NRC-23-0073, Guarantee of Payment of Deferred Premiums

Guarantee of Payment of Deferred Premiums

ML23333A449
Person / Time
Site:	Fermi
Issue date:	11/29/2023
From:	Frank E DTE Electric Company
To:	Office of Nuclear Reactor Regulation, Document Control Desk
References
NRC-23-0073
Download: ML23333A449 (1)

Text

DTE Electric Company 6400 N. Dixie Highway Newport, MI 48166 November 29, 2023 10 CFR 140.21 NRC-23-0073 U.S. Nuclear Regulatory Commission Attention: Document Control Desk 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, 2022 (audited) and for the 9 months ending September 30, 2023 (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) 586-4772.

Sincerely, Eric Frank Manager - Nuclear Licensing

Enclosure:

1) DTE Energy Company Consolidated Statements of Cash Flows for hree ears nding December 31, 2022 (audited)

2) DTE Energy Company Consolidated Statements of Cash Flows for the onths nding September 30, 2023 (unaudited) cc: NRC Project Manager NRC Resident Office Regional Administrator, Region III

Enclosure to NRC-23-0073 Fermi 2 NRC Docket No. 50-341 Operating License No. NPF-43 DTE Energy Company Consolidated Statements of Cash Flows for hree ears nding December 31, 2022 (audited)

Enclosure 1 to NRC-23-0073 Page 1 of 2 DTE Energy Company Consolidated Statements of Cash Flows Year Ended December 31, 2022 2021 2020 (In millions)

Operating Activities Net Income $ 1,083 $ 903 $ 1,371 Adjusbnents to reconcile Net Income to Net cash from operating activities:

Depreciation and amortization 1,468 1,459 1,443 Nuclear fuel amortization 42 58 37 Allowance for equity funds used during construction (29) (27) (25)

Deferred income taxes 44 (32) 407 Equity (earnings) losses of equity method investees 14 (97) (132)

Dividends from equity method investees 4 79 142 Loss on extinguishment of debt 393 6 Asset (gains) losses and impairments, net (5) 50 47 Changes in assets and liabilities:

Accounts receivable. net (352) (146) Ill Inventories (98) (153) 45 Prepaid postretirement benefit costs 107 (117) (107)

Accounts payable 109 308 Accrued pension liability 39 (458) (I 1)

Accrued postretirement liability (71) (49) 22 Derivative assets and liabilities 65 187 (23)

Regulatory assets and liabilities (766) 862 104 Other current and noncurrent assets and liabilities 323 (153) 260 Net cash from operating activities 1,977 3,067 3,697 Investing Activities Plant and equipment expenditures - utility (3,311) {3,633) (3,241)

Plant and equipment expenditures - non-utility (67) (139) (616)

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

Proceeds from sale of assets 24 13 Proceeds from sale of nuclear decommissioning trust fund assets 879 1,047 2,350 Invesbnent in nuclear decommissioning trust funds (878) (1,046) (2,350)

Distributions from equity method investees 16 18 24 Contributions to equity method investees (13) (8) (37)

Notes receivable (30) (74) (85)

Other (51) (31) (2)

Net cash used for investing activities (3,431) (3,863) (4,070)

Enclosure 1 to NRC-23-0073 Page 2 of 2 DTE Energy Company Consolidated Statements of Cash Flows - (Continued)

Financing Activities Issuance of long-term debt, net of discount and issuance costs 2,171 4,457 3,692 Redemption oflong-term debt (1,587) (3,522) (882)

Short-term borrowings, net 404 720 (790)

Issuance of common stock 1,300 2 Repurchase of common stock (55) (66)

Dividends paid on common stock (685) (791) (760)

Contributions from noncontrolling interests 3 44 36 Distributions to noncontrolling interests (7) (45) (39)

Acquisition related deferred payment, excluding accretion (380)

Prepayment costs for extinguishment oflong-term debt (361)

Transfer of cash to OT Midstream at separation (37)

Other (82) (84) (83)

Net cash from financing activities 1,462 315 796 Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 8 (481) 423 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 35 516 93 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 43 $ 35 $ 516 Supplemental disclosure of cash information Cash paid (received) for:

Interest, net of interest capitalized $ 638 $ 671 $ 679 Income taxes<a) $ (3) $ (3) $ (360)

Supplemental disclosure of non-cash investing and financing activities Plant and equipment expenditures in accounts payable $ 435 $ 353 $ 266 Separation of OT Midstream net assets, excluding cash transferred $ $ 3,973 $

(a) 2020 cash received primarily relates to AMT credit and other refunds, of which a portion was accelerated due to the CARES Act

Enclosure 2 to NRC-23-0073 Fermi 2 NRC Docket No. 50-341 Operating License No. NPF-43 DTE Energy Company Consolidated Statements of Cash Flows for the NineMonths E nding September 30, 2023 (unaudited)

Enclosure 2 of NRC-23-0073 Page 1 of 1 DTE Energy Company Consolidated Statements of Cash Flows (Unaudited)

Nine Months Ended September 30, 2023 2022 (In millions)

Operating Activities Nethtcome $ 978 $ 818 Adjustments to reconcile Net htcome to Net cash from operating activities:

Depreciation aod amortization 1,185 1,093 Nuclear fuel amortization 43 26 Allowaoce for equity funds used during construction (26) (20)

Deferred income taxes 119 15 Equity (earnings) losses of equity method investees (7) 15 Dividends from equity method investees 3 4 Asset (gains) losses aod impairments, net (11) (4)

Chaoges in assets aod liabilities:

Accounts receivable, net 614 (150)

Inventories (170) (204)

Prepaid postretirement benefit costs (45) (60)

Accounts payable (438) 228 Accrued pension liability (59) (71)

Accrued postretirement liability l (8)

Derivative assets aod liabilities (234) 77 Regulatory assets aod liabilities 509 (552)

Other current aod noncurrent assets aod liabilities (87) 205 Net cash from operating activities 2,375 1,412 Investing Activities Plaot aod equipment expenditures - utility (2,772) (2,342)

Plaot aod equipment expenditures - non-utility (41) (55)

Proceeds from sale of nuclear decommissioning trust fund assets 527 707 htvestment in nuclear decommissioning trust funds (524) (710)

Distributions from equity method investees 16 II Contributions to equity method investees (27) (12)

Notes receivable (56) (13)

Other (64) (39)

Net cash used for investing activities (2,941) (2,453)

Financing Activities Issuaoce of long-term debt, net of discount aod issuaoce costs 2,278 1,771 Redemption oflong-term debt (1,146) (316)

Short-term borrowings, net 55 236 Repurchase of common stock (55)

Dividends paid on common stock (564) (514)

Other (34) (65)

Net cash from finaocing activities 589 1,057 Net Increase in Cash, Cash Equivalents, and Restricted Cash 23 16 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 43 35 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 66 $ 51 Supplemental disclosure of non-cash investing and financing activities Plaot aod equipment expenditures in accounts payable $ 401 $ 331