ML23095A058
| ML23095A058 | |
| Person / Time | |
|---|---|
| Site: | North Anna  |
| Issue date: | 03/30/2023 |
| From: | Maloney L Old Dominion Electric Cooperative |
| To: | Office of Nuclear Reactor Regulation, Document Control Desk |
| References | |
| Download: ML23095A058 (1) | |
Text
ODEC March 30, 2023 Old Dominion Electric CooperativesM 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:
NRC Minimum Financial Assura,nce Amount as of 12/31/2022 I
The following information is provided in support and as part of this filing:
- 1. Preliminary December 2022 Bureau of Labor Statistics indices values are used because the final December 2022 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 Jbj 804-747-3742 www.odec.com Glen Allen, Virginia 23060
- 7. Since the previous biennial submittal on March 26, 2021 (ML21091A098) for NAPS, there have been no material changes to trust agreements established for nuclear decommissioning for the NAPS units.
If you have any questions concerning this filing, please contact me at (804) 968-4065.
Sincerely, Lynn A. W. Maloney Vice President of Finance 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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804-747-0592 Iba 804-747-3742 Glen Allen, Virginia 23060 www.odec.com
Daniel G. Stoddard Senior Vice President and Chief Nuclear Officer Dominion Energy 5000 Dominion Boulevard Glen Allen, VA 23060 Frederick D. Gerloff Decommissioning Project Manager Dominion Energy Services, Inc.
5000 Dominion Blvd, 2SE Glen Allen, VA 23060 9 4201 Dominion Boulevard \\: 804-747-0592 !bf 804-747-3742 Glen Allen, Virginia 23060 www.odec.com J
OLD DOMINION ELECTRIC COOPERATIVE NORTH ANNA POWER STATION UNITS 1 AND 2 2022 NUCLEAR DECOMMISSIONING FINANCIAL ASSURANCE In millions of dollars, except percentages and years Method for Providing Financial Assurance NRC Minimum Financial Assurance Amounts as of 12/31/2022:
Funds in the External Trust as of 12/31/2022:
Allocated Radiological Funds Held in External Trust as of 12/31/20222:
Allocated Radiological Funds Held in External Trust as of 12/31/22 minus NRC Minimum Amounts as of 12/31/20222*3:
Projected Annual Escalation Factor:
X
+
X X
Annual Trust Funds Earnings Rate (After Taxes and Fees - assumes 2% Real Rate of Return):
Year Operating License Expires/ Start of Decommissioning (Reflects License Renewals):
NRC Minimum Financial Assurance Amount 3.5 years after start of Decommissioning:
Estimated Radiological Funds in External Trust 3.5 years after start of Decommissioning2:
Allocated Radiological Funds in excess or (underfunded) to NRC'Jvlinimum 3.5 years after start of Decommissioning2*3.4:
I Estimated Radiological Funds in excess or (underfunded) to NRC Minimum Amount Discounted using Annual Trust Funds Earnings Rate to 12/31/2022
$4,5:
North Anna 1 Unit 1 NPF-4 External Sinking Fund 2,940 0.0088 25.8720 75 100.8720 10.74%
$10.8337 5.4322 58.85 113.33 84.44 25.59 0.000%
2.000%
2038 58.85 122.41 63.56
$46.99 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 5.4322 58.85 111.94 83.40 24.55 0.000%
2.000%
2040 58.85 126.76 67.91
$47.89 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 10.74% 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, 2022.
3 Negative amounts (if any) indicate that the Trust fund values are less than the values of the NRC Minimum Amounts for the period indicated.
4 The future value calculation reflects a 2% real rate of return applied from January 1, 2023 to 3.5 years after start of decommissioning assuming a 0% escalation rate.
5Adjustment Factors unsed in calculating NRC Minimum Values are based on preliminary December 2022 BLS Producer Price Indices, as final December 2022 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. ODEC'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 26, 2021 (ML21091A098).