ML22312A595
| ML22312A595 | |
| Person / Time | |
|---|---|
| Site: | Palo Verde  |
| Issue date: | 11/08/2022 |
| From: | Cox M APS |
| To: | Office of Nuclear Material Safety and Safeguards, Office of Nuclear Reactor Regulation, Document Control Desk |
| References | |
| 102-08526-MSC/CJS | |
| Download: ML22312A595 (1) | |
Text
10 CFR 50.71(b) 10 CFR 72.80(b)
Palo Verde Nuclear Generating Station 5871 S. Wintersburg Road 102-08526-MSC/CJS Tonopah, AZ 85354 November 8, 2022 Mail Station 7636 Tel: 623.393-5764 ATTN: Document Control Desk U.S. Nuclear Regulatory Commission Washington, DC 20555-0001
Dear Sirs:
Subject:
Palo Verde Nuclear Generating Station Units 1, 2, and 3 and Independent Spent Fuel Storage Installation Docket Numbers STN 50-528/529/530 and 72-44 Submittal of Annual Financial Reports 2021 Pursuant to 10 CFR 50.71(b) and 10 CFR 72.80(b), enclosed please find the 2021 Annual Financial Reports for three Participants who jointly own Palo Verde Nuclear Generating Station (PVNGS) and do not file a Form 10-Q with the Securities and Exchange Commission or a Form 1 with the Federal Energy Regulatory Commission. These Participants are Los Angeles Department of Water and Power, Salt River Project Agricultural Improvement and Power District, and Southern California Public Power Authority.
The remaining Participants who jointly own PVNGS file a Form 10-Q with the Securities and Exchange Commission or a Form 1 with the Federal Energy Regulatory Commission and therefore Arizona Public Service Company is not required to file their Annual Financial Reports in accordance with 10 CFR 50.71(b) or 10 CFR 72.80(b). These Participants are Arizona Public Service Company, Southern California Edison Company, El Paso Electric Company, and Public Service Company of New Mexico. No commitments are being made to the Nuclear Regulatory Commission (NRC) by this letter.
Should you need further information regarding this submittal, please contact me, at (623) 393-5753.
Sincerely, Cox, Matthew Digitally signed by Cox, Matthew S(Z05628)
S(Z05628) Date: 2022.11.08 09:17:42 -07'00' Matthew S. Cox Department Leader, Regulatory Affairs MSC/CJS/cr
Enclosure:
Palo Verde Nuclear Generating Station 2021 Annual Financial Reports cc: S. A. Morris NRC Region IV Regional Administrator D. Galvin NRC NRR Project Manager for PVNGS L. N. Merker NRC Senior Resident Inspector for PVNGS A member of the STARS Alliance LLC Callaway
- Diablo Canyon
- Palo Verde
- Wolf Creek
Enclosure Palo Verde Nuclear Generating Station 2021 Annual Financial Reports - Los Angeles Department of Water and Power - Salt River Project Agricultural Improvement and Power District - Southern Public Power Authority
Attachment 1 Los Angeles Department of Water and Power
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65
Attachment 2 Salt River Project Agricultural Improvement and Power District
20 22 ANNUAL REPORT INCLUDING FIVE-YEAR OPERATIONAL AND STATISTICAL REVIEW AND FINANCIAL
SUMMARY
Contents 4 From the President and General Manager & CEO 7 Reviewing Financial Results 9 SRP Boards and Councils 10 SRP Officers and Executives 11 Five-Year Operational and Statistical Review CORPORATE HEADQUARTERS CONNECT STREET ADDRESS facebook.com/srpconnect SRP / 1500 N. MILL AVE. / TEMPE, AZ 85288-1252 twitter.com/srpconnect MAILING ADDRESS youtube.com/srpconnect SRP / P.O. BOX 52025 / PHOENIX, AZ 85072-2025 instagram.com/srpconnect srpnet.com 628771
About SRP SRP has delivered on ITS COMMITMENT TO PROVIDE RELIABLE AND AFFORDABLE WATER AND POWER to the people living in central Arizona this past year and for more than a century. By providing these essential resources, we have helped the Phoenix metropolitan area develop and thrive.
