ML19261D364

Applies for Order Withholding Financial Info from Public Disclosure.Forwards Revision 3 in Response to 781016 Ltr. Supporting Affidavit Encl

ML19261D364
Person / Time
Site:	New England Power
Issue date:	02/09/1979
From:	Stevens J NEW ENGLAND POWER CO.
To:	Harold Denton Office of Nuclear Reactor Regulation
References
NUDOCS 7906190010
Download: ML19261D364 (17)

Text

i.

New England Power Company 20 Turnpike Road NewEngland Power wes:ec,ousn. s.ussecnusens a nai Tel.1617) 366-9011 NEP 1 & 2 NUCLEAR PROJECT February 9, 1979 NRC-N-102 Mr. Harold R. Denton Director of Nuclear Reactor Regulation United States Nuclear Regulatory Commission Washington, D. C. 20555 DOCKET NOS. STN 50-568 AND STN 50-569 CENERAL & FINANCIAL INFORMATION Revision 3 INCLUDING APPLICATION FOR ORDER WITHHOLDING CERTAIN INFORMATION FROM PUBLIC DISCLOSURE

Dear Sir:

Pursuant to the Atomic Energy Act of 1954, the Commission's Rules and Regulations issued thereunder, and the National Environmental Policy Act as implemented by 10 CFR Part 51, New England Power Company (NEP) hereby submits 15 copies of Revision 3 to the NEP General and Financial Information.

The financial information contained in Revision 3 is being furnished in response to your letter of October 16, 1978. In addition, this revision includes General and Financial Information for Maine Public Service Company (MPS), which became a 0.435% Joint Owner of NEP 1&2 on December 1, 1978.

Because of its bulk, we have forwarded separately 2 copies of the rate information for MPS requested in RAI 410.3(7)-3, (7)-4 and (7)-5.

The General and Fin acial Information is now contained in four volumes; Volume 4 is forwarded herewith. Instructions for assembly of the four volumes are contained in Volume 4.

As you are aware, we recently deferred the scheduled commercial operating dates of NEP 1 & 2 one year, to November 1987 and November 1989, respectively. Information used as a basis for this revision is consistent with that provided in Revision 2, which this material supplements, and is based on c?mmercial operating dates of November 1986 for Unit 1 and November 1988 for Unit 2.

79061900' 2308 .45 A New England Electric System company

Mr. Harold R. Denton -

Page 2 New England Power Company, the Applicant herein, respectfully applies for an order under the Nuclear Regulatory Commission (NRC) regulations, 10 CFR 2.790, to withhold from public disclosure the info rmation marked as proprietary in documents attached hereto on the grounds that such information consists of financial information which is privileged and confidential.

This cpplication is made, and the accompanying affidavit and confidential infcimation are submitted, by the Applicant with the understanding that under Section 2.790(b) (5) and (6), the subject information will not be disclosed to the public pending the decision of the NRC in this application and that if a decision is made adverse to the Applicant, it will be given an opportunity under Section 2.790(c) to withd raw the information before it is made public.

The Applicant, consistent with Section 2 790(b) (6) of the Regulations, consents to the examination of the subject information by the NRC Staf f for the purposes for which it has been requested by the Staf f, pending the decision on this application.

The Applicant also understands that under Section 2.790(b) (5) of the Regulations, if the NRC should determine that the information is irrelevant or unnecessary to the performance of its functions, the information will be returned to the Applicant regardless of any determination whether it may be withheld from the public.

Respectf ully submitted ,

NEW ENGLAND POWER COMPANY S

By-JohA R. Stevens Executive Vice President STATE OF RHODE ISLAND:

COUNTY OF PROVIDENCE:

Personally appeared before me on this '[/I day of '

D' ' ' * / 7 John R. Stevens, who, being duly sworn, did state that he is Executive Vice President New England Power Company, and applicant herein, that he is duly authorized to execute and file the toregoing revision in the name and on behalf of New England Power Company, and that the statements i- said application are true to the best of his knowledge and belief.

