ML21091A098

Decommissioning Funding Status Report

ML21091A098
Person / Time
Site:	North Anna
Issue date:	03/26/2021
From:	Brickhouse T Old Dominion Electric Cooperative
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
Download: ML21091A098 (13)

Text

ODEC

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..:2 March 26, 2021 Old Dominion Electric Cooperative M United States Nuclear Regulatory Commission Attention: Document Control Desk Washington, D. C. 20555-0001 OLD DOMINION ELECTRIC COOPERATIVE NORTH ANNA POWER STATION UNITS 1 AND 2 DECOMMISSIONING FUNDING STATUS REPORT License Nos. NPF-4, 7 Pursuant to 10 CFR 50. 75(f)(1 ), Old Dominion Electric Cooperative (ODEC), is providing this report on the status of decommissioning funding for the North Anna Power Station (NAPS). provides the following information for NAPS:

NRG Minimum Financial Assurance Amount as of 12/31/2020 The following information is provided in support and as part of this filing:

1. Preliminary December 2020 Bureau of Labor Statistics indices values are used because the final December 2020 indices values were not available at the time of this filing.

2. The escalation of decommissioning costs is held at 0% based on assuming 2% Real Rate of Return.

3. The growth rate on Trust Funds is held at the allowed 2% Real Rate of Return over the escalation rate.

4. No rate regulatory authority citation for NAPS is referenced because the 2% Real Rate of Return allowed by 50.75(e)(1 )(ii) is used in the calculations.

5. The current annual funding amounts shown for NAPS (Attachment 1) reflect only those fund amounts that are dedicated to radiological decommissioning.

6. Trust Fund amounts shown for each of the units in this report are market value and after-tax on realized gains and losses. The Trust Fund balances have not been adjusted for unrealized gain or loss positions not currently taxable.

9 4201 Dominion Boulevard

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804-747-0592 J~ 804-747-3742 d>>c 0m Glen Allen, Virginia 23060

7. Since the previous biennial submittal on March 27, 2019 (ML19092A269) for NAPS, ODEC executed a trust agreement with Bank of America, established for nuclear decommissioning for the NAPS units. The trust agreement is included as Attachment 2.

If you have any questions concerning this filing, please contact me at (804) 968-4012.

Sincerely, Todd T. Brickhouse Vice President - Treasurer Old Dominion Electric Cooperative Attachment Commitments made in this letter: None cc:

U. S. Nuclear Regulatory Commission Region II Marquis One Tower 245 Peachtree Center Avenue, NE Suite 1200 Atlanta, Georgia 30303-1257 Maggie Tobin Site Senior Resident Inspector NRG North Anna Power Station 1024 Haley Drive Mineral, VA 23117 9 4201 Dominion Boulevard

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Glen Allen, Virginia 23060 n

OLD DOMINION ELECTRIC COOPERATIVE NORTH ANNA POWER STATION UNITS 1 AND 2 2020 NUCLEAR DECOMMISSIONING FINANCIAL ASSURANCE In millions of dollars, except percentages and years Method for Providing Financial Assurance NRG Minimum Financial Assurance Amounts as of 12/31/2020:

Funds in the External Trust as of 12/31/2020:

Allocated Radiological Funds Held in External Trust as of 12/31/20202:

Allocated Radiological Funds Held in External Trust as of 12/31 /20 minus NRG Minimum Amounts as of 12/31/202*3:

Projected Annual Escalation Factor:

Annual Trust Funds Earnings Rate (After Taxes and Fees - assumes 2%

Real Rate of Return):

X

+

X Year Operating License Expires / Start of Decommissioning (Reflects License Renewals):

NRG Minimum Financial Assurance Amount 3.5 years after start of Decommissioning:

Estimated Radiological Funds in External Trust 3.5 years after start of Decommissioning 2

Allocated Radiological Funds in excess or (underfunded) to NRG Minimum 3.5 years after start of Decommissioning2*3.4:

Estimated Radiological Funds in excess or (underfunded) to NRG Minimum Amount Discounted using Annual Trust Funds Earnings Rate to 12/31/2020

$4,5:

North Anna1 Unit 1 NPF-4 External Sinking Fund 2,940 0.0088 25.8720 75 100.8720 10.74%

$10.8337 4.9006 53.09 121.92 90.84 37.75 0.000%

2.000%

2038 53.09 137.00 83.91

$59.63 Mwt X

+

X X

North Anna 1 Unit 2 NPF-7 External Sinking Fund 2,940 0.0088 25.8720 75 100.8720 10.74%

$10.8337 4.9006 53.09 120.42 89.73 36.63 0.000%

2.000%

2040 53.09 141.88 88.79

$60.18 Mwt 1 The North Anna Power Station is jointly owned by Virginia Electric and Power Company (88.4 % ) and Old Dominion Electric Cooperative

( 11.6% ). However, Old Dominion Electric Cooperative is responsible for 10. 7 4% of the decommissioning obligation. The amounts stated in the above tables reflect only that portion of the decommissioning obligation attributable to Old Dominion Electric Cooperative.

2 The Allocated Radiological Funds amounts shown exclude amounts designated for the future decommissioning of the independent spent fuel storage installation, spent fuel management, and non-radiological decommissioning. The amount of decommissioning funds is the after-tax amount of funds accumulated through December 31, 2020.

3 Negative amounts (if any) indicate that the Trust fund values are less than the values of the NRG Minimum Amounts for the period indicated.

4 The future value calculation reflects a 2% real rate of return applied from January 1, 2021 to 3.5 years after start of decommissioning assuming a 0% escalation rate.

5Adjustment Factors unsed in calculating NRG Minimum Values are based on preliminary December 2020 BLS Producer Price Indices, as final December 2020 indices were not available at the time of the calculation.

ODEC serves the power requirements of its 11 member distribution cooperatives pursuant to long-term wholesale power contracts. ODE C's wholesale power contracts with each of its member distribution cooperatives are substantially identical, while the schedules and exhibits to each contract are specific to each member. There have been no modifications to the current method of providing financial assurance since the report submitted on March 30, 2019 (ML19092A269).

Old Dominion Electric Cooperative Old Dominion Electric Cooperative Nuclear Decommissioning Trust Agreement THIS NUCLEAR DECOMMISSIONING TRUST AGREEMENT (this "Agreementj dated as of September 1, 2020 between OLD DOMINION ELECTRIC COOPERATIVE, a Virginia power supply cooperative, duly organized and existing under the laws of the Commonwealth of Virginia, having Its principal office at 4201 Dominion Boulevard, Glen Allen, Virginia 23060 (the "Company"), and Bank of America, NA, a national banking corporation, having its principal office at 100 Federal Street, Boston, Massachusetts 02110, as successor trustee (the "Trustee").

WITNESSETH:

WHEREAS, the Company owns an 11.6% undivided ownership interest in nuclear generating facilities located in Louisa County, Virginia, known as the North Anna Nuclear Power Station (the "Station");

WHEREAS, pursuant to that certain Agreement and Declaration of Trust made as of September 1, 1989 (the "Predecessor Trust Agreementj, the Company (0 established a trust fund (the "Fund") into which it made contribution to pay for the Decommissioning Costs (as herein defined) of the Station, and (ii) appointed Litten, Sipe & Miller, a Virginia general partnership, to serve as Trustee of the Fund; -