We act in the best interest of the people we serve and strive to help build a better future for Arizona. In the years ahead, we will continue to lead the way by applying our forward-thinking approach and new technology to address water and energy supply challenges.
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From the President and General Manager & CEO SRP has reliably served central Arizona since its SUSTAINABLY SUPPORTING founding more than a century ago, and today stands UNPRECEDENTED GROWTH as a committed community partner that can be Economic development brings the need for counted on regardless of any challenges that may more power, and current forecasts indicate that arise. Throughout the COVID-19 pandemic, and SRP will need to meet expected load growth of now as Arizona and the nation address its ongoing approximately 3, 400 MW by 2035. When combined economic and social impacts, SRP continues with the planned retirement of 3,000 MW of coal to ful"ll our mission of service while delivering generation during that same time period, there is exceptional results. clearly a signi"cant need for new sustainable and Under the leadership of executive management "exible energy resources.
and with the support of SRPs elected Board and SRP is working to keep pace with the rapid Council, "scal year 2022 (FY22 ) featured successes growth and ensure we have the resources needed in "nancial performance, customer service, water to meet the near- and long-term power needs resiliency and more. It was also a year when we of our customers. We are also working to add were reminded of the character and capabilities resources that keep us on track to achieve our of our team members, among them resilience, 2035 Sustainability Goal of reducing our carbon commitment, innovation, collaboration and caring. emissions by 65% from 2005 levels.
The SRP team continued to not simply meet but to In FY22, SRP continued progress toward achieving exceed expectations throughout the year despite the goal of adding 2,025 MW of solar energy to the the ongoing disruption and uncertainty of the system by 2025.
pandemic. Employees continually adapted to changing circumstances and stayed locked in on
- Have procured or have online 1,748 MW SRPs mission to deliver reliable, affordable and of solar energy.
sustainable water and power.
- Brought online the 100 MW Central Line Solar facility.
FINANCIAL STRENGTH AND STABILITY
- Extended the contract for the 27 MW Kayenta I SRPs FY22 combined net revenue was $394.6 solar facility and signed a contract for a new 200 million. Key drivers of that performance were MW facility called Cameron Solar, expected to go higher-than-expected electric revenues, lower online by the end of 2023. Both sites are located operating expenses, and market gains on hedging on the Navajo Nation.
contracts, partially offset by lower retail margins A top priority for SRP in making the transition as a result of higher fuel costs. Capital spending to cleaner and renewable energy is maintaining remains robust due to rapid growth. SRP ended the reliability, which requires a balance of resources year with over $1 billion in the general fund and including renewables, battery storage and "exible a debt ratio of 41.7 %. SRPs credit rating remains natural gas generation. Gas generation is critical to strong with an AA+ rating from S&P and an "lling in the gaps when intermittent resources are Aa1 rating from Moodys. not available or cannot meet demand.
- In FY22, SRP delivered a strong Run Reliability of more than 97 %.
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BUILDING SUSTAINABILITY Essential to the ongoing resilience and strength SRP continued to upgrade natural gas generating of SRPs rivers and reservoirs is ensuring that the units to improve efficiency and increase capacity, watersheds are healthy. Forests surrounding the completing work on more than half of SRPs existing watersheds are overcrowded with trees and brush combined-cycle "eet. Collectively, improvements and vulnerable to wild"res, which could severely at Mesquite and Desert Basin power plants added impact the water "owing into our system.
more than 90 MW of generation capacity and In FY22, SRP entered into two agreements with the signi"cantly reduced NOx emissions. U.S. Forest Service and the Arizona Department Increasing numbers of commercial customers have of Forestry and Fire Management to thin a total of aggressive sustainability goals and want 100% of 76,000 acres of forest in the C.C. Cragin watershed their electricity to come from carbon-free resources, and in the Tonto National Forest. We completed which aligns with SRPs 2035 Sustainability Goals thinning 1, 256 acres as part of those agreements, and the electri"cation of the economy. In FY22 SRP and we continue to work with the Forest Service and continued to support these efforts: the state to push for additional thinning projects.