3?/? . .,,9 ,

, . </  :..

Notary Public -

My Commission Expires: l' . , a - /' '

23108 346

c UNITED STATES OF AMERICA NUCLEAR REGULATORY COM' FISSION In the Matter of )

) Docket Nus. STN 50-568 New England Power Company, et al. ) STN-50-569

)

(NEP 1 and NEP 2) )

AFFIDAVIT PURSUANT TO 10 C . F .R . 2.790 I, James E. Tribble, depose and say that I am the Vice President -

Finance of New England Power Company, and am duly authorized to make this a f f idavi t, and have reviewed or cause to be reviewed the below listed inf ormation which is identified as proprietary.

The information for which proprietary treatment is sought is contained in the following document: Pro Forma Sources of Funds For System-Wide Construction Exnenditures and Capital Structure Durine Periods of Cons truct ion of Sub iect Nuclear Plant.

This information has been appropriately designated as proprietary.

I have personal knowledge of the criteria and procedures used by New England Power Company in designating the information as confidential.

Pursuant to the provisions of paragraph (b)(4) of Section 2.790 of the Commisssion's Regulations, the following is furnished for cocsideration by the Commission in determining whether the inf ormation sought to be withhr id f rom public disclosure should be withheld.

1. The estimates of future net income, preferred dividends, and coneon 2308 ;47

dividends supplied to the Commission have been prepared by the Company for internal use only and were designed to be managerial tools, not public announcements. The management of the Company has not approved or acknowledged the inf ormation contained therein for external use.

These estimates, and the accounts, memoranda, records, and opinions of counsel f rom which they were developed have been, and will oe, treated as confidential by the Company. Except as required as evidence in regulatory proceedings, our forecasts are not available to the pub lic .

2. The estimates, if made public by your Commission, would in due time becoce known to security analysts and, thereaf ter, inves tors in general.

The natural inf erence drawn by recipients of the inf ormation is that the Company believes it can and will achieve the levels of financial perf ormance set forth therein. Security analysts will use the information in valiacting their own projections and making buy / sell recomrendations to their clients. Even though the estimates may originally be known by re ', nts to bear qualifiers and explanations, as the information is passed f rom hand to hand and certainly by the time it is included in the recommendations of analysts, such qualifiers and explanations will have long since been forgotten or deleted. As analysts recommendations gain circulation there will be an expectation that, to the extent they may be incorrect or to the extent there is any change in the Company's estimates, the Company will publish revisions and that, so long as corrections or revisions are not published, the estimates and the resulting projections may be relied 2308 ;48

d upon. For this reason, completely apart from any potential liability of the Company, we have made it a practice, and submit it would be unwise for your Commission to force us to breach that practice, to not publish information of this nature, particularly projected so f ar into the future.

3. Under the securities laws, the Company may face legal liability from the publication of these estimates. We are aware of Securities and Exchange Commission Release No. 33-5992 wherein there was a discussion of the use of projections and encouragement of their publication.

We note, howeve r, that speaking directly to the point of publishing information provided to other Federal and State regulatory authorities, the SEC observed: "This information may of ten be publicly available and may consist of material the accuracy of which might be questionable, in view of the length of time covered, when considered f rom the viewpoint of investors . . . . While the submission of this type of information to Federal or State regulatory authorities pursuant to their requirements under circumstances in which it would be publicly available would not in and of itself violate the Federal securities laws or require issuers to make corresponding public proj ections in filings with the (SEC] or otherwise, issuers should consider their obligation to assure that material f acts concerning its financial condition are promptly and fully disclosed and that the inf ormation submitted does not become misleading by virtue of subsequent ev e n ts . "

As noted above, the difficulty of accurately and completely reporting the assumptions and limitations on which the forecasts have been made 2308 ;49

and particularly the obligation noted to insure that the information has not be come ou t of date is extremely difficult, if not imp os s ib le ,

for the Company to meet. k'e respect fully suggest that the solution proposed by the SEC, the filing oc a report on Form 8-K, would not for the reasons noted herein, insure that full and current inf o rma t ion was used by investors and that investors would retain confidence in ma nagemen t.

