NRC-21-0055, Guarantee of Payment of Deferred Premiums

Guarantee of Payment of Deferred Premiums

ML21336A391
Person / Time
Site:	Fermi
Issue date:	12/02/2021
From:	Bennett E DTE Electric Company
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
NRC-21-0055
Download: ML21336A391 (5)

Text

DTE Electric Company 6400 N. Dixie Highway Newport, MI 48166 DTE December 2, 2021 10 CFR 140.21 NRC-21-0055 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, 2020 (audited) and for the 9 months ending September 30, 2021 (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) 586-5076.

Sincerely, Ertman L. Bennett III Manager - Nuclear Licensing

Enclosures:

1) DTE Energy Company Consolidated Statements of Cash Flows for three years ending December 31, 2020 (audited)

2) DTE Energy Company Consolidated Statements of Cash Flows for the 9 months ending September 30, 2021 (unaudited) cc: NRC Project Manager NRC Resident Office Regional Administrator, Region III

Enclosure 1 to NRC-21-0055 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, 2020 (audited)

DTE Energy Company Consolidated Statements of Cash Flows Year Ended December 31, 2020 2019 2018 Operating Activities (In millions)

Net Income $ 1,371 $ 1,172 $ 1,118 Adjustments to reconcile Net Income to Net cash from operating activities:

Depreciation and amortization 1,443 1,263 1,124 Nuclear fuel amortization 37 60 45 Allowance for equity funds used during construction (25) (24) (28)

Deferred income taxes 407 329 114 Equity earnings of equity method investees (132) (111) (132)

Dividends from equity method investees 142 160 74 Asset (gains) losses and impairments, net 47 14 29 Changes in assets and liabilities:

Accounts receivable, net 111 49 (44)

Inventories 45 59 (32)

Prepaid postretirement benefit costs (107) (24) (45)

Accounts payable (288) 146 Accrued pension liability (11) (29) (87)

Accrued postretirement liability 22 (61)

Derivative assets and liabilities (23) (28) 31 Regulatory assets and liabilities 104 160 15 Other current and noncurrent assets and liabilities 266 (I 13) 413 Net cash from operating activities 3,697 2,649 2,680 Investing Activities Plant and equipment expenditures - utility (3,241) (2,724) (2,439)

Plant and equipment expenditures - non-utility (616) (273) (274)

Acquisitions related to business combinations, net of cash acquired (126) (2,470)

Proceeds from sale of assets 13 Proceeds from sale of nuclear decommissioning trust fund assets 2,350 788 1,203 Investment in nuclear decommissioning trust funds (2,350) (794) (I, 188)

Distributions from equity method investees 24 10 9 Contributions to equity method investees (37) (149) (637)

Notes receivable (85) (98) 2 Other (2) (22) (23)

Net cash used for investing activities (4,070) (5,732) (3,347)

Financing Activities Issuance of long-term debt, net of issuance costs 3,692 2,506 1,432 Redemption oflong-term debt (882) (821) (105)

Issuance of equity units, net of issuance costs 1,265 Short-term borrowings, net (790) 219 (12)

Issuance of common stock 2 1,023 Dividends paid on common stock (760) (692) (620)

Contributions from noncontrolling interests, principally REF entities 36 38 53 Distributions to noncontrolling interests (39) (59) (48)

Purchases of noncontrolling interest, principally SGG (300)

Acquisition related deferred payment, excluding accretion (380)

Other (83) (79) (46)

Net cash from financing activities 796 3,100 654 Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 423 17 (13)

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 93 76 89 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 516 $ 93 $ 76 Supplemental disclosure of cash information Cash paid (received) for :

Interest, net of interest capitalized $ 679 $ 595 $ 572 Income taxes(*) $ (360) $ 18 $ (26)

Supplemental disclosure of non-cash investing and fmancing activities Plant and equipment expenditures in accounts payable $ 266 $ 311 $ 307 Premium on equity units $ $ 150 $

(a) 2020 cash received primarily relates to AMT credit and other refunds, of which a portion was accelerated due to and CARES Act. See Note 11 to the Consolidated Financial Statements, "Income Taxes," for additional information.

See Combined Notes to Consolidated Financial Statements 66

Enclosure 2 to NRC-21-0055 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, 2021 (unaudited)

DTE Energy Company Consolidated Statements of Cash Flows (Unaudited)

Nine Months Ended September 30, 2021 2020 (In millions)

Operating Activities Net Income $ 598 $ 1,096 Adjustments to reconcile Net Income to Net cash from operating activities:

Depreciation and amortization 1,092 1,059 Nuclear fuel amortization 44 22 Allowance for equity funds used during construction (20) (19)

Deferred income taxes (36) 350 Equity earnings of equity method investees (90) (96)

Dividends from equity method investees 78 122 Loss on extinguishment of debt 384 Asset (gains) losses and impairments, net 46 44 Changes in assets and liabilities:

Accounts receivable, net (8) 343 Inventories (209) (54)

Prepaid postretirement benefit costs (59) (56)

Accounts payable 225 (80)

Accrued pension liability (65) (126)

Accrued postretirement liability (9)

Derivative assets and liabilities 309 15 Regulatory assets and liabilities 270 (30)

Other current and noncurrent assets and liabilities (178) 191 Net cash from operating activities 2,372 2,781 Investing Activities Plant and equipment expenditures - utility (2,591) (2,362)

Plant and equipment expenditures - non-utility (109) (526)

Acquisitions related to business combinations, net of cash acquired (126)

Proceeds from sale of assets 2 7 Proceeds from sale of nuclear decommissioning trust fund assets 854 2,054 Investment in nuclear decommissioning trust funds (853) (2,051)

Distributions from equity method investees 11 6 Contributions to equity method investees (7) (32)

Notes receivable (65) (58)

Other c22i (5)

Net cash used for investing activities !2,780l p ,o93l Financing Activities Issuance of long-term debt, net of discount and issuance costs 4,033 2,724 Redemption oflong-term debt (3,242) (682)

Short-term borrowings, net 323 160 Repurchase of common stock (66)

Dividends paid on common stock (631) (574)

Contributions from noncontrolling interests, principally REF entities 35 25 Distributions to noncontrolling interests (33) (27)

Acquisition related deferred payment, excluding accretion (380)

Prepayment costs for extinguishment oflong-term debt (361)

Transfer of cash to DT Midstream at separation (37)

Other !73l {65l Net cash from (used for) financing activities (52l 1,181 Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash (460) 869 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 516 93 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 56 $ 962 Supplemental disclosure of non-cash investing and financing activities Plant and equipment expenditures in accounts payable $ 386 $ 282 Separation ofDT Midstream net assets, excluding cash transferred $ 3,962 $

See Combined Notes to Consolidated Financial Statements (Unaudited) 9