- Connected 6, 240 residential and small business SRP is moving ahead with other initiatives to customers to solar through SRPs Solar improve our ability to protect, manage and conserve Choice program. our precious water resources, including seeking to increase storage capacity and improve the ability
- Enabled 33 large commercial customers to to partner with Central Arizona Project and others account for 100% of their electricity usage to facilitate the movement of water to where with solar energy through SRPs Sustainable its needed.
Energy Offering.
- Expanded the portfolio of residential and INDUSTRY-LEADING CUSTOMER SERVICE commercial EV adoption programs, enabling 26, 875 new EVs within SRPs service territory. In FY22, we continued to put our customers "rst, delivering reliable, affordable and sustainable
- Exceeded targets for expanding energy efficiency water and power while providing exceptional and demand response programs. customer service. Our customers rewarded us by again making SRP No. 1 in business and residential customer satisfaction based on the J.D. Power SECURING ARIZONAS WATER FUTURE survey for large utilities in the West.
The growth throughout the Valley is also increasing the demand for water resources as the Southwest continues to be impacted by extreme drought.
However, the watersheds that feed the Salt and Verde rivers and reservoirs are resilient and more resistant to drought and the effects of climate change than other river basins in the West, such as the Colorado River. SRPs reservoirs continue to be in good shape and "nished FY22 at 71% of capacity.
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DIVERSITY, EQUITY AND INCLUSION In calendar year 2020, the national average TRIR As we work to serve our customers, we are for private utilities was 1.50 and for public utilities also focused on our employees. SRP is committed it was 3.50. SRPs TRIR was 1. 24 in 2020 and 1. 20 to achieving a truly diverse, equitable and inclusive in 2021 (national data for 2021 not available as of workplace, and we believe that our employees publication). SRP "nished FY22 with signi"cantly should re"ect the communities we serve. FY22 fewer preventable vehicular accidents (PVAs) and was another year of movement toward achieving operational accidents than in FY21 and FY20:
this vision.
- SRP recorded a total of 39 PVAs in FY22
- In FY22, SRP required training for leaders in compared to 50 in FY21 and 56 in FY20.
areas such as "nding common ground, lifting
- There were only eight operational accidents in people up and creating clarity. Additional FY22 compared to 18 in both FY20 and FY21.
training for leaders and employees includes a program that provides tools and resources to enable individuals to speak up more frequently FORWARD TOGETHER and productively, share ideas with increased SRP successfully navigated many challenges con"dence, and effectively question decisions throughout FY22, and we know that we will face and challenge behaviors when needed.
many more in the coming year, including the ongoing
- SRP was named as a City of Tempe Equal Pay economic disruption sparked by the pandemic as Partner which recognizes businesses that pay well as the uncertain road to recovery. However, equal wages between genders for equal positions. SRP is strong and well positioned to build on the momentum we have established to continue to succeed in FY23, moving forward with the transition FOCUS ON SAFETY to cleaner, more sustainable energy resources and SRP signi"cantly improved its safety performance supporting the unprecedented growth taking place during the past year. Our OSHA Total Recordable across Arizona.
Incident Rate (TRIR), which quanti"es a companys SRP and our elected Board and Council are frequency of injuries per 100 workers during a committed to serving our shareholders and one-year period, improved and was better than the our customers and to lifting our community by previous national average rate for all public and supporting organizations that assist those who need private utilities. it most. We were founded to ensure the Valley and the state could grow and thrive, and that remains our mission today. Together, we will continue to improve the quality of life and build an even stronger, brighter future for all Arizonans.
