ML19309C360

Submits Util Earnings Statement for Quarter Ending 791231, one-yr Internal Cash Flow Projection for 1980 & Actual Cash Flow for 1979.Forwards Annual Financial Rept for 1979

ML19309C360
Person / Time
Site:	Beaver Valley
Issue date:	04/02/1980
From:	Firestone L OHIO EDISON CO.
To:	Saltzman J Office of Nuclear Reactor Regulation
Shared Package
ML19309C361	List: ML19309C360 ML19309C365
References
NUDOCS 8004080499
Download: ML19309C360 (3)

Text

o r

//!r "

OH!O EDISON COMPANY 76 SCUTH t/AIN STREET. AXRCfd CHIO /C2 216-3844340 P S

.w LYNN FIRESTONE SENIOR YlCE PRtSICENT U.S. Nuclear Regulatory Commission

• lachington,

. D.C. 20555 Attention: Mr. Jerome Saltaman, Chief Antitrust and Indemnity Group, Nuclear Reactor Regulation

Subject:

Docket No. 50-334 - Beaver valley Power Station Unit No. 1 Gentlemen:

Pursuant to our election of alternative No. 5, regarding the Price-Anderson Act retrospective premium system guarantee requirements, and the applicable requirement for annual submittals pertaining to the requirements, you will find enclosed:

1. A copy of our 1979 Annual Report to Stockholders which includes financial statements certified by our indepen-dent public accountants;

2. A copy of our earnings statement for the quarter ended December 31, 1979; 3 A one-year internal caoh flow projection for 1980, and the actual cash flow for 1979 This statement indicated that

$3 5 million, our portion of the $10 million retrospective premiums for the unit in question, would be available for the payment of such premiums.

With respect to item number 4 of Alternative No. 5, please be advised that the cash flow projection indicates that no capital expenditure curtailment would have to take place in order to . ake the retrospective premium available for payment.

Because Ohio Eiison is currently paying an indemnity fee which is greater than $1,000, it is our understanding that payment of the $1,000 minimum annual indemnity fee is not necessary, as the guarantee of payment of deferred premiums for its operating reactors.

Very truly yours, MC6 5

//

1r/bj Enc.

8004080 k

OHIO EDISON COMPANY Income Statement for 3 Months Ended December 31, 1979 (Dollars in Thousands)

(See Note 1)

^ Operating Revenues $ 218,779 Operation and Maintenance Expenses $ 136,132.

. Provision for Depreciation 17,443 Taxes - General 18,698

- Federal Income 790

- State Income 122

- Federal and State Income Taxes Deferred - Net 4,135

- Invesdnent Tax Credit - Net 5,617 Operating Income $ 35,842.

Other Income and Deductions:

Allowance for Other Funds Used During Construction S 13,555 Miscellaneous, Less Applicable Income Taxes - Net 5,536-Total 19,091 Total Income $ 54,933 Interest and Other Charges:

Interest on Long-Term Debt $ 23,457-Amortization of Debt Discount, Premium and Expense - Net 84 Other Interest Expense 6,745 Allowance for Borrowed Funds Used During Construction - Credit (13,002)

Net Income (Before Preferred Stock Dividend Requirements) $ 37,649 Preferred Stock Dividend Requirements 8,346 Net Income for Common Stock $ 29,303 Shares of Common Stock Outstanding - Average During Period 59,389,830 NOTE: (1) This statement is on the basis of interim figures and is subject to audit and adjustments,

OHIO EDISON COMPANY 1980 Internal Cash Flow Projection for Beaver Valley Power Station Unit No. 1 (Dollars in Thousands)

Prior Year Projection Actual Total Year Total Net Income After Taxes $134,807 $ 141,432 Less: Dividends Paid 133,043 154,554 Retained Earnings 1,764 (13,122)

Adjustments:

Depreciation and Amortization 68,707 72,810 Deferred Income Taxes and Investment Tax Credits 28,432 52,135 Allowance for Funds Used During Construction (44,313) (49,911)-

Total Adjustmentr. 52,826 75,034 Internal Cash Flow $ 54,590 $ 61,912 Average Quarterly Cash Flow $ 13,648 $ 15,478 Percentage Ownership in Nuclear Unit 35.0%

Maximum Total Contingent Liability $3,500