4. In order to provide future energy to consumers f rom projects such as NEP 1 & 2, the Company must raise substantial capital through issues of preferred stock and bonds and through issues of common stock by its parent, New England Electric System. To indirectly provide some investors with estimates of future earnings at a time when they will be competing in the market with others for securities of the Company and not to =ake strenuous ef forts to provide the information to all purchasers would be to give some individuals an unf air competitive position. On the other hand, if the Company does make and distribute forecasts in connection with its security issues, the problems noted in paragraph 2 above are further magnified.

Additionally, the publicizing of the numerous forecasts required by regulatory authorities, each with its varying assumptions, and therefore results, tailored to meet the requirements of each agency and the publicizing of each update of each estimate would confuse the investing public, undermining confidence in the capability of management, and adversely af fect the ma rke t for the securities of the Company and its parent.

2308, ;S0

5. The Company is a regulated utility and revenues are directly related to actions of the Federal Energy Regulatory Commission. The Company new has four general wholesale rate cases pending before that Commission and any public forecast of the outcome of these cases would be inappropriate at this time. Additionally, the estimates obviously included assumptions on the levels of rate relief to be granted in the future. Unfortunately, realistic estimates of rate relief to be granted may of ten be less than those requested. The publicizing of these realistic estimates could be taken by regulators as an admission that the initial rate relief requests were overstated, which would certainly not be the case. On the other hand, were we to include numbers based upon receiving rate relief at the level the Company deems adequate and reasonable, the financial inf ormation provided to the Commission might well be overstated.

6. No public interest would be served by disclosure. The Company has provided the Commission with all information requested for meeting your statutory obligations to determine our financial qualifications.

No information has been withheld f rom either the Commission, its staff, or any party requesting same, pursuant to protective agreement, if ap p r op ria t e. Thus, there is nothing to be gained by public disclosure.

On the other hand, the substantial harm which may be caused to the C omp any , its programs, and the investing public if the inf ormation is made publicly available have been arply demonstrated and f ar outweigh the right of the public to be completely apprised of the basis of Com=ission action.

2308 351

4

7. The Company believes that similar considerations are applicable for each of the other applicants and that, therefore, proprie tary treatment is appropriate for the estimates of f uture net income, preferred dividends, and common dividends, supplied to the Commission by each of the other applicants.

Further the deponent sayeth not.

,G i ( c / /

/

l- '

/ //

f // \

v e < v James E. Tribble , Vice President - Finance THE COMMONWEALTH OF MASSACHUSETTS)

)

COUNTY OF WORCESTER )

Before me this day personally appeared James E. Tribble, Vice President-Finance, New England Power Company, who being first duly sworn, deposes and says that he has executed the foregoing; that the statements made are true and correct to the best of his knowledge, information and belief.

Subscribed and sworn to before me this f/4 day o f #< 4 g . s , 1979 Am,,, h J My Commission expires: 7[q /g NOTARY PUBLIC 2308 ;52

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ATTACitMidT FOR ITEM NO. 1 APPL.lCANT ISANGOR HiDHO NUCLt.AR PIANr: NFP I & 2 PRO FORitA SollRCES OF F UNilS FOR SYSll21-WIDE CONSIRUCIlON FXPFMDilVRl S ANil CAPITAL. STktk. LURE DilRING PERIOD OF CONST RUCTION OF SUB IFCT NilCI LAR Pt A't.R f l AN T (ttillions of Dollars)

Const t uct ion Years of Subject Nuclear Power Plant 197H 1979 1980 1941 1982 FXTiiRNAL FitlANCING 1981 1984 1985 19M? 1987 198M Commm stock $ 4. 5 Preferred stock

