ML24159A026

Annual Report of Guarantee of Payment of Deferred Premium

ML24159A026
Person / Time
Site:	Palo Verde
Issue date:	06/03/2024
From:	Morgan M Southern California Edison Co
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
Download: ML24159A026 (1)

Text

Mark Mor ga n

~ EDiSO'N* Manag er An EDISON TNTERNATTONALr, Company Nuc lear Regu latory Affa irs

10 CFR 140.21

June 3, 2024

ATTN : Document Control Desk U. S. Nuclear Regulatory Commission Washington, D.C. 20555-0001

Subject:

Annual Report of Guarantee of Payment of Deferred Premium Palo Verde Nuclear Generating Station Units 1, 2, and 3 Docket Nos. 50-528, 50-529, and 50-530

Dear Sir or Madam :

10 CFR 140.21 requires Southern California Edison (SCE), as a minority owner of a 15.8%

share of Palo Verde Units 1, 2, and 3, to provide evidence that it maintains a guarantee of payment of its share of the deferred premium in an amount of $24. 7 million for each reactor it is licensed to own.

In accordance with option (e) of 10 CFR 140.21 and with 10 CFR 50.71 (b), SCE is not required to submit its annual financial report or certified financial statement because SCE has provided its quarterly Form 10-Q report to the Securities and Ex change Commission. SCE is providing the enclosed 2023 Internal Cash Flow Statement, which is derived from the consolidated financial statements included in SCE 's 2023 Annual Report.

With average quarterly cash flows of approximately $685 million during 2023, SCE certifies that it would be able to generate sufficient funds fo r payment of total retrospective premiums of

$11. 7 million during calendar year 2024.

There are no commitments contained in this letter or its enclosure.

Should you have any questions or require additional information, please contact me at (949) 368 -6274.

Enclosure : 2023 Internal Cash Flow Statement

cc : J. D. Monninger, Regional Administrator, NRC Region IV A. M. Snyder, NRC Project Manager, SONGS Units 1, 2 and 3

Enclosure

2023 Internal Cash Flow Statement SOUTHERN CALIFORNIA EDISON COMPANY

2023 Internal Cash Flow (Dollars in Millions) 2023 Actual

Net Income After Taxes $1,597 Dividends Paid ($1,517)

Retained Earnings $80

Adjustments:

Depreciation & Amortization $2,710 Net Deferred Taxes & ITC $179 Allowance for Funds Used During Construction ($231)

Total Adjustments $2,658

Annual Internal Cash Flow $2,738

Quarterly Internal Cash Flow $685

Percentage Ownership:

Palo Verde Nuclear Generating Station Units 1, 2, & 3 Southern California Edison Company 15.8000%

Maximum Annual Payment of Deferred Premium:

Palo Verde Nuclear Generating Station Unit 1 Southern California Edison Company $ 3.905 <1>

Other Co-Owners $ 20.809 TOTAL $ 24.714

Palo Verde Nuclear Generating Station Unit 2 Southern California Edison Company $ 3.905 <1>

Other Co-Owners $ 20.809 TOTAL $ 24.714

Palo Verde Nuclear Generating Station Unit 3 Southern California Edison Company $ 3.905 <1>

Other Co-Owners $ 20.809 TOTAL $ 24.714

SCE Contingent Liability for Palo Verde Units 1, 2, & 3 $ 11.714 (1> The value represents 15.8% (SCE's Share) of the Palo Verde Annual Per Incident Contingent Liability. The Maximum Total Contingent Liability was increased to

$24.714 (Dollars in Millions) per reactor, as announced in the Federal Register, Volume 88, No. 170; Tuesday September 5, 2023, Pages 60565-66 and became effective on October 5, 2023.