David Rousseau Mike Hummel President GM & CEO 6 2022 ANNUAL REPORT
Reviewing Financial Results RESULTS OF OPERATIONS net includes fair value losses of $72.1 million for Operating revenues were $3.6 billion for FY22 FY22 and fair value gains of $312.5 million for FY21.
and $3.5 billion for FY21, an increase of $89.8 Net "nancing costs were $130.6 million and $136.7 million, or 2.6%. The increase in operating revenues million in FY22 and FY21, respectively.
was primarily due to increased wholesale revenues.
Wholesale revenues increased $78.3 million, or Net revenues for FY22 were $394.6 million 20.4%, to $463.0 million compared to FY21. FY22 compared to net revenues for FY21 of $577.1 wholesale revenues included a fair value loss million. Excluding the effects of the changes in the of $1.3 million compared to a $15.8 million loss fair value of fuel and purchased-power contracts, in FY21. Excluding the fair value losses, FY22 wholesale positions and investments, net revenues wholesale revenues would have been $464.3 million would have been $12.7 million and $173.4 million compared to $400.5 million in FY21, an increase of for FY22 and FY21, respectively.
$63.8 million, or 15.9 %. The increase is primarily due to higher average sales prices compared to FY21. The total number of customers was 1,112, 683 ENERGY RISK MANAGEMENT PROGRAM as of April 30, 2022, a 1.8% increase from the SRPs mission to serve its retail customers previous year. is the cornerstone of its risk management approach.
Operating expenses were $3.0 billion in both SRP builds or acquires resources to serve retail FY22 and FY21. Power purchased expense customers, not the wholesale market. However, as increased $107.0 million primarily due to higher a summer-peaking utility, there are times during the market prices caused by market conditions and year when the Districts resources and/or reserves additional power purchase agreements to meet are in excess of its retail load, thus giving rise to demand, including renewable energy purchases. wholesale activity. The District has an Energy Risk Fuel used in electric generation expense decreased Management Program to limit exposure to risks
$212. 2 million primarily due to decreased fuel inherent in retail and wholesale energy business volumes purchased in electric generation caused operations by identifying, measuring, reporting by higher fuel costs. Combined, power purchased and managing exposure to market, credit and and fuel used in electric generation decreased operational risks. To meet the goals of the Energy
$105.5 million. Fuel used in electric generation and Risk Management Program, SRP uses various purchased power expenses include adjustments for physical and "nancial instruments, including the fair value of certain fuel and purchased-power forward contracts, futures, swaps and options.
contracts. Excluding the fair value gains of $455.3 Certain of these transactions are accounted for million in FY22 and $107.0 million in FY21, these under Accounting Standards Codi"cation (ASC) expenses would have increased $243.1 million, 815, Derivatives and Hedging. For a detailed or 20.3%. explanation of the effects of ASC 815 on SRPs "nancial results, see Note 7 in the notes to the Investment (loss) income, net was a $68.6 million Combined Financial Statements (available at net loss for FY22 compared to net income of srp.net/annualreport).
$317.7 million for FY21. Investment (loss) income, 7 2022 ANNUAL REPORT
The Energy Risk Management Program is managed On February 1, 2021, the Board voted to approve according to a policy approved by the Board and an eventual overall average annual price increase overseen by a Risk Oversight Committee. The of 3.9 % by approving new FPPAM prices. In policy covers market, credit and operational risks consideration of our customers, the pandemic and and includes portfolio strategies, authorizations, the overall economic environment, the proposal value-at-risk limits, stop-loss limits, and notional delayed implementation of the increased prices and duration limits. The Risk Oversight Committee until November 2021. In order to help manage the is composed of senior executives. The District FPPAM under collection balance, the Board also maintains an Energy Risk Management Department, approved to transfer $82.0 million to the Rate separate from the energy marketing area, which Stabilization Fund. The Rate Stabilization Fund is regularly reports to the Risk Oversight Committee. used by the District to set aside funds for speci"c SRP believes that its existing risk management purposes of the District and may be released back structure is appropriate and that risks are properly to the General Fund at the discretion of the District.
measured, reported and managed. On April 30, 2021, $82.0 million was released to the General Fund to offset the FPPAM under collection balance.
