ML20217K169

Forwards Annual Submission of Alabama Power Co W/Respect to Retrospective Premium Guarantee Required Under Price Anderson Act.Balance Sheet,Statement of Income & Internal Cash Flow Included

ML20217K169
Person / Time
Site:	Farley
Issue date:	04/29/1998
From:	Derieux J ALABAMA POWER CO.
To:	NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
Shared Package
ML20217K173	List: ML20217K169 ML20217K181
References
NUDOCS 9805010115
Download: ML20217K169 (4)

Text

J. R:ndy DIRi:ux 600 North 18th Street Asmtant Treamer and Post Othce Box 2641 General Manager- Dmrgham, Alabama 35291-0030 n

Tel 205 257 2454 f ax 705 2571023 ALABAMA Lk POWER A SOUTHERN COMPANY April 29,1998 U. S. Nuclear Regulatory Commission Attn: Document Control Desk Washington, D, C. 20555 To Whom It May Concern:

Enclosed is the annual submission of Alabama Power Company with respect to the retrospective premium guarantee required under the Price Anderson Act, as amended, applicable to its Joseph M. Farley Nuclear Plant We have elected to satisfy this guarantee requirement by submitting annual certified financial statements and cash projections, showing that a cash flow can be generated and would be available for payment of retrospective premiums up to $20,000,000 within three months after submission of the statement. In this connection, enclosed are the l following:

1. 1997 Annual Report which includes financial statements for the calendar year 1997, together with the report on such statements by Arthur Andersen & Co.,

independent public accountants;

2. Unauoited Financial Statements for the quarter ended March 31,1998;

3. Cash Flow Projections for the period January 1,1998 through December 31,1998, j showing that cash flow of $20,000,000 can be generated and would be available j for payment of retrospective premiums within three months after submission of the l statement.

Please acknowledge receipt of the enclosures by signing and returning the enclosed copy of this letter.

Very truly yours, l

, J ss

/

JRD:lw Enclosures j cc: w/ attachments Mr. L. A. Reyes, Region 11 Administrator Mr. J. I. Zimmerman, NRR Project Manager AM j4/-

Mr. T. M. Ross, Plant Sr. Resident inspector w

9G05010115 980429 PDR ADOCK 05000348 I PDR

wa smesem anme ne esem ALABAMA POWE!! COMPANY a--- r t'= ara of se cearai, BMNCE SHEET

. ec s e er munies n m d e CONSOODATED WITH MBJJAA POWER CAPITAL TRUSTS 1 & il oesmi ne anta a me er von .t (Stated m Thousands of Donars)

ASSETS _ At 3/31M s _. At 3t31/97 UTILITY PLANT Plant m servua at ongmat cost . ... . .. 5 11.117.672 8 10 861.096 Less Accumulated proveen for depreciahon and amortsation .. ._ 4,470,174 4,196,246 6 647.498 6,664 850 Nuclear fuel, at emottaed cost.... 91,571 813 665 Constructeri work m progress .. 381.898 282,433 7,120,967 7,060,948 OTHER PROPERTY AND INVESTMENTS Sos 4 hem Electre Genersin9 Company. at equity . 24.705 27,011 Nuclew decommasonin9 trusts , 204.313 152.253 Maconeneous .. - 22,578 __

21,353 251,596 _200,617 CURRENT ASSETS Cash .. .. . - - 18.706 5 478 Temporary cash mvestments . 0 0 Irwestment securdes . 0 0 Receivables -

Customer accounts recewable . . . _

312 243 302.374 Other IKCounts and MDies receivable . 19.066 19 467 Affilated comparwas .......... ..

32.622 37,752 Accumulated provtsson for uncollecttile accounts . (2.502; (1,357)

Refundable mcome temos ._ 879 8 461 7 osed fuel stock, at everoge cost .. 101,974 105.255 Matermis and supphes. et avesage cost .. 150.210 157.025 Allowance Irwentary ., 2.337 3 346 Propeyments -

Income tames ,. 0 0 Other .. . . . . . . . 197.326 176.937 Vacaten pay deferred .. _ 28,783 _

27,083 861.644 _ 841,819 Debt expense. bem9 amortand .. . ... . . . , 6.701 7.619 Debt redempton empense being amortuod .. .. ......... 79 908 82,717 Nuclear decontammation and decammisamnog fund . 34.416 37.490 Regulalary assets . _

385.641 409.263 Mscellaneous .. ___76,206 _ _ _,109,722

_ 582,872 _ ___646.811 TOTAL ASSETS .- S _ 8,817 s979_ $ __8J50195 CAPITALIZATION ANDUABILITIES CAPITALilATlON Common stock equity 8 2.724.177 8 2 691,925 Preferred stock... . . .. , . . . . . . . . . . . . . . 255 512 278 400 1 Company obhgated mandatordy redeemable securdeos of Alabama l Pcmer CapdalTrusts 1411