WHEREAS, pursuant to that certain Agreement and Declaration of Trust made as of March 1, 1991, between the Company and Bankers Trust Company (the "First Amended and Restated Trust Agreement'), the Company removed Litten, Sipe & Miller as Trustee and appointed Bankers Trust Company as successor Trustee of the Fund; WHEREAS, pursuant to that certain Agreement and Declaration of Trust as of June 1, 1999 between the Company and Crestar Bank (the "Second Amended and Restated Trust Agreementj, the Company removed Bankers Trust as Trustee and appointed Crestar Bank as successor Trustee of the Fund; WHEREAS, pursuant to an amendment dated September 23, 1999, the Company amended the Trust to provide for investment of certain funds with a subordinate Trustee and entered into a Subordinate Trust Agreement with Mellon Bank, N.A ("Mellon") serving as the subordinate trustee; WHEREAS, the Company now desires to appoint Bank of America, N.A as the successor trustee of the Trust Funds, replacing Crestar Bank, and Bank of America, N.A desires to become a directed trustee of the Trust Funds effective September 1, 2020; WHEREAS, Article V of the Second Amended and Restated Trust Agreement gives the Company the authority to amend the Trust provided the Amendment does not violate Applicable Laws as that term is defined by the Trust; WHEREAS, on September 1, 2020 and pursuant to Section 4.08 of the Second Amended and Restated Trust Agreement, the Company shall cause Crestar Bank to assign, transfer title and

pay over to Bank of America, N.A, as successor Trustee of the Fund, the funds and properties constituting the Fund; WHEREAS, the Company wholly amended and restated the Second Amended and Restated Trust Agreement, pursuant to Article V thereof, and entered into this Trust Agreement with Bank of America, NA. as successor Trustee with all the rights, powers, duties and obligations specified herein; WHEREAS, the execution and delivery of this Trust Agreement have been duly authorized by each of the Company, and the Trustee and all things necessary to make this Agreement a valid and binding agreement by each of the Company and the Trustee have been done.

WITNESSETH:

NOW, THEREFORE, THIS AGREEMENT, provides for the continuation of the Fund, the making of payments therefrom, the performance of the covenants of the Company and the Trustee set forth herein; therefore, Crestar Bank, the current Trustee, does hereby assign, transfer, set over and pledge unto Bank of America, the successor Trustee, and to its successors In trust and its assigns, forever, all of its right, title and interest in and to any and all cash and property herewith and hereafter contributed to the Fund, subject to the provisions hereof.

TO HAVE AND TO HOLD THE SAME IN TRUST for the exclusive purpose of providing funds for the decommissioning of the Station to satisfy the Company's liability in connection therewith, to pay the administrative costs and other Incidental expenses of the Fund, and to make certain Investments, all as hereinafter provided.

NOW, THEREFORE, BE IT RESOLVED THAT ARTICLE I Definitions Section 1.01. Definitions. Unless the context suggest otherwise, capJtalized words shall have the following meanings:

(a) MAdministrative Costs" shall mean all ordinary and necessary expenses and other incidental expenses of the Fund Incurred In connection with the operation of the Fund, as provided by Applicable Laws, including without limitation, federal, state and local income tax, legal expenses, accounting expenses, actuarial expenses and trustee expenses.

(b) "Applicable Laws" shall mean Federal and State laws, and regulations promulgated thereunder applicable to the Fund, as the same may be amended from time to time.

(c) "Code* shall mean the Internal Reven,ue Code of 1986, and regulations promulgated thereunder, as amended, or any corresponding section or sections of any Mure United States Internal Revenue statute.

(d) "Decommissioning eosts* shall mean all expenses, incurred (or to be incurred) in connection with the entombment, qecontamlnation, dismantlement, removal and disposal of the structures, systems and components of the Station when It has

pennanently ceased the production of electric energy, excluding any costs incurred for the disposal of spent nuclear fuel, as provided by Applicable Laws. Such tenn included all expenses to be incurred In connection with the preparation for decommissioning, such as engineering and other planning expenses, and all otherwise deductible expenses to be incurred with respect to the Station after the actual decommissioning occurs, such as physical security and radiation monitoring expenses.

(e) "FERC" shall mean the Federal Energy Regulatory Commission.