ELECTRICITY PRICING The District has a diversi"ed customer base, with no single retail customer providing more CAPITAL IMPROVEMENT PROGRAM than 3% of its retail electric revenues. The District The Capital Improvement Program is driven by the has implemented projects and programs geared need to sustain the generation, transmission and toward enhancing customer satisfaction by offering distribution systems of the District to meet customer customers a range of pricing and service options. electricity needs and to maintain a satisfactory level Moreover, SRP is one of the low-price leaders of service reliability.
in the Southwest.
FY22 capital spending levels were slightly The District is a summer-peaking utility, and it has below original expectations. Generation projects made an effort to balance the summer-winter load accounted for 39 % of the years expenditures.
relationships through seasonal price differentials. In These projects included generation resources to addition, SRP offers prices on a time-of-use basis meet near-term capacity growth, as well as plant for residential, commercial and industrial customers. modi"cation costs for Palo Verde, Desert Basin and Mesquite generating stations.
The Districts price plans include a base price component and a Fuel and Purchased Power Expansion of the electrical distribution system Adjustment Mechanism (FPPAM). Base prices to meet future growth and to replace aging recover costs for generation, transmission, underground cable accounted for 31% of FY22 distribution, customer services, metering, meter capital expenditures. Almost half of the distribution reading, billing and collections, and system bene"ts system spending was for New Business projects.
charges that are not otherwise recovered through The addition of new transmission facilities made up the FPPAM. The FPPAM was implemented in May 12% of FY22 capital expenditures. These projects 2002 to adjust for increases and decreases in included transmission line additions as well as fuel costs and, as of May 1, 2019, also includes transmission pole asset management.
renewable purchased power agreements.
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SRP Boards and Councils Association President and District President and Vice President Vice President David Rousseau, John R. Hoopes, David Rousseau, Christopher Dobson, President Vice President President Vice President The Association Board: The District Board: Directors at-large:
District 1: District 6: Division 1: Division 6: Seat 11:
Larry D. Rovey Jack M. White Jr. Kevin J. Johnson Jack M. White Jr. Anda G. McAfee District 2: District 7: Division 2: Division 7: Seat 12:
Paul E. Rovey Keith B. Woods Paul E. Rovey Keith B. Woods Krista OBrien District 3: District 8: Division 3: Division 8: Seat 13:
Mario J. Herrera Randy Miller Mario J. Herrera Randy Miller Nicholas R. Brown District 4: District 9: Division 4: Division 9: Seat 14:
Leslie C. Williams Robert C. Arnett Leslie C. Williams Robert C. Arnett Kathy L. Mohr-Almeida District 5: District 10: Division 5: Division 10:
Stephen H. Williams Mark V. Pace Stephen H. Williams Mark V. Pace The Association Council The District Council District 1: District 6: Division 1: Division 6:
Tyler M. Francis, Jacqueline L. Miller, Tyler M. Francis, Jacqueline L. Miller, Ronald S. Kolb, Nicholas J. Vanderwey, Ronald S. Kolb, Nicholas J. Vanderwey, Clifford M. Leatherwood Michael A. Warren Clifford M. Leatherwood Michael A. Warren District 2: District 7: Division 2: Division 7:
Jerry E. Geiger, Mark A. Lewis, Jerry E. Geiger, Mark A. Lewis, Suzanne Naylor, Barry E. Paceley, Suzanne Naylor, Barry E. Paceley, William W. Sheely Harmen Tjaarda Jr. William W. Sheely Harmen Tjaarda Jr.
