ML20207T213
| ML20207T213 | |
| Person / Time | |
|---|---|
| Site: | Vermont Yankee File:NorthStar Vermont Yankee icon.png |
| Issue date: | 03/18/1987 |
| From: | Capstick R VERMONT YANKEE NUCLEAR POWER CORP. |
| To: | Harold Denton Office of Nuclear Reactor Regulation |
| References | |
| FVY-87-33, NUDOCS 8703230313 | |
| Download: ML20207T213 (17) | |
Text
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VERMONT YANKEE NUCLEAR POWER' CORPORATION RD 5, Box 169, Ferry Road, Brattleboro, VT 05301
,,,Ly,g,
. y ENGINEERING OFFICE 1671 WORCESTER ROAD FRAMINGHAM, MASSACHUSETTS 01701 TELEPHONE 617-872-4100 March 18, 1987 FVY 87-33 U. S. Nuclear Regulatory Commission Washington, D. C.
20555 Attention:
Office' of Nuclear Reactor Regulation Mr. Harold R. Denton, Director
Reference:
License No. DPR-28 (Docket No. 50-271)
Subject:
Vermont Yankee Nuclear Power Corporation Annual Financial Statements
Dear Sir:
In accordance with the provisions of 10CFR50.71(b), enclosed please find one (1) copy of Vermont Yankee Nuclear Power Corporation's certified financial statements for the three (3) year period ending December 31, 1986.
Should you have any questions regarding this report, please do not hesitate to contact this office.
Very truly yours,
[
Robert W. Capstick Licensing Engineer RWC/sj Enclosures t
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- O vannour rAxxxx noctuam rowan conPORATION Financial Statements December 31, 1986, 1985 and 1984 (With Accountants' Report Thereon)
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Pest Marwick, Mitchell & Co.
l Certified Public Accountants l
MARWICK o= 8ostoa nac=
Boston, Massachusetts 02108 617-723-7700 b
The 3tockholders and Board of Directors Vermont Yankee Nuclear Power Corporation:
We have examined the balance sheets of Vermont Yankee Nuclear Power j
Corporation as of December 31, 1986 and 1985 and the related statements of income and retained earnings and changes in financial position for each of the years in the three-year period ended December 31, 1986.
Our j
examinations were made in accordance with generally accepted auditing i
standards and, accordingly, included such tests of the accounting records O
and such other auditing procedures as we considered necessary in the circumstances.
l In our opinion, the aforementioned financial statements present fairly the financial position of Vermont Yankee Nuclear Power Corporation at December g
31.1986 and 1985 and the results of -its operations and the changes in its financial position for each of the years in the three-year period ended December 31,
- 1986, in conformity with generally accepted accounting principles applied on a consistent basis.
Y February 11, 1987 O
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VERMONT YANKEE NUCLEAR POWER CORPORATION Balance Sheets December 31, 1986 and 1985 GP Assets 1986 1985 (Dollars in thousands) d> :
Utility plant::
.279,072 Electric plant, at cost
$ 333,295 Less accumulated depreciation 108.684-
.104.350 224,611 174,722 Construction work in progress 1.762 30.757 Net electric plant 226.373 205.479 UD Nuclear. fuel, at cost:
Assemblies in reactor 84,854.
80,629 Fuel in process 20,291 11,048 29,373 Fuel in stock Spent fuel 133.916 108.762 iP '
239,061 229,812 Less accumulated amortization 179.485 166.079 Net nuclear fuel 59.576 63.733 II -
Net utility plant 285.949 269.212 Current assets:-
821 3,185 Cash 5,963 3,030 Special deposit i
Temporary investments, at amortized cost which g..
approximates market 48 Accounts receivable, primarily from sponsors 13,986 14,987 Income tax refunds receivable 889 5,426 Materials and supplies, at cost 8,748 8,764 Prepaid expenses 2.347 1.643 Total current assets 32.802 37.035 Deferred charges:
Decommissioning fund (note 2) 8,274 5,395 Deferred decommissioning costs (note 2) 22,843 22,795 t
Accumulated deferred income taxes 10,152 6,256 g-Other deferred charges 4.191 1.615 Total deferred charges 45.460 36.061
$ 3ft4 211 3.4. 2.J0.8 4>
See accompanying notes to financial statements.