(f) "Substantial completion of decommissioning" shall mean the date that the maximum acceptable radioactivity levels mandated by the U.S. Nuclear Regulatory Commission with respect to a decommissioned nuclear power plant are satisfied by the Station; provided, however, that If the Company requests a ruling from the Internal Revenue Service, the date designated by Internal Revenue Service as the date on which substantial completion of decommissioning occurs shall govern; provided further, that the date on which substantial completion of decommissioning occurs shall be in accordance with Applicable Laws.

ARTICLE II Purposes of the Fund: Contributions Section 2.01. Establishment of the Fund. The Fund shall be maintained separately at all times in the United States pursuant to this Agreement and as a trust in accordance with the laws of the Commonwealth of Virginia. The Company has advised the Trustee that it does not Intend to make an election under Section 468A of the Code to qualify the Fund as a Nuclear Decommissioning Reserve Fund thereunder and agrees that fees shall be renegotiated in the event that the Company does make such an election.

Section 2.02. Purposes of the Fund. The Fund is established for the exclusive purpose of providing funds for the decommissioning of the Station. The Fund shall accumulate all contributions (whether from the Company or others) which satisfy the requirements of this Agreement. None of the assets of the Fund shall be subject to attachment, garnishment, execution or levy In any manner for the benefit of creditors of the Company.

Section 2.03. Contribution to the Fund. The Company (or by others approved in writing by the Company) shall contribute assets to the Fund from time to time.

ARTICLE Ill Payments by the Trustee Section 3.01. Limitation on the Use of Assets. The assets of the Fund shall be used exclusively: (a) to satisfy In whole or In part any Decommissioning Costs, (b) to pay the administrative costs and other incidental expenses of each Fund separately from the assets of such Fund, and (c) to invest in securities and investments as directed by the investment manager(s) pursuant to Section 4.02(a) hereof.

Section 3.02. Certification for Decommissioning Costs. If assets of the Fund are required to satisfy Decommissioning Costs, the Company shall present a certificate substantially in the fom, attached hereto as Exhibit A to the Trustee signed by any one of the Chairman of the Board, the President or Vice Presidents of the Company, requesting payment from the Fund.

Any certificate requesting payment by the Trustee to a third party or to the Company from the Fund for Decommissioning Costs shall include the following:

(a) a statement of the amount of the payment to be made from the Fund; (b) a statement that the payment Is requested to pay Decommissioning Cost which have been incurred; (c) the nature of the Decommissioning Cost to be paid;

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(d) the payee, which may be the Company in the case of reimbursement for payments previously made or expenses previously incurred by the Company for Decommissioning Costs; (e) a statement that the Decommissioning Costs for which payment is requested have not theretofore been paid out of funds of the Fund; and (f) a statement that any necessary autt,orizatlons of any governmental agencies having jurisdiction with respect to the decommissioning have been obtained.

The Trustee shall retain at least one counterpart of all copies of such certificates (including attachments) and related documents received by it pursuant to this Article Ill. The Company shall have the right to enforce payments from the Fund upon compliance with the procedures set forth in this Section 3.02.

Section 3.03. Administrative Costs. The Trustee shall pay, as directed by the Company, the administrative costs and other incidental expenses of the Furid, including all federal, state, and local taxes, if any, imposed directly on the Fund, legal expenses, accounting expenses, actuarial expenses and trustee expenses, from the assets of the Fund.

ARTICLE IV Concerning the Trustee Section 4.01. Authority of Trustee. The Trustee hereby accepts the trust created under this Agreement The Trustee shall have the authority and discretion to manage and control the Fund to the extent provided in this Agreement but does not guarantee the Fund in any manner against investment loss or depreciation in asset value or guarantee the adequacy of the Fund to satisfy the Decommissioning Costs. The Trustee shall not be liable for the acquisition, retention or sale of any asset of the Fund, nor shall the Trustee be responsible for any other loss to or diminution of the Fund, or for any other loss or damage which may result from the discharge of its duties hereunder except for any action not taken in good faith. Any moneys held as part of the Trust shall be invested and reinvested by the Trustee as directed by the investment manager or subordinated trustee in accordance with Section 4.02 hereof.

