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)
A member of the STARS Alliance LLC Callaway
- Diablo Canyon
- Palo Verde
- Wolf Creek Palo Verde Nuclear Generating Station 5871 S. Wintersburg Road Tonopah, AZ 85354 Mail Station 7636 Tel: 623.393-5764 102-08526-MSC/CJS November 8, 2022 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, 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 Cox, Matthew S(Z05628)
Digitally signed by Cox, Matthew S(Z05628)
Date: 2022.11.08 09:17:42 -07'00'
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
Los Angeles Department of Water and Power
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65
Salt River Project Agricultural Improvement and Power District
ANNUAL REPORT INCLUDING FIVE-YEAR OPERATIONAL AND STATISTICAL REVIEW AND FINANCIAL
SUMMARY
20 22
628771 From the President and General Manager & CEO Reviewing Financial Results SRP Boards and Councils SRP Officers and Executives Five-Year Operational and Statistical Review 4
7 9
10 11 Contents CONNECT facebook.com/srpconnect twitter.com/srpconnect youtube.com/srpconnect instagram.com/srpconnect CORPORATE HEADQUARTERS STREET ADDRESS SRP / 1500 N. MILL AVE. / TEMPE, AZ 85288-1252 MAILING ADDRESS SRP / P.O. BOX 52025 / PHOENIX, AZ 85072-2025 srpnet.com
3 2 0 2 2 A N N U A L R E P O R T 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.
About SRP
4 2 0 2 2 A N N U A L R E P O R T SRP has reliably served central Arizona since its founding more than a century ago, and today stands as a committed community partner that can be counted on regardless of any challenges that may arise. Throughout the COVID-19 pandemic, and now as Arizona and the nation address its ongoing economic and social impacts, SRP continues to ful"ll our mission of service while delivering exceptional results.
Under the leadership of executive management and with the support of SRPs elected Board and Council, "scal year 2022 (FY22) featured successes in "nancial performance, customer service, water resiliency and more. It was also a year when we were reminded of the character and capabilities of our team members, among them resilience, commitment, innovation, collaboration and caring.
The SRP team continued to not simply meet but to exceed expectations throughout the year despite the ongoing disruption and uncertainty of the pandemic. Employees continually adapted to changing circumstances and stayed locked in on SRPs mission to deliver reliable, affordable and sustainable water and power.
FINANCIAL STRENGTH AND STABILITY SRPs FY22 combined net revenue was $394.6 million. Key drivers of that performance were higher-than-expected electric revenues, lower operating expenses, and market gains on hedging contracts, partially offset by lower retail margins as a result of higher fuel costs. Capital spending remains robust due to rapid growth. SRP ended the year with over $1 billion in the general fund and a debt ratio of 41.7%. SRPs credit rating remains strong with an AA+ rating from S&P and an Aa1 rating from Moodys.
SUSTAINABLY SUPPORTING UNPRECEDENTED GROWTH Economic development brings the need for more power, and current forecasts indicate that SRP will need to meet expected load growth of approximately 3,400 MW by 2035. When combined with the planned retirement of 3,000 MW of coal generation during that same time period, there is clearly a signi"cant need for new sustainable and "exible energy resources.
SRP is working to keep pace with the rapid growth and ensure we have the resources needed to meet the near-and long-term power needs of our customers. We are also working to add resources that keep us on track to achieve our 2035 Sustainability Goal of reducing our carbon emissions by 65% from 2005 levels.
In FY22, SRP continued progress toward achieving the goal of adding 2,025 MW of solar energy to the system by 2025.
- Have procured or have online 1,748 MW of solar energy.
- Brought online the 100 MW Central Line Solar facility.
- Extended the contract for the 27 MW Kayenta I solar facility and signed a contract for a new 200 MW facility called Cameron Solar, expected to go online by the end of 2023. Both sites are located on the Navajo Nation.
A top priority for SRP in making the transition to cleaner and renewable energy is maintaining reliability, which requires a balance of resources including renewables, battery storage and "exible natural gas generation. Gas generation is critical to "lling in the gaps when intermittent resources are not available or cannot meet demand.
- In FY22, SRP delivered a strong Run Reliability of more than 97%.
From the President and General Manager & CEO
5 2 0 2 2 A N N U A L R E P O R T BUILDING SUSTAINABILITY SRP continued to upgrade natural gas generating units to improve efficiency and increase capacity, completing work on more than half of SRPs existing combined-cycle "eet. Collectively, improvements at Mesquite and Desert Basin power plants added more than 90 MW of generation capacity and signi"cantly reduced NOx emissions.