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10 Capitalisation and Liabilities 1986 1985 (Dollars in thousands) 0 Capitalisation:
Common stock equity (note 3):
Common stock, $100 par value; authorized 400,100 shares; outstanding 400,014 shares
$ 40,001 40,001 Additional paid-in capital 14,422 14,403 Retained earnings 5.494 5.547
.;o Total' common stock equity 59.917 59.951 Redeemable cumulative preferred stock, 7.48% series;
$100 par value; authorized 300,000 shares; out-standing 111,830 and 116,830 shares in 1986 and 1985
'()
(note 3) 11,183-11,683 Long-term obligations, net (note 4) 148.265 124.508 Total capitalization 219.365 196.142
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Current liabilities:
Long-term debt to be retired within one year (note 4) 316 4,871 Notes payable (note 5) 4,000 Accounts payable 11,346 28,060 Accrued interest 1,348 1,395 Accrued taxes 3.122 2.816 O
{
Total current liabilities 20.132 37.142 Accrued decommissioning costs (note 2) 40,552 34,219 Accumulated deferred income taxes 63,798 57,391 Accumulated deferred investment tax credits 15,395 12,617 X3 Unamortized gain on reacquired debt, net 4,953 4,797 Other deferred credits 16 Total deferred credits 124.714 109.024 l
l Commitments and contingencies (notes 2 and 8)
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$ 364.211 112.3Q3 Q
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VERMONT YANKEE NUCLEAR POWER CORPORATION Statements of Income and Retained Earnings Years ended Decemb'er 31, 1986, 1985 and 1984 0
1986 1985 1984 (Dollars in thousands)
' Operating revenues
$ 126.878 118.868 117.009 O
Operating expenses:
Nuclear fuel expense.
15.465 20,771 21,449 Other operation expense 47,277 40,508 35,475 Maintenance 17,341 16,175-16,749 Depreciation 11,684
_12,460-12.031 Decommissioning expense (note 2) 5,526 4,984 3,640 0
Taxes on inc me (n to 6) 5,686 2,678 3,609 Property and other taxes 5.285 4.287 4.715 Total operating expenses 108.264 101.863 97.668 Operating income 18.614 17.005 19.341 O
Other income and deductions:
~ Allowance for equity funds used during construction 1,856 767 Interest 40 1,598 2,078 Taxes on other income (note 6)
(667)
(1,041)
Other, net
-(120)
(25)
(2)
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-1.776 1.673 1.035 i
Income before interest expense 20.390 18.678 20.376
)
Interest expense:
Interest on long-term debt 8,613 5,945 6,537 O~
Interest on disposal costs of spent nuclear fuel-(note 4) 3,244 3,990 4,169 Other interest expense 192 2,415 2,805 Allowance for borrowed funds used during construction (1.472)
(2.440)
Total interest expense 10.577 9.910 13.511 Net income 9,813 8,768 6,865 Retained earnings at beginning of year 5.547 5.449 5.259 15,360 14,217 12,124 O
Dividends declared:
Preferred stock, $7.48 per share 874 874 915 Common stock, $22.48, $19.49 and $14.40 per share, respectively 8.992 7.796 5.760 Retained earnings at end of year 5.494 5.547 5.449 Net income per average share of comruon stock outstanding
$ 2L.35 11J_It 1.61Z See accompanying notes to financial statements.
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VERMONT YANKEE NUCLEAR POWER CORPORATION O
sectemento of Chang:.in rin:ncial Psaiti:n Years ended December 31, 1986, 1985 and 1984 1986 1985 1984 (Dollars in thousands) jy Source of funds:
Net income
.9,813 8,768 6,865 Charges (credits) to income not requiring funds:
Depreciation 11,684 12,460 12,031 Amortisation of nuclear fuel 13,406 17,772 18,462 g'
Allowance for equity funds used during construction (1,856)
(767)
Deferred income taxes 2,511 6,863 (3,538)
Investment tax credit adjustments 2,778 2,087 1,568 Increase in decommissioning costs 6,285 5,368 3,817 Intere8t n di8Posal costs of spent nuclear fuel 3,244 3,990 4,169
.O Other,. net 160 199 1,491 Total funds from operations 48,025 56,740 44,865 Additions to long-term obligations 20,836 20.018 12 Decrease in working capital
$,,&gfLL 83.541 5L18fi 6,783 7,409 Total funds provided O
Use of funds:
Electric plant additions 25,228 37,435 11s740 riant removal costs, net of salvage value 7.350 6,852 (7)
Nuclear fuel additions 9.249 23,851 10,423 Allowance for equity funds used during
- O construction (1,856)
(767)
Decommissioning fund 2,879 2,611 2,185 Reduction of long-term obligations 316 4,889 19,059 Redemption of preferred stock 500-2,211 Preferred stock dividends 874 874 915 Common stock dividends 8,992 7,796 5,760 0
Other, net 2,552 Increase in working capital 12,777 Total funds ay? lied
$ 68.861 83.541 51 281 Changes in components of working capital:
Increase (decrease) in current assets:
O Cash (2,364)
(318) 2,223 Special deposit 2,933 2,543 (106)
Temporary investments 48 (26.598) 26,598 Accounts receivable (1,001) 1,525 (2,981)
Income tax refunds receivable (4,537) 4,346 (9,804) i Materials and supplies (16) 888 446
.O Prepaid expenses 704 366 137 Increase (decrease) in current liabilities:
Long-term debt to be retired within one year (4,555) 2,125 544 Notes payable 4,000 (29,000) 24,900 Accounts payable (16,714) 16,558 (731)
O Accrued interest (47)
(52)
(192)
Accrued taxes 306 (96)
(599)
(17,010) (10.465) 23,922 Increase (decrease) in working capital
$ 12.777 (6.783)
(7.409)
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See accompanying notes to financial statements.