Section 4.02. Investment of the Fund (a) The Company must appoint one or more investment managers who shall have the power to direct the Trustee in investing the assets of the Fund; provided, however, that notwithstanding the foregoing, neither the Company nor Its subsidiaries, affiliates or associate may engage In day-to-day management of the Fund or mandate individual investment

decisions. The Company shall so notify the Trustee and instruct the Trustee in writing to separate into a separate account those assets the investment of which will be directed by each investment manager. The Company shall designate in writing the person or persons who are to represent any such Investment manager in deallngs with the Trustee. Upon the separation of the assets in accordance with the Company instructions, the Trustee, as to those assets while so separated, shall be released and relieved of all investment duties, investment responsibilities and investment liabllities normally or statutorily Incident to a trustee. The Trustee shall retain all other fidOciary duties with respect to assets the jnvestment of which is directed by investment managers.

(b) The Trustee shall hold, invest, and reinvest the funds delivered to it hereunder as directed by the investment manager. These investments may include, but are not limited to, common trust funds managed by the Trustee, an affiliate, subordinate trust, registered investment companies for which the Trustee, affiliate, or subordinated trustee provides services for a fee, and deposits in the commercial bank of the Trustee or its affiliates. Notwithstanding the foregoing, the Trustee shall be subject to the restrictions set forth herein for investment of the assets of the Fund.

(c) When any investment manager, subordinated trustee or the Trustee is carrying out its duties hereunder, it must exercise the standard of care, whether in investing or otherwise, that a prudent investor would use in the circumstances. The term "prudent investor" means a prudent Investor as described in Restatement of 1Law (third), Trusts §227.

Section 4.03. Prohibition against Self-Dealing. Notwithstanding any other provision in

' this Agreement, the Trustee shall not engage in any act of self-dealing as defined by Section 468A of the Code if the Company has elected to qualify the Trust under Section 468A of the Code.

Section 4.04. Compensation. As agreed to by the Company, from time to time, the Trustee shall be entitled to receive out of the Fund reasonable compensation for services rendered by it, as well as expenses necessarily incurred by it in the execution of the trust hereunder, provided such compensation and expenses qualify as administrative costs and other incidental expenses of the Fund, as provided for herein. Fees will be payable in accordance with Schedule A attached.

Section 4.05. Books of Account. The Trustee shall keep separate true and correct books of account with respect to the Funds which books of account shall at alLreasonable times be open to inspection by the Company or it's duly appointed representatives. The Trustee shall, upon written request of the'Company, permit government agencies, such as the FERC or the Internal Revenue Service, to inspect the books of account of the Fund. The Trustee shall furnish to the Company by the, tenth business day of each month with timing being contingent upon timely receipt of statements from outside investment managers a statement for the Fund showing, with respect to the preceding calendar month, the balance of assets on hand at the beginning of such month, all receipts, investment transactions, and disbursements which took place during such month and the balance of assets on hand at the end of such month. The Trustee agrees to provide on a timely basis any information deemed necessary by the Company to file: (i) the Company's federal, state and local tax returns, and (ii) any other reports required by Applicable Laws.

Section 4.06. Reliance on Documents. The Trustee, upon receipt of documents furnished to it by the Company pursuant to the provisions of this Agreement, shall examine the same to determine whether they conform to the requirements thereof. The Trustee acting in good faith may conclusively rely on the truth of statements and the correctness of opinions expressed in any certificate or other documents conforming to the requirements of this Agreement. If the Trustee in the administration of the Fund shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action hereunder, such matter (unless evidence in respect thereof is otherwise specifically prescribed hereunder) may be deemed by the Trustee to be conclusively proved or established by a certificate signed by any one of the Chairman of the Board, the President or Vice Presidents of the Company and delivered to the Trustee. The Trustee shall have no duty to inquire into the validity, accuracy or relevancy of any statement contained In any certificate or document nor the authorization of any party making such certificate or delivering such document and the Trustee may rely and shall be protected in acting or remaining from acting upon any such written certificate or document furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties. The Trustee shall not, however, be relieved of any obligation to refrain from self-dealing as provided in Section 4.03 hereof.

