NRC-19-0078, Guarantee of Payment of Deferred Premiums

Guarantee of Payment of Deferred Premiums

ML19336C464
Person / Time
Site:	Fermi
Issue date:	12/02/2019
From:	Jonathan Haas DTE Energy
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
NRC-19-0078
Download: ML19336C464 (7)

Text

DTE Energy Company 6400 N. Dixie Highway Newport, MI 48166 DTE December 2, 2019 10 CFR 140.21 NRC-19-0078 Attention: Document Control Desk U.S. Nuclear Regulatory Commission Washington, DC 20555-0001 Fermi 2 Power Plant NRC Docket No. 50-341 NRC License No. NPF-43

Subject:

Guarantee of Payment of Deferred Premiums Pursuant to the requirements of 10 CFR 140.21, DTE Electric Company hereby submits the enclosed DTE Energy Company Consolidated Statements of Cash Flows for three years ending December 31, 2018 (audited) and for the 9 months ending September 30, 2019 (unaudited).

These statements have been prepared in accordance with Generally Accepted Accounting Principles (GAAP) and satisfy the guarantee of payment of deferred premium requirement in accordance with 10 CFR 140.21(e).

No new commitments are being made in this submittal.

Should you have any questions or require additional information, please contact me at (734) 586-1769.

Sincerely, Jason R. Haas Manager - Nuclear Licensing

Enclosures:

1) DTE Energy Company Consolidated Statements of Cash Flows for three years ending December 31, 2018 (audited)

2) DTE Energy Company Consolidated Statements of Cash Flows for the 9 months ending September 30, 2019 (unaudited) cc: NRC Project Manager NRC Resident Office Regional Administrator, Region III

Enclosure 1 to NRC-19-0078 Fermi 2 NRC Docket No. 50-341 Operating License No. NPF-43 DTE Energy Company Consolidated Statements of Cash Flows for three years ending December 31, 2018 (audited)

DTE Energy Company Consolidated Statements of Cash Flows Year Ended December 31, 2018 2017 2016 Operating Activities (In millions)

Net Income $ 1,118 $ 1,112 $ 834 Adjustments to reconcile Net Income to Net cash from operating activities:

1,124 1,030 976 Depreciation and amortization Nuclear fuel amortization 45 53 58 Allowance for equity funds used during construction (28) (23) (21)

Defen-ed income taxes 114 196 265 Equity earnings of equity method investees (132) (102) (68)

Dividends from equity method investees 74 74 68 Asset (gains) losses and impairments, net 29 38 8 Changes in assets and liabilities:

Accounts receivable, net (44) (252) (226)

Inventories (32) (4) 37 Prepaid postretirement benefit costs (45) - -

Accounts payable 146 129 145 Accrued pension liability (87) (228) 19 Accrued postretirement liability (61) 25 (192)

Derivative assets and liabilities 31 (94) 126 Regulatory assets and liabilities 15 217 (40) 413 (54) 95 Other current and noncurrent assets and liabilities 2,680 2,117 2,084 Net cash from operating activities Investing Activities Plant and equipment expenditures - utility (2,439) (2,037) (1,898)

Plant and equipment expenditures - non-utility (274) (213) (147)

Acquisition, net of cash acquired - (1,147) 1,203 1,240 1,457 Proceeds from sale of nuclear decommissioning trust fund assets Investment in nuclear decommissioning tmst funds (1,188) (1,226) (1,463)

Distributions from equity method investees 9 t0 11 Contributions to equity method investees (637) (299) (239)

Other (21) (37) 36 Net cash used for investing activities (3,347) (2,562) (3,390)

Financing Activities 1,432 1,398 2,035 Issuance of long-term debt, net of issuance costs Redemption of long-term debt (105) (385) (807)

Repurchase of long-term debt - (59)

Issuance of equity units, net of issuance costs - 654 Short-tenn borrowings, net (12) 122 Repurchase of common stock (51) (33)

Dividends on common stock (620) (592) (531)

Contributions from noncontrolling interests, principally REF entities 53 50 114 Distributions to noncontrolling interests (48) (40) (5)

Other (46) (81) (9) 654 421 1,359 Net cash from financing activities Net Increase (Decrease) in Cash, Cash Equivalents, a nd Restricted Cash (13) (24) 53 89 113 60 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period Cash, Cash Equivalents, and Restricted Cash at End of Period S 76 $ 89 $ 113 Supplemental disclosure of cash information Cash paid (received) for:

Interest, net of interest capitalized S 572 $ 495 $ 448 Income taxes $ (26) $ 4 $ (1)

Supplemental disclosure of non-cash investing and financing activities Plant and equipment expenditures in accounts payable $ 307 $ 295 $ 312 Premium on equity units S - $ $ 98 See Combined Notes to Consolidated Financial Statements 63

Enclosure 2 to NRC-19-0078 Fermi 2 NRC Docket No. 50-341 Operating License No. NPF-43 DTE Energy Company Consolidated Statements of Cash Flows for the 9 months ending September 30, 2019 (unaudited)

DTE Energy Company Consolidated Statements of Cash Flows (Unaudited)

Nine Months Ended September 30, 2019 2018 (In millions)

Operating Activities Net Income $ 904 $ 922 Adjustments to reconcile Net Ineone to Net cash from operating activities:

Depreciation and amortization 923 826 Nuclear fuel amortization 45 39 Allowance for equity funds used during construction (18) (20)

Deferred income taxes 285 118 Equity earnings of equity method investees (77) (99)

Dividends from equity method investees 129 48 Asset (gains) losses and impairments, net 14 11 Changes in assets and liabilities:

Accounts receivable, net 188 85 Inventories 5 11 Prepaid postretirement benefit costs (29) (45)

Accounts payable (291) 9 Accrued pension liability (179) (205)

Acced postretirement liability (61)

Derivative assets and liabilities 8 24 Regulatory assets and liabilities 203 283 Other current and noncurrent assets and liabilities (209) 101 Net cash from operating activities 1,901 2,047 Investing Activities Plant and equipment expenditures- utility (1,982) (1,562)

Plant and equipment expenditures -non-utility (177) (217)

Acquisition, net of cash acquired (174) -

Proceeds from sale of nuclear decommissioning trust fund assets 594 810 Investment in nuclear decommissioning trust funds (599) (810)

Distributions from equity method investees 9 8 Contributions to equity method investees (128) (545)

Notes receivable (81) -

Other (20) (20)

Net cash used for investing activities (2,558) (2,336)

Financing Activities Issuance of long-term debt, net of issuance costs 1,433 1,433 Redemption of long-term debt - (105)

Short-term borrowings, net 115 (544)

Issuance of common stock 7 Dividends paid on common stock (518) (459)

Contributions from noncontrolling interests, principally REF entities 23 43 Distributions to noncontrolling interests (44) (31)

Purchases of noncontrolling interest, principally SGG (300)

Other (52) (40)

Net cash from financing activities 657 304 Net Increase in Cash, Cash Equivalents, and Restricted Cash - 15 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 76 89 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 76 $ 104 Supplemental disclosure of non-cash investing and financing activities

Plant and equipment expenditures in accounts payable $ 292 $ 275 See Combined Notes to Consolidated Financial Statements (Unaudited) 9