1 VERMONT YANKEE NUCLEAR POWER CORPORATION No'tes to Financial Statements December 31,.1986, 1985 and 1984 j
.(1) Summary of Significant Accounting Policies
-(a) Regulations and Operations
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The Company is. subject to : regulations prescribed by the Federal ~ Energy Regulatory Commission ("FERC"), the Securities and Exchange. Commission
("SEC") and the -Public Service Board of the State of Vermont as ' to -
accounting, transactions with associated companies, and securities issues.- The -Company is also - subject to regulation by the Nuclear Regulatory Commission ("NRC") for nuclear plant licensing and safety, j.-
and by Federal and state agencies for environmental' matters such as air.
quality, water quality and land use.
Pursuant to ' the terms of the amended Power Contracts and Additional Power Contracts, Sponsors are obligated to pay the Company each month, amounts equal to the Ccapany's total fuel costs and operating expenses
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-of its plant, plus an allowed return - on equity (Since June 1,
- 1985, 15%).
Such contracts also obligate the Sponsors to.
make.
decommissioning payments through the end of the plant's service life and the completion of the decomunissioning of the unit.
All Sponsors are committed to such payments regardless of the plant's operating level or whether the plant-is out of service during the period.
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Under the terms of the Capital Funds Agreements, Sponsors are committed, subject to obtaining necessary regulatory authorizations, to make funds available to obtain or maintain licenses necessary to keep the plant in operation.
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(b) Depreciation and Maintenance Electric plant is being. depreciated on the straight-line method at rates designed to fully depreciate all depreciable properties over the lesser of estimated useful lives or the plant's remaining NRC license life which currently extends to 2007.
Depreciation expense was equivalent to overall effective rates of 3.70%, 4.38% and 4.33% for the years 1986, 1985 and 1984, respectively.
Renewals and betterments constituting retirement units are charged to electric plant.
Minor renewals and betterments are charged to maintenance expense.
When properties are retired, the original cost, plus cost of removal, less salvage are charged to the accumulated
).
provision for depreciation.
(c) Amortization of Nuclear Fuel The cost of nuclear fuel is amortized to expense based on the rate of burn-up of the individual assemblies comprising the total core.
The q
Company also provides for the costs of disposing of spent nuclear fuel
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at rates specified by the United States Department of Energy (" DOE").
(Continued) 1
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. VERMONT YANKEE NUCLEAR POWER CORPORATION' Notes to Financial Statements
!D-In 1985, the Company began amortizing to expense seventy-five percent of the estimated costs of the final unspent nuclear fuel core which is expected to be in place at the expiration of the plant's NRC operating license ~in 2007.
O (d) Amortization of naterial and Supplie.
In 1985, the Company began amortising.to expense the estimated cost of the material and supplies inventory which is expected to be on hand at the expiration of the plant's NRC operating license in 2007.
.(e) All wan e f r Funds Used During Construction
-O-Allowance for funds used during construction is the estimated cost of funds used to finance the Company's construction work in progress and nuclear fuel in process which is not recovered from Sponsors through current revenues. The allowance is not realized in cash currently, but under the power contracts the allowance will be recovered in cash over O
the plant's service life because of higher revenues associated with higher depreciation and amortization expense.
AFUDC was capitalized at overall effective rates of 10.28% and 10.18% for 1986 and 1985, respectively, using the gross rate method.