Section 4.07. Liability and Indemnification. The Trustee shall not be liable for any action taken by it in good faith and, without gross negligence and believed by it to be authorized or within the rights or powers conferred upon by it by this Agreement and may consult with counsel of its own choice (including counsel for the Company) and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and without gross negligence and in accordance with the opinion of such counsel, provided, however, that the Trustee shall be liable for any consequences resulting from self-dealing as provided in Section 4.03 hereof. Provided indemnification does not result in self-dealing under Section 4.03 hereof or in a deemed contribution to the Fund in excess of the limitation on contributions under Applicable Laws, the Company hereby agrees to indemnify the Trustee for and to hold it harmless,:mainst, any loss, liability or expense incurred without gross negligence, willful recklessness or bad faith on the part of the Trustee, arising out of or in C?nnection with its entering into this Agreement and carrying out its duties hereunder, Including the costs and expenses of defending itself against any claim of liability hereunder, provided such loss, liability or expense does not result from self-dealing as provided in Section 4.03 hereof, and provided further, that no such costs or expenses shall be paid if the payment of such costs or expenses is prohibited by Applicable Laws.

Section 4.08. Resignation, Removal and Successor Trustees. The Trustee may resign at any time upon thirty (30) days written notifications to the Company. The Company may remove the Trustee for any reason at any time upon thirty (30) days written notification to the Trustee. If a successor Trustee shall not have been appointed within thirty (30) days after gMng of written notice of such resignation or removal, the Trustee or Company may apply to any court of competent jurisdiction to appoint a successor Trustee to act until such time, if any, as a successor shall have been appointed and shall have accepted its appointment as provided below. If the Trustee shall be adjudged bankrupt or insolvent, a vacancy shall thereupon be deemed to exist in the office of Trustee and a successor shall thereupon be appointed by the Company. Any successor trustee appointed hereunder shall execute, acknowledge and deliver

to the Company an appropriate written Instrument accepting such appointment hereunder, subject to all the terms and conditions hereof, and thereupon such successor Trustee shall become fully vested with all the rights, powers, trusts, duties and obligation of its predecessor In trust hereunder, with llke effect as if originally named as Trustee hereunder. The predecessor Trustee shall upon written request of the Company, and payment of all fees and expenses, deliver to the successor Trustee the corpus of the Fund and perform such other acts as may be required or be desirable to vest and confirm-In said successor Trustee all right, title and interest In the corpus of the Fund to which it succeeds. A successor Trustee is not liable for any act or failure to act of any predecessor Trustee and shall have no duty or responsibility to investigate the act or transactions of any predecessor Trustee and is entitled to accept and rely on the books of account as they be delivered to upon its appointment as ~uccessor Trustee without Incurring any liability or responsibility for so doing.

Section 4.09. Merger of Trustee. Any corporation Into which the Trustee may be merged or with which It may be consolidated, or any corporation resulting from any merger or consolidation to which the Trustee shall be a party, or any corporation to which the corporate trust functions of the Trustee may be transferred, shall be the successor Trustee under this Agreement without the necessity of executing or filing any additional acceptance of this Agreement or the performance of any further act on the part of any other parties hereto.

ARTICLEV Amendments The Company may amend this Agreement from time to time, p,:ovided the Agreement may not be amended so as to violate Applicable Laws. The Fund is established and shall be maintained for the sole purpose of qualifying as a nuclear decommissioning trust fund under Applicable Law (other than Section 468A of the Code unless the Company makes a subsequent election to qualify the Trust thereunder), and the assets of the Fund shall be used as authorized by Applicable Laws. If the Fund would fall to so qualify because of any provision contained in this Agreement, this Agreement shall be deemed to be amended as necessary to conform with the requirements of Applicable Laws. If a proposed amendment shall affect the responsibility of the Trustee, such amendment shall not be considered valid and binding until such time as the amendment is executed by the Trustee.