$ $ $ $ 2.7 $ 7.4 $ 7. 9 $ 9.5 $ 6.0 $ l.7 $

long-t erm ilelet

.3 1.2 2.1 2. 5 2.8 2.0 1.0 2.4 4.8 2.2 6.7 6.0 IO.H Notes payable 3.7 ll.1 15.7 10.2 5.1 2.7 I.9 1.0 3.0 10 ID Contributions from IU IO parent-net Ot tier innds (describe)

Total Ext ernal Funds __10.6 4.8 4.1 _7.0 21.3 INTERNAL.i.Y GENERATED CASH

_10.9_ _ _ 21.9 29.0 19.2 H8 2.7 Net income 3.1 2.6 4.2 4.3 4.6 5.6 1.0 8.6 less: 10.0 11.0 11.0 Preferred divi. lends (.5) (.5) (.5)

Cocuwn J iv lJends

(. 5) (.5) (.7) (.9) (1.1) (l.3) (1.5) (1.5)

_(_2. 3 ) (2.6) (2.7) (2.H) (1. 0) (3.6) (4.5)

Retained earnings .3 (.5) 1.0 1.0 1.1 J5. 5) (6.5) ( 7. 0) (7.0)

Deferred taxes 1. 5 1.6 2.0 2.2 2.5 2.5

.6 .9 .7 .6 .6 ,5 Invest. Tax credit sle f e r reil .6 .4 1.4 2.1 2.6 I.2 .5 7 .7 1.0 2.2 2.2 2.4 1.9 1.0 Depreciation and amost. 2.2 2.7 .7

3. 0 3.1 3.1 1. 5 3.7 3.9 5.9 7. )

Change in working capital (2.9) (1.1) 9.7

1. css: AFDC

(.6) (.5) (2.0) (1.4) .1 (.2) (.2) (1.4) 5.0

_{.9 L _ (.5) (.7) (1.1) (1.5) (2.8) (4.0) (4.8)

Total Internal Funds .5 2.4 3.4 3.8 2.5 1.1

( 6. 7)_ _( 6.1 ) (2.1)

T03AL FUNDS 5. 6 1.8 5.1 7.2 17.8

$11.1 $ 7.2 $ 7. 5 $10.8 $13.4 $14.6 $17.5n $30.H CONS TRUCTlotl EXPENDilllRES. .$= 2. 4.1 $16. ,0 $20.5 Nuclear power Plants $ 1.7 $ 2. ) $ 5.0 Otber

$ l.9 $ 8.2 $10.8 $17. 0 $25.1 $19.9 $l1.6 $ 1. 2 7.4 4.7 T.2 3. 6 4.2 3.8 Total const. exp's.

4.0 4.2 4.4 4.4 10.2

$11.1 $ 6.6 $ 5. 5 $ H.6 $12.4 $24.6 $26.0 $29.1 $24.1 Subject nuclear plant $16.0 $13.4 Om u^r!LA' kwoiRustrs

$ l.2 $ 6 $ 1. 3 $ 4.0 $ 73 _ _y. ) $l4.7 $21.) $ 11.,f _ $ 8.8 g2._1 I Redemption of flaturing Bonds Acquisition of liond s for Sinking Funds

.6 2.0 2.2 1.0 1.5 1.5 7.1 Q

Pliscellemeous Requ iremi nt s total CAPITAL REylf!RLMEN'IS _ _ _ . _ _ _ , _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

$11.3 $ 7.1 $ 1. 5 $10.8 $ 1 1. 4

$14.6., m .$.27.5 $10.8 $14. 5 _ m ,$16.0 CAPITA!. STRlrC1HkE ($ & %) m . m. rm .. -. .. m $.10.5 m -m long-Term Debt $ 47%