District 3: District 8: Division 3: Division 8:
Aaron M. Herrera, Mark Mulligan, Aaron M. Herrera, Mark Mulligan, Richard W. Swier, Mark L. Farmer, Richard W. Swier, Mark L. Farmer, Paul A. Van Hofwegen Mark C. Pedersen Paul A. Van Hofwegen Mark C. Pedersen District 4: District 9: Division 4: Division 9:
Ian Rakow, A. Allen Freeman, Ian Rakow, A. Allen Freeman, M. Brandon Brooks, Mark A. Freeman, M. Brandon Brooks, Adam S. Hatley Michael G. Rakow Adam S. Hatley Michael G. Rakow District 5: District 10: Division 5: Division 10:
John R. Augustine, Dave B. Lamoreaux, John R. Augustine, Dave B. Lamoreaux, J. Weston Lines, William P. Schrader Jr., J. Weston Lines, William P. Schrader Jr.,
John R. Shelton William P. Schrader III John R. Shelton William P. Schrader III 9 2022 ANNUAL REPORT
SRP Officers and Executives Corporate Officers David Rousseau, President Christopher Dobson, John R. Hoopes, Vice Presidents John M. Felty, Corporate Secretary Brian J. Koch, Treasurer Executive Management Mike Hummel, Michael OConnor, Aidan McSheffrey, Jim Pratt, General Manager & Associate General Manager Associate General Manager Associate General Manager Chief Executive Officer & Chief Legal Executive & Chief Financial Executive & Chief Customer Executive Alaina Chabrier, Dave Roberts, John Coggins, Kelly Barr, Associate General Associate General Manager, Associate General Associate General Manager Manager & Chief Chief Water Resources Manager & Chief & Chief Corporate Communications Executive Executive (retiring Power System Executive Services and November 2022 ) Sustainability Executive Rob Taylor, Geri Mingura, Associate General Leslie Meyers, Associate General Manager Manager & Chief Associate General Manager, & Chief Human Public Affairs Executive Chief Water Resources Resources Executive Executive (succeeding Dave Roberts) 10 2022 ANNUAL REPORT
Five-Year Operational and Statistical Review FINANCIAL DATA ($000) 2022 2021 2020 2019 2018 Total operating revenues $ 3,565,341 $ 3,475,507 $ 3,121,431 $ 3,370,610 $ 3,196,486 Retail electric revenues 2,993,392 2,989,995 2,810,421 2,902,560 2,847,104 Water revenues 25,805 22,189 20,823 18,661 18,151 Other revenues 546,144 463,323 290,187 449,389 331,231 Total operating expenses 2,978,467 3,045,280 3,012,233 2,959,389 3,064,672 Total other (expense) income, net (61,629) 283,510 17,299 65,777 52,589 Net "nancing costs 130,638 136,685 144,263 171,170 165,100 Net (expenses) 394,607 577,052 (17,766) 305,828 19,303 revenues for the year Taxes and tax equivalents 177,971 170,610 173,211 166,508 176,153 Utility plant, gross 17,854,035 17,305,702 16,891,569 17,079,497 16,438,352 Long-term debt 4,560,487 4,744,294 4,621,694 4,587,689 4,742,857 Electric revenue contributions 56,290 65,202 59,158 58,115 47,534 to support water operations For comparative purposes, certain prior-year amounts have been reclassi"ed to conform with the current-year presentation.
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SELECTED DATA 2022 2021 2020 2019 2018 Total debt service coverage ratio 3.5 4.0 3.8 4.2 4.1 Debt ratio 41.7 44.3 46.2 45.9 48.2 Total electric sales (million kWh) 37,963 41,254 35,204 37,161 35,256 Peak-SRP retail customers (kW) 7,571,000 7,615,000 7,250,000 7,305,000 7,219,000 Water deliveries (acre-feet) (1) - 789,820 795,160 785,126 766,288 Runoff (acre-feet) (1) - 483,055 885,624 1,415,489 269,469 Employees at year-end 4,844 4,846 4,966 5,040 5,089 Customers at year-end 1,112,683 1,093,263 1,074,952 1,057,122 1,041,342 (1) Water data is by calendar year, all other data is by fiscal year ending April 30.
FINANCIAL INQUIRIES BRIAN J. KOCH Treasurer & Senior Director, Financial Services (602) 236-2993 BONDHOLDER INFORMATION SRP Treasury Department (602) 236-2222 12 2022 ANNUAL REPORT
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