ARTICLE VI Termination The Fund shall terminate upon the later of (a) substantial completion of decommissioning of the Station, and (b) termination by the U.S. Nuclear Regulatory Commission of the Company's operating license with respect to the Station. Upon termination of the Fund, the assets of the Fund shall be distributed in accordance with any written directive of any governmental agency having jurisdiction over decommissioning of the Station. Absent a written directive of such governmental agency within thirty (30) days after such governmental agency is notified of the termination, all of the assets shall be distributed to the Company. The Company shall provide the Trustee with notification that the Fund has terminated and with

either: (a) the written directive of the appropriated governmental agency, or (b) a certificate signed by any one of the Chairman of the Board, the President or the Viqe Presidents of the Company stating that there is not written directive of any appropriate governmental agency and that thirty (30) days have elapsed since notification to such appropriate governmental agency of termination, as the case be, prior to distribution of the assets of the Fund.

ARTICLE VII Miscellaneous Section 7.01. Binding Agreement. All covenants and agreements in this Agreement shall be binding upon and inure to the benefit of the respective parties hereto, their successors and assigns.

Section 7.02. Notice. Any written notice required by this Trust Agreement shall be deemed given on the date personally delivered to an authorized representative of the Trustee or the Company (or any other party to whom written notice is required) or deposited in the United States mail, return receipt requested, addressed to the Trustee or the Company (or any other party to whom written notice is required) at the most recent address provided by the Trustee and the other party to the other. In addition, any written notice required by this Trust.Agreement may be provided through e-mail or other electronic means that are readily convertible into legible and readable paper copy.

Section 7.03. Governing Law. The Funds have been established pursuant to this

.Agreement in accordance with the requirements for a trust under the laws of the State of New York, and this Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York.

Section 7.04. Counterparts. This.Agreement may be executed in several counterparts, and all such counterparts executed and, delivered, each an original, shall constitute but one and the same instrument IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective duly authorized officers and effective as of the day and year specified above.

Old Dominion Electric Cooperative By (authorized signature): :t'~ ~

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Print Name/Title:

Todd T. Brickhouse/ Vice President -Treasurer Date:

August 19, 2020 Bank of America, NA

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By (authorized signature): ~~vj

_::;__ ___ -=--=--==---=---=-----------------

Print Nameffitle:

Amina Williams, Vice President Date:

August26,2020

Exhibit A CERTIFICATE FOR PAYMENT OF DECOMMISSIONING COSTS

[Name of Trustee], as Trustee

[Address]

This, Certificate Is submitted pursuant to Section 3.02 of the Nuclear Decommissioning Trust Agreement (the "Agreement"), dated ________ _

between Bank of America (the "Trustee") and Old Dominion Electric Cooperative (the "Company"). All capitalized terms used in this Certificate and not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. In your capacity as Trustee, you are hereby authorized and requested to disburse out of the Funds to _______ the amount of$ ______ for the payment of the Decommissioning Costs which have been incurred. With respect to such Decommissioning Costs, the Company hereby certifies as follows:

1. The amount to be disbursed pursuant to this Certificate shall be solely used for the purpose of paying Decommission Cost described In Schedule A hereto.

2. None of the Decommissioning Costs described In Schedule A hereto have previously been made the basis of any certificate pursuant to Section 3.02 if the Agreement.

3. Any necessary authorizations of any governmental authority having jurisdiction over the decommissioning of the Station have been obtained.

IN WITNESSS WHEREOF, the undersigned have executed this Certificate in the capacity shown below.

Old Dominion Electric Cooperative By (authorized signature): ------------------------

Print Name/Title:

Date:

Bank of America, N.A.

By (authorized signature):

Print Name/Title:

Date:

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