Increasing numbers of commercial customers have aggressive sustainability goals and want 100% of their electricity to come from carbon-free resources, which aligns with SRPs 2035 Sustainability Goals and the electri"cation of the economy. In FY22 SRP continued to support these efforts:
- Connected 6,240 residential and small business customers to solar through SRPs Solar Choice program.
- Enabled 33 large commercial customers to account for 100% of their electricity usage with solar energy through SRPs Sustainable Energy Offering.
- Expanded the portfolio of residential and commercial EV adoption programs, enabling 26,875 new EVs within SRPs service territory.
- Exceeded targets for expanding energy efficiency and demand response programs.
SECURING ARIZONAS WATER FUTURE 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.
Essential to the ongoing resilience and strength of SRPs rivers and reservoirs is ensuring that the watersheds are healthy. Forests surrounding the watersheds are overcrowded with trees and brush and vulnerable to wild"res, which could severely impact the water "owing into our system.
In FY22, SRP entered into two agreements with the U.S. Forest Service and the Arizona Department of Forestry and Fire Management to thin a total of 76,000 acres of forest in the C.C. Cragin watershed and in the Tonto National Forest. We completed thinning 1,256 acres as part of those agreements, and we continue to work with the Forest Service and the state to push for additional thinning projects.
SRP is moving ahead with other initiatives to improve our ability to protect, manage and conserve our precious water resources, including seeking to increase storage capacity and improve the ability to partner with Central Arizona Project and others to facilitate the movement of water to where its needed.
INDUSTRY-LEADING CUSTOMER SERVICE In FY22, we continued to put our customers "rst, delivering reliable, affordable and sustainable water and power while providing exceptional customer service. Our customers rewarded us by again making SRP No. 1 in business and residential customer satisfaction based on the J.D. Power survey for large utilities in the West.
6 2 0 2 2 A N N U A L R E P O R T David Rousseau President Mike Hummel GM & CEO DIVERSITY, EQUITY AND INCLUSION As we work to serve our customers, we are also focused on our employees. SRP is committed to achieving a truly diverse, equitable and inclusive workplace, and we believe that our employees should re"ect the communities we serve. FY22 was another year of movement toward achieving this vision.
- In FY22, SRP required training for leaders in areas such as "nding common ground, lifting people up and creating clarity. Additional training for leaders and employees includes a program that provides tools and resources to enable individuals to speak up more frequently and productively, share ideas with increased con"dence, and effectively question decisions and challenge behaviors when needed.
- SRP was named as a City of Tempe Equal Pay Partner which recognizes businesses that pay equal wages between genders for equal positions.
FOCUS ON SAFETY SRP signi"cantly improved its safety performance during the past year. Our OSHA Total Recordable Incident Rate (TRIR), which quanti"es a companys frequency of injuries per 100 workers during a one-year period, improved and was better than the previous national average rate for all public and private utilities.
In calendar year 2020, the national average TRIR for private utilities was 1.50 and for public utilities it was 3.50. SRPs TRIR was 1.24 in 2020 and 1.20 in 2021 (national data for 2021 not available as of publication). SRP "nished FY22 with signi"cantly fewer preventable vehicular accidents (PVAs) and operational accidents than in FY21 and FY20:
- SRP recorded a total of 39 PVAs in FY22 compared to 50 in FY21 and 56 in FY20.
- There were only eight operational accidents in FY22 compared to 18 in both FY20 and FY21.
FORWARD TOGETHER SRP successfully navigated many challenges throughout FY22, and we know that we will face many more in the coming year, including the ongoing economic disruption sparked by the pandemic as well as the uncertain road to recovery. However, 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 to cleaner, more sustainable energy resources and supporting the unprecedented growth taking place across Arizona.
SRP and our elected Board and Council are committed to serving our shareholders and our customers and to lifting our community by supporting organizations that assist those who need 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.
7 2 0 2 2 A N N U A L R E P O R T RESULTS OF OPERATIONS Operating revenues were $3.6 billion for FY22 and $3.5 billion for FY21, an increase of $89.8 million, or 2.6%. The increase in operating revenues was primarily due to increased wholesale revenues.
Wholesale revenues increased $78.3 million, or 20.4%, to $463.0 million compared to FY21. FY22 wholesale revenues included a fair value loss of $1.3 million compared to a $15.8 million loss in FY21. Excluding the fair value losses, FY22 wholesale revenues would have been $464.3 million compared to $400.5 million in FY21, an increase of
$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 as of April 30, 2022, a 1.8% increase from the previous year.
Operating expenses were $3.0 billion in both FY22 and FY21. Power purchased expense increased $107.0 million primarily due to higher market prices caused by market conditions and additional power purchase agreements to meet demand, including renewable energy purchases.
