ML20236A585
| ML20236A585 | |
| Person / Time | |
|---|---|
| Site: | Peach Bottom, Salem, Hope Creek  |
| Issue date: | 03/14/1989 |
| From: | Bradley E PECO ENERGY CO., (FORMERLY PHILADELPHIA ELECTRIC |
| To: | Dinitz I NRC |
| References | |
| NUDOCS 8903200032 | |
| Download: ML20236A585 (13) | |
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l PHILADELPHIA ELECTRIC COMPANY 2301 MARKET STREET P.O. BOX 8699 PHILADELPHIA. PA.19101 i
l (215)8414000 Eugene A Bradley Vico President and Associate oeneral counsel March 14, 1989 Mr. Ira Dinitz Director State and Licensee Relations Office of State Programs United States Nuclear Regulatory Commission Washitigton, D.C. 20555 Re:
Peach Bottom Atomic Power Station Units 1, 2, and 3 Docket Nos. 50-171, 50-277, and 50-278 i
Dear Mr. Saltzman:
In accordance with Section 140.21 of the Commission's Regulations there are transmitted, herewith, on behalf of the co-owners of the Peach Bottom i
facility as evidence of guarantee of payment of deferred premiums the following documents:
1.
Philadelphia Electric Company's, Public Service Electric and Gas Company's, Delmarva Power Company's and Atlantic Electric Company's Annual Reports for 1988, including for each an annuti certified financial statement for the year January 1,1988, through December 31, 1988.
2.
Philadelphia Electric Company's, Public Service Electric and Gas Company's, Delmarva Power Company's, and Atlantic Electric Company's 1989 Internal Cash Flow Statements, and a Station Owners' Summary of the Cash Flow Statements. The Cash Flow Statements indicate that it would not be necessary to curtail projected capital expenditures to assure that retrospective
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premiums would be available for payment.
l l
Two copies of each of the documents are enclosed.
8903200032 8903141 Very truly yours, I
PDR ADOCK 05000171 I
PNU l'
\\
Eugen J. B diey Enclosures l
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J' 51 Explanations of Significant Variations i
(
Note 1:
Net income'is expected to increase modestly due to higher expected R
sales. :No significant base rate changes are expected during 1989.
n Note-2 Delmarva increased its annualized common stock dividend rate from
$1.46 to $1.50 in December 1988. Additional common ' shares are projected to.be issued by the Company-through dividend reinvestment 1
- and common stock purchase plans during.1999. Additional preferred shares are projected to be issued by the Company through a public offering in 1989.
Note.3 Amortization and Other is expected 'to increase due to higher levels
- of nuclearL fuel amortization and lower' non-cash. subsidiary income from. leasing activities in 1989.
Note 4 Deferred Taxes and ITC-are expected to increase due to higher tax z
closings resulting from' increased constructionLactivity in 1989 and due to reductions in deferred tax expense in 1988 which will not reoccur in 1989; associated.with-(1) the deferred gain on the' sale and-leaseback of the Company's ownership interest in the Merrill Creek Reservoir'and (2) the. inclusion in taxable income in 1988 of amounts to be collected from customers in later years related to the recovery.
of Summit. income taxes.
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Explanations of Significant Variations Note 1 Net income is expected to increase modestly due to higher expected sales.
No significant base rate changes are expected during 1989.
Note 2 Delmarva increased its annualized common stock dividend rat-e from
$1.46 to $1.50 in December 1988. Additional common shares are projected to be issued by the Company through dividend reinvestment and common stock purchase plans during 1989. Additional preferred shares are projected to be issued by the Company through a public-offering.in 1989.
Note 3 Amortization and Other is expected to increase due to higher levels of nuclear fuel amortization and lower non-cash subsidiary income from leasing activities in 1989.
Note 4 Deferred Taxes and ITC are expected to increase due to higher tax closings resulting from increased construction activity in 1989 and due to reductions in deferred tax expense in 1988 which will not reoccur'in 1989 associated with (1) the deferred gain on the. sale and leaseback of the Company's ownership interest in the Merrill Creek Reservoir and (2) the inclusion in taxable' income in 1988 of amounts to be collected from customers in later. years related to the recovery of Summit income taxes.
i
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