O (f) Deconunissioning The Company is accruing the estimated costs of decommissioning its plant over the plant's remaining NRC license life.
See note 2.
(g) Taxes on Income The tax effects of timing differences are accounted for in accordance with
-O the rate-making policies of FERC.
Provisions for deferred income taxes reflect the tax effects of all timing differences.
Investment tax credits are deferred and amortized to income over the lives of the related assets.
O-(2) Decommissioning i~
The Company accrues estimated decommissioning costs for its nuclear plant based on a 1981 study by an independent engineering firm, which assumes that deconunissioning will be accomplished by the prompt removal and dismantling method.
This method requires that radioactive materials be O
removed from the plant site with all buildings and facilities dismantled inanediately after shutdown.
The study estimates that approximately six years would be required to dismantle the plant at shutdown, remove wastes and restore the site. The original study which estimated total decomunissioning costs of $72.8 million in 1981 dollars was updated in connection with a 1985 rate case to an estimate of $96.8
- O million in 1984 dollars, sased on an assumed inflation rate of 7% per annum the estimated cost of decommissioning at the expiration of the plant's NRC operating license in 2007 is $459,000,000.
The present value of the prorata portion of decommissioning costs recorded to date is $40,552,000.
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VERMONT YANKEE NUCLEAR POWER CORPORATION Notes to Financial Statements O
Billings to Sponsors for estimated decommissioning costs commenced during 1983, at which time the Company recorded a deferred charge for the present value of the prorata portion of decommissioning costs app 1'. cable to operations of the plant for prior periods.
Current
- O-period decommissioning costs not funded through billings to Sponsors or earninas on decommissioning fund -assetc are also deferred.
These deferred costs will be amortized to expense as they are funded over the remaining life of the NRC operating license.
On January 1,1989, and each four year period thereaf ter, the Company must revise its schedule of future annual decommissioning fund collections y^'
to reflect differences between assumed and actual rates of inflation, and differences between assumed and actual rates of earnings on decomissioning fund assets.
Changes in Federal corporate income tax laws and. rates require immediate revision in decommissioning billings.
As a result of a 1985 rate case, the Company is also required to update IO I"' d** ""Ii "i"8 * "i"* ** ***** *"*'Y i "" Y
Cash received from Sponsors for plant decommissioning is deposited in escrow funds which invest in high grade government securities and certificates of deposit of banking institutions with assets in excess of $100 million.
- O (3) Capital Stock l
If cumulative preferred stock is outstanding, the payment of cash dividends and distributions on Common Stock are limited when Common Stock Equity (as defined) is less than 25% of Total Capitalization (as
'O defined).
This excludes redemptions which require 30% common Stock l
Equity after redemption. At December 31, 1986, Common Stock Equity was 36.0% of Total Capitalization and the Company had retained earnings of i
$5,275,000 available for payment of dividends on Common Stock.
l The 7.48% series preferred stock is redeemable at par through a mandatory l
lO sinking fund in the amount of $1,100,000 per annum and is redeemable at l
an additional $1,100,000 per annum at the option of the Company.
Redemption prices range from $105 per share in 1987 to $100 per share in 1998, along with accrued and unpaid dividends to the redemption date.
(Continued)
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'O (4) Long-Term Obligations A summary of long-term obligations at December 31, 1986 and 1985 is as follows:
O 1986 1985 (Dollars in thousands)
First mortgage bonds:
Series A - 9.625% due 1998
$ 10,426 40,770 Series B - 8.50% due 1998 1,332 7,624 O
Series C - 7.70% due 1998 3,685 10,170 Series D - 10 1/8% due 2007 27,259 Series E - 9 7/8% due 2007 5,703 Series F - 9 3/8% due 2007 5,704 Total first mortgage bonds 54,109 58,564 O
Unamortised premium on debt 84 91 Net first mortgage bonds 54,193 58,655 Disposal fee and accrued interest for spent nuclear fuel 53,295 50,051 Commercial paper issued under Eurodollar Credit Agreement - weighted average interest rate of 6.64% and 8.20% at December 31, 1986 and 1985 28,516 14,40
'O Conumercial paper issued by Vernon Energy Trust - weighted average interest rate of 6.61% and 8.17% at December 31, 1986 and 1985 12,261
-5,064 Obligations under capital leases 316 669 O
Total long-term obligations 148,581 129,379 Less long-term debt to be retired within one year 316 4.871 Long-term obligations, net
$M M
^O During September 1986, pursuant to an offer of the Company, holders of Series A, Series B and Series C first mortgage bonds exchanged their bonds for new Series D,
Series E and Series F bonds.