Fuel used in electric generation expense decreased
$212.2 million primarily due to decreased fuel volumes purchased in electric generation caused by higher fuel costs. Combined, power purchased and fuel used in electric generation decreased
$105.5 million. Fuel used in electric generation and purchased power expenses include adjustments for the fair value of certain fuel and purchased-power contracts. Excluding the fair value gains of $455.3 million in FY22 and $107.0 million in FY21, these expenses would have increased $243.1 million, or 20.3%.
Investment (loss) income, net was a $68.6 million net loss for FY22 compared to net income of
$317.7 million for FY21. Investment (loss) income, net includes fair value losses of $72.1 million for FY22 and fair value gains of $312.5 million for FY21.
Net "nancing costs were $130.6 million and $136.7 million in FY22 and FY21, respectively.
Net revenues for FY22 were $394.6 million compared to net revenues for FY21 of $577.1 million. Excluding the effects of the changes in the fair value of fuel and purchased-power contracts, wholesale positions and investments, net revenues would have been $12.7 million and $173.4 million for FY22 and FY21, respectively.
ENERGY RISK MANAGEMENT PROGRAM SRPs mission to serve its retail customers is the cornerstone of its risk management approach.
SRP builds or acquires resources to serve retail customers, not the wholesale market. However, as a summer-peaking utility, there are times during the year when the Districts resources and/or reserves are in excess of its retail load, thus giving rise to wholesale activity. The District has an Energy Risk Management Program to limit exposure to risks inherent in retail and wholesale energy business operations by identifying, measuring, reporting and managing exposure to market, credit and operational risks. To meet the goals of the Energy Risk Management Program, SRP uses various physical and "nancial instruments, including forward contracts, futures, swaps and options.
Certain of these transactions are accounted for under Accounting Standards Codi"cation (ASC) 815, Derivatives and Hedging. For a detailed explanation of the effects of ASC 815 on SRPs "nancial results, see Note 7 in the notes to the Combined Financial Statements (available at srp.net/annualreport).
Reviewing Financial Results
8 2 0 2 2 A N N U A L R E P O R T The Energy Risk Management Program is managed according to a policy approved by the Board and overseen by a Risk Oversight Committee. The policy covers market, credit and operational risks and includes portfolio strategies, authorizations, value-at-risk limits, stop-loss limits, and notional and duration limits. The Risk Oversight Committee is composed of senior executives. The District maintains an Energy Risk Management Department, separate from the energy marketing area, which regularly reports to the Risk Oversight Committee.
SRP believes that its existing risk management structure is appropriate and that risks are properly measured, reported and managed.
ELECTRICITY PRICING The District has a diversi"ed customer base, with no single retail customer providing more than 3% of its retail electric revenues. The District has implemented projects and programs geared toward enhancing customer satisfaction by offering customers a range of pricing and service options.
Moreover, SRP is one of the low-price leaders in the Southwest.
The District is a summer-peaking utility, and it has made an effort to balance the summer-winter load relationships through seasonal price differentials. In addition, SRP offers prices on a time-of-use basis for residential, commercial and industrial customers.
The Districts price plans include a base price component and a Fuel and Purchased Power Adjustment Mechanism (FPPAM). Base prices recover costs for generation, transmission, distribution, customer services, metering, meter reading, billing and collections, and system bene"ts charges that are not otherwise recovered through the FPPAM. The FPPAM was implemented in May 2002 to adjust for increases and decreases in fuel costs and, as of May 1, 2019, also includes renewable purchased power agreements.
On February 1, 2021, the Board voted to approve an eventual overall average annual price increase of 3.9% by approving new FPPAM prices. In consideration of our customers, the pandemic and the overall economic environment, the proposal delayed implementation of the increased prices until November 2021. In order to help manage the FPPAM under collection balance, the Board also approved to transfer $82.0 million to the Rate Stabilization Fund. The Rate Stabilization Fund is used by the District to set aside funds for speci"c purposes of the District and may be released back to the General Fund at the discretion of the District.
On April 30, 2021, $82.0 million was released to the General Fund to offset the FPPAM under collection balance.
CAPITAL IMPROVEMENT PROGRAM The Capital Improvement Program is driven by the need to sustain the generation, transmission and distribution systems of the District to meet customer electricity needs and to maintain a satisfactory level of service reliability.
FY22 capital spending levels were slightly below original expectations. Generation projects accounted for 39% of the years expenditures.
These projects included generation resources to meet near-term capacity growth, as well as plant modi"cation costs for Palo Verde, Desert Basin and Mesquite generating stations.
Expansion of the electrical distribution system to meet future growth and to replace aging underground cable accounted for 31% of FY22 capital expenditures. Almost half of the distribution system spending was for New Business projects.
