0 631.9 594.2 563.0 AIDC 15.3 10.1 10.3 22.4 14.7 18.5 12.4 7.8 5.4 10.3 II. Available Cash and Tarporary Cash Investz:ents at June 30, 1988: $218.7million.

III. Estimated Depreci:v:1 n and Deferred Taxes:

Year Ended Desanber 31

~

1988 1989 Averare Depreciaticn

$308

$324

$316.0 Deferred Taxes 12 35 23.5 Total

$320

$359

$J39.5 k

IV. Estimated Expenditures for Construction and Nuclear h l Year Ended Decarber 31 51988 1989 Average Cor.struction

$540

$576

$558.0 Nuclear Ibel 36 11 23.5 Total

$576

$587

$$81.5 V.

Ar.dysis:

Con Ediscn's net ineczne has grown frcin $309.6 millico to $550.1 millicn in the last ten years.

Con Ediscn expects to finance its capital requirecents in 1988 and 1989 principally frcm internally generated furds, the liquidation of short-term cash investznents, Weh may be supplaanted by a bond issue or issues. During the period August 1,1988 -July 31,1989 Ccn Ediscn win retire $5.1 millicn of Img-Tem ret and $2.3 millico of Preferred Stock, h Ccrrpany believes it will have sufficient cash f1w and cash reserves to pay any applicable retrospective prmhn adjustrent durins the period August 1, 1988 - July 31, 1989.

CDtrIFICATIQi I, Carl W. Greene, Vin ? resident and Controller of Ccasolidated Ediscn Cm,mny of Nw York, Inc. ("Con Ediscn"),

hereby certify that t!.e historical data presatted above cc,rrectly reflect the accounting records of Ccn Edison and in my opinion the estimates presatted above are reasonable.

J,dy 18,1988