The exchange permitted the Company to extend the maturity of its outstanding mortgage debt and to amend certain provisions of its mortgage indenture.
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Q) 5 VERMONT YANKEE NUCLEAR POWER CORPORATION Notes to Financial Statements l0.
The first mortgage bonds are secured by a.first lien on utility plant, exclusive of nuclear fuel.
Such bonds are further secured by the terms.
of the Power Contracts (except for fuel paymente) and the Capital Funds Agreements with Sponsors.
Annual sinking fund requirements for Series O-A, Series B and series C first mortgaae bonds will be met by depositing bonds - received in the exchange offer described above.
Cash sinking fund requirements for Series D, Series E and Series F first mortgage bonds will commence in 1999.
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l A DOE contract obligates the Company to pay a one-time fee of $39,285,000 O
f r di8Posal costs of all spent fuel discharged through April 7,1983.
Although such amount has been collected from the Sponsors, as permitted
'by the DOE contract the Company has elected to defer payment of the fee
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to the DOE.
The fee must be paid no later than the first delivery of spent nuclear fuel to the DOE.
Interest accrues on the unpaid obligation based on the thirteen-week Treasury Bill rate and is
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c " Pounded quarterly.
The Company has a $75,000,000 Eurodollar Credit Agreement which expires on July 19, 1990.
The Company has issued commercial paper under this Agreement with weighted average interest rates of 6.75% for 1986 and 8.03% for 1985.
Payment of the commercial paper is supported by the O
Eurodollar Credit Agreement which is secured by the nuclear core of the Company's generating facility.
Although the commercial paper has short-term maturity dates, the Company has the intent and the ability to refinance the commercial paper beyond 1987.
Accordingly, the commercial paper has been classified as long-term debt at December 31, 1986 and 1985.
O The Company has agreements to finance its nuclear fuel through the Vernon Energy Trust.
Based on fuel needs of the Company, the Trust finances nuclear fuel through the issuance of commercial paper and bank loans which are supported by a revolving credit agreement which permits borrowings on a long-term basis of up to
$40,000,000.
Loans O
outstanding are paid as fuel is consumed and are secured by a pledge of the Company's right to receive fuel payments under power contracts with Sponsors.
During 1986 and 1985 the average amounts of commercial paper outstanding were $13,543,000 and $331,000 with related weighted average interest rates of 6.75% and 8.14%, respectively.
.O The Company's obligation under a capital lease of $316,000 matures in 1987 and the $28,516,000 due under the Eurodollar Credit Agreement matures in 1990.
There are no other annual cash sinking fund requirements and maturities of long-term obligations for the five years ending December 31, 1991.
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VERMONT YANKEE NUCLEAR POWER CORPORATION Notes to Financial Statements
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-(5) Compensating Balances and Short-Term Borrowings The Company-had lines of~ credit from various banks totalling $16,000,000 at December 31, 1986 and 1985.
The maxminum amount of short-term borrowings outstanding' at any month-end during 1986, 1985, and 1984 was O
$4,000,000, $29,000,000 and $29,770,000, respectively.
The -average daily amount of short-term-borrowings outstanding was
$452,000,
$23,245,000 and
$22,592,000 with-corresponding weighted average interest rates of 7.25%, 9.10% and 11.23%, respectively.
(6) Taxes on Income
,g The components of income tax expense for the years ended December 31, 1986, 1985 and 1984 are as follows:
1986 1985 1984
!O (Dollars in thousands)
Taxes on operating income:
Federal - current
$ (591)
(5,858) 4,163 Federal - deferred 1,894 5,545 (2,959)
- State - current 988
'(414) 1,416
-O State'- deferred 617 1.318 (579)
Investment tax credit adjustments 2,778 2,087 1,568 5,686 2,678 3,609 Taxes on other income:
Federal - current 653 870 State - current 14 171 lQ Total income taxes
$ idRfi L.3Al Lfi1Q A reconciliation of the Company's effective income tax rates with the Federal statutory rate is as follows:
1986 1985 1984
.O Federal statutory rate 46.0%
46.0%
46.0%
State income taxes, net of Federal income tax benefit 5.6 4.1 4.1 Investment credit (13.7)
(23.5)
(13.5)
Other (1.2) 1.0 3.8
..O E Z%
_2Lii%
_hhit (Continued)
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VERMONT YANKEE NUCLEAR POWER CORPORATION Notes to Financial Statements
'O The' items comprising deferred income tax expense are:
1986 1985 1984 (Dollars in thousands) 0 Dee assissi ning c sts
$ (3,171)
(2,766)
(1,925)
Excess of tax depreciation over financial statement depreciation 4,928 4,242 1,191 Fuel amortization for financial statement purposes less (greater) than tax amortization 1,331 1,495 (1,153) 3,424 (2,101)
Interest on disposal costs of spent nuclear fuel ther (577) 468 450
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$ 2.511 L.Sft3 (3.538)
Changes in tax laws resulting from the Tax Reform Act of 1986 will decrease future tax expense - and cash flows of the Company but will not g
effect not income.