The addition of new transmission facilities made up 12% of FY22 capital expenditures. These projects included transmission line additions as well as transmission pole asset management.
9 2 0 2 2 A N N U A L R E P O R T The Association Council District 1:
Tyler M. Francis, Ronald S. Kolb, Clifford M. Leatherwood District 2:
Jerry E. Geiger, Suzanne Naylor, William W. Sheely District 3:
Aaron M. Herrera, Richard W. Swier, Paul A. Van Hofwegen District 4:
Ian Rakow, M. Brandon Brooks, Michael G. Rakow District 5:
John R. Augustine, J. Weston Lines, John R. Shelton District 6:
Jacqueline L. Miller, Nicholas J. Vanderwey, Michael A. Warren District 7:
Mark A. Lewis, Barry E. Paceley, Harmen Tjaarda Jr.
District 8:
Mark Mulligan, Mark L. Farmer, Mark C. Pedersen District 9:
A. Allen Freeman, Mark A. Freeman, Adam S. Hatley District 10:
Dave B. Lamoreaux, William P. Schrader Jr.,
William P. Schrader III The District Council Division 1:
Tyler M. Francis, Ronald S. Kolb, Clifford M. Leatherwood Division 2:
Jerry E. Geiger, Suzanne Naylor, William W. Sheely Division 3:
Aaron M. Herrera, Richard W. Swier, Paul A. Van Hofwegen Division 4:
Ian Rakow, M. Brandon Brooks, Michael G. Rakow Division 5:
John R. Augustine, J. Weston Lines, John R. Shelton Division 6:
Jacqueline L. Miller, Nicholas J. Vanderwey, Michael A. Warren Division 7:
Mark A. Lewis, Barry E. Paceley, Harmen Tjaarda Jr.
Division 8:
Mark Mulligan, Mark L. Farmer, Mark C. Pedersen Division 9:
A. Allen Freeman, Adam S. Hatley Division 10:
Dave B. Lamoreaux, William P. Schrader Jr.,
William P. Schrader III The Association Board:
District 1:
Larry D. Rovey District 2:
Paul E. Rovey District 3:
Mario J. Herrera District 4:
Leslie C. Williams District 5:
Stephen H. Williams District 6:
Jack M. White Jr.
District 7:
Keith B. Woods District 8:
Randy Miller District 9:
Robert C. Arnett District 10:
Mark V. Pace The District Board:
Division 1:
Kevin J. Johnson Division 2:
Paul E. Rovey Division 3:
Mario J. Herrera Division 4:
Leslie C. Williams Division 5:
Stephen H. Williams Division 6:
Jack M. White Jr.
Division 7:
Keith B. Woods Division 8:
Randy Miller Division 9:
Robert C. Arnett Division 10:
Mark V. Pace Directors at-large:
Seat 11:
Anda G. McAfee Seat 12:
Krista OBrien Seat 13:
Nicholas R. Brown Seat 14:
Kathy L. Mohr-Almeida SRP Boards and Councils Association President and Vice President David Rousseau, President John R. Hoopes, Vice President District President and Vice President David Rousseau, President Christopher Dobson, Vice President
10 2 0 2 2 A N N U A L R E P O R T Corporate Officers David Rousseau, President Christopher Dobson, John R. Hoopes, Vice Presidents John M. Felty, Corporate Secretary Brian J. Koch, Treasurer Mike Hummel, General Manager &
Chief Executive Officer Alaina Chabrier, Associate General Manager & Chief Communications Executive Rob Taylor, Associate General Manager & Chief Public Affairs Executive Michael OConnor, Associate General Manager
& Chief Legal Executive Dave Roberts, Associate General Manager, Chief Water Resources Executive (retiring November 2022)
Leslie Meyers, Associate General Manager, Chief Water Resources Executive (succeeding Dave Roberts)
Aidan McSheffrey, Associate General Manager
& Chief Financial Executive John Coggins, Associate General Manager & Chief Power System Executive Geri Mingura, Associate General Manager
& Chief Human Resources Executive Jim Pratt, Associate General Manager
& Chief Customer Executive Kelly Barr, Associate General Manager
& Chief Corporate Services and Sustainability Executive SRP Officers and Executives Executive Management
11 2 0 2 2 A N N U A L R E P O R T 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) revenues for the year 394,607 577,052 (17,766) 305,828 19,303 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 to support water operations 56,290 65,202 59,158 58,115 47,534 For comparative purposes, certain prior-year amounts have been reclassi"ed to conform with the current-year presentation.
Five-Year Operational and Statistical Review
12 2 0 2 2 A N N U A L R E P O R T 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
Southern California Public Power Authority
11/2/22, 6:00 PM SCPPA l Annual Report www.scppa.org/page/Annual-Report 1/46
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