• _ 297,000 297.000 l Lon9-term debt .. . _ 2.667,681, _ 2.298.601 l ._,5,944.370 5,565,926 i

i i CURRENT UABILITIES j Lon94erm debt due or to be redeemed withm one year .. 1.000 62.000 l

i Notes peyebe to banks .. 0 50 955 l Commercial paper .- - 259 015 413.786 Accounts payable -

Afftheted comparues . 58.068 55.406 Other. . .. . .. )

103.579 112.936 t Customer deposits _ 34.789 32.721 Taxes accrued -

t Federsi and state ncome .. 62.878 53.230 l @ar .. . . . . . . . ...- 30.475 30.476 l Interest eccrued .. . 39 835 43.930 i Distnbutens accrued .. 0 0 l Vacation pay accrued 27.293 27.083 I Mecallaneous .. - 94,702 _ _ ,78.303 71_1,654 _ 960,826

)

DEf ERRED CREDITS AND OTHER LIABILITIES I Accumulated deferred income taxes .. . 1.182.765 1.198 950 I Accumulated deferred mvestment tax credits . 280.075 291,269 Prepatd capacny revenues, not .. 106 615 119.417 Regulatory habilites .. .. .,.....- . . . . . . . . . . . . . 334 489 360 680 Nuclear decontammaten and docummesenmg fund .. 30,592 33.741 Misceneneous .. 226,519 _ 219,386

_ 2,161,055 _ 2 223.443 TOTAL CAPITALIZATION AND LIABILITIES. . 5_8ARD79, S _SJ50J95

• susetermes, es seente er Ame p w cepew true e atoe ooo ooo e se r 7 7m Amanne Po , company mer sieweaves iones eue use at 202s one uponi eempion er such j emel. ee Peefence securene se se . . ^. eseeemene In esteenles the Junse sumeressesse Nesse the Trup may hose tem one to eme secounge -- under the Apeemese se le i samenses one unemme m ee prospeeeue emed semery it. sees l submenene, se seems er Assesme Pomme capoei trust a se slos ins s7s er se f ses Aes no Panee campen, mer sueereneses hetee sue Dec at 20m one upon . en euce east, she Pretersos seasreme se se noneeterey to entamen to the Junos sumereneque Isolet the Truel may too com time to eme acete unens the eyeeneni es le empenses eng a 'W en se , Seled Jongesy a 1997 Corporate Accounem0 Depenment

1 ALABAMA POWER COMPANY STATEMENT OF INCOME (STATED IN THOUSANDS OF DOLLARS) 3 MONTHS ENDED MARCH 31, t 1998 i

OPERATING REVENUES:

Revenues 716,505  :

l OPERATING EXPENSES:

Operation-Fuel 193,022 Purchased and interchange power, Net 36,167 Other 114,813 Maintenance 63,533 l Depreciation and Amortization 86,239 Taxes other than income taxes 49,439 Federal and state income taxes 42,557 Total operating expenses 585,770 OPERATING INCOME 130,735 OTHER INCOME (EXPENSE):

Allowance for equity funds used during construction 285 Income from subsidiary 1,082 Other, net 7.371 INCOME BEFORE INTEREST CHARGES 139,473 INTEREST CHARGES:

Interest on long-term debt 50,307 Allowance for debt funds used during construction (653)

Amortization of debt discount, premium and expenses, net 2,424 Other interest charges 18,026 Net interest charges 70,104 NET INCOME 69,369 DIVIDENDS ON PREFERRED STOCK 3,328 NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK 66,041 This statement reflects the usual accounting practices of the Company on the l basis of interim figures and is subject to audit and end of year adjustments. I l

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1

l ALABAMA POWER COMPANY L

Internal Cash Flow for Joseph M. Farley Nuclear Power Station (Thousands of Dollars) 1997 1998

_ Actual _ Projections Net income $ 390,525 $ 393,824 Less Dividends Paid __354,18_6_

_ _376,711_

Retained Earnings _ 36,339 _ 17,113 Adjustments:

Depreciation and Amortization 394,572 429,895 Deferred Income Taxes and Investment Tax Credits (12,429) 17,591 Allowance for Equity used During Construction -

_._ _..(28_5)

Total Adjustments 382,143 _ 447,201 Internal Cash Flow $_418,482 $ 464,314 Average Quarterly Cash Flow $ 104,621 $ 116,079 Percentage Ownership in all Operating Nuclear Units:

Joseph M. Farley Units 1 and 2 100%

Maximum Total Contingent Liability $20,000 l

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