Had the provisions of the Act been fully effective for 1986, tax expense and cash flow of the Company would have been reduced by approximately $2,500,000 and $5,100,000, respectively.
(7) Pension Plans O
The Company has two non-contributory trusteed pension plans covering all
-regular employees and funds all costs accrued.
Pension costs were
$686,000, $526,000 and $311,000 for the years 1986, 1985 and 1984, respectively, including amortization or unfunded liabilities over a period ending in 1998.
Accumulated plan benefits and net assets available for benefits as of the latest valuation dates are presented O
below:
January 1.
1986 1985 (Dollars in thousands)
Actuarial present value of accumulated plan benefits:
O Vested
$ 1,542 1,493 Nonvested 620 294
$ Adf12 la.lEZ l
Net assets available for benefits
$ 4.dftfi M
,O An assumed weighted average rate of return of 8.5% was used in determining the actuarial present value of accumulated plan benefits.
4 New accounting rules for pension plans effective for 1987 will not significantly effect the Company's total operating expenses.
Q (Continued) l l
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VERMONT YANKEE NUCLEAR POWER CORPORATION Notes to Financial Statements O
(8) Commitments and Contingencies The Company'. has commitments through 1999 approximating $129,000,000 associated with nuclear fuel requirements.
Such commitments amount to O'
- PProximately $23,000,000, $18,000,000, $19,000,000 -$26,000,000 and
$17,000,000 for the years 1987 through
- 1991, respectively, and approximately $26,000,000 thereafter.
Included in thesse amounts are minimum payments aggregating $3,000,000 plus interest which the Company.
is committed to make under a contract for uranium by-product extraction-regardless of the amount of uranium which is actually produced.
0-The Company has contracted for uranium concentrate to meet substantially all of its power production requirements through 1991.
It has two long-term contracts for uranium by-product extraction, expiring in 1992 and 2003, respectively.
O The Company has contracted for uranium enrichment services from a company in France. This contract provides for all the Company's uranium enrichment services for the period.1987 to 1996, with an option to extend. The Company.also has an enrichment contract with the DOE which expires in 2001.
However, the Company currently does not l anticipate -
that it will require any uranium enrichment services under the DOE O.
contract for the period 1987 to 1996.
The Company has comunitments for capital expenditures amounting to approximately $3,600,000 for 1987.
The Price-Anderson Act limits public liability from a single accident at a 0
nuclear power plant to $650,000,000.
If the total damages resulting from an-accident exceed the private pool insurance coverage of
$160,000,000, then the Company would be required to pay its share of the excess up to a maximum of $5,000,000 per accident with a maximum of
$10,000,000 per year.
Under the provisions of the Power Contracts, the Company's share of any such payments would be passed on to the Sponsors.
l (Continued) lO i
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O-9 VERMONT YANKEE NUCLEAR POWER CORPORATION Notes to Financial Statements O
(9) Unaudited Quarterly Financial Information The following quarterly financial information is unaudited and in the opinion of management includes all adjustments (consisting only of O
normal recurring accruals) necessary for a fair statement of results of operations for such periods.
Quarter ended 1986 March June September December (Dollars in thousands - except per share amountc)
O Operating revenues
$ 31,164 28,736 33,504 33,474 Operating income 4,458 4,258 5,054 4,844 Net income 2,419 2,469 2,468 2,457 Net income per share of common stock 5.50 5.62 5.62 5.61 O
Quarter ended 1985 March June September December (Dollars in thousands - except per share amounts)
Operating revenues
$26,348 28,493 28,256 35,771 d,.
Operating income 3,845 4,328 4,463 4,369 Net income 1,713 2,119 2,409 2,527 Net income per share of common stock 3.74 4.75 5.62 5.63 O
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