Pr efe r ed st ock

$ 507 S 50! $ 55% $ 55% $ 50% $ 50% $ 51% $ 52t S 501 $ 502 Il 11 11 10 10 Conmion equity Il 11 11 Il 12 11 42 39 39 35 35 39 TOTAL. 19 18 17 38 18 n r,00 1 100 100 100 100 '

w=-- -

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_ 10,0 , ,100

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CAMA!. EtiCTRIC Crag >ANY NEP tinats - Nuclear me.Iulatory Petmit - hev a t a an A[placatnons Soutces of Funds for System-N3Je Const ruct&on Engendatures Mg Per at=1 of Consyuct son of suJbet Nuclear Peswer Plant (Dollars an Malinons)

Construct ion years of Subject Nuclear Power Plant 1978 1979 1940 1961 1902 19d1 19s4 1965 1986 1947 1968 faternal Financing Cosson Stock 5 5 5 5 $ $ 8 5 5 5 4 5 Preferred Stock long-Tere Debt Nrates Payable-Net 26 S 22 4 (24) (10)

Contsabutaons Fsom Parent-Net Other Funds

~

Total Esternal FusaJs e 22 4 6 1103 Internally Gener ated rash met Income 5.6 5.4 5.1 5.1 5.3 6.3 7.3 8.3 9.5 9.9 11.2 Least Preferred DawaJen.Is Coeuuun DavaJenJs 4. 5 4j 4.1 4.1 4.3 5.1 5.9 6.7 7.6 7.9 9.o Retaaned Easnings 1.1 1.1 1.0 1.0 1.0 1.2 1.4 1. 6 1.9 2.0 2.2 DeferseJ Tames 3.2 1.1 .9 .6 .4 .2 .1 (.23 1.4 1.1 3,3 Invest ment ras Credat-Net (.2) ( . 2) (.2) (.2) (.2) (.2) (.2I (.2) 6.4 (,43 Depreclat ion and As=>s t a ast aon 6.7 4.5 4.5 4.6 4.6 4.6 4.6 4.6 4.6 kvakang Capatal 5.9 7.2 9.6 (5.23 (4.5) ( 3. 5) 4.23 4.2 17.2 11.5 1.3 1.1 (1.73 ,2 14ssa AFUDC .1 .2 .2 .5 1.1 2.4 4.4 6.4 8.1 46 4e Total Internal FupJs 1.3 1.8 2.6 5.3 8.9 20.6 AM .3 9.0 43 go.2 Total FunJe $ l.1 $ 1.8 $ 26 $  %.1 5 e.9 $ 20.6 5 2;.0 $ 22.7 5 11.0 $ 10.2

$ 4 2 const r uct acin E m1=ndit ures itac t uJang Af t'ff) sub}ect Nuclear Plant 5 .2 $ .6 $ 1.3 5 4.0 $ 7.6 $ 19.3 $ 19.7 5 21.5 $ 11.6 5 Other Nuclear Powet Plants a.a 5 2.7 Other Constratson .3 .4 .5 .5 .5 5 5 .6 .6 .6 ,3 Total Constructaon .5 1.0 1.8 4.5 e.1 19.8 20.2 21.9 32 3 g] g,4 cther capa t a l pe<1u a r ee nt s, peJeept aon of Matus'ang Bond.

A. *gua sa t non of Borids f or $anh ang F unds .8 .8 .B .8 .8 .8 .e ,e ,a ,, ,,

M.sce llar.o.ous kegun t eam nt a __

Total Capatan kequirement s $

. _l _. _) 5_ _1 8 _5 __2_6_

_ _5__._ _ _5.1 $_ _ e_ . _9 5_ 20.6 5 _21.0 ,

_ 2 2. 7_ $

, 11,o _$_

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(*16 t al st r uc t ure Amn4-Tesa Debt 5 50.9 4% 5 50.1 tot $ 4).) 4it 5 46.5 est $ 4 7.1 45s 5 4e. 9 446 5 46.1 en 5 45.J 424 s 44,5 ang 5 ,,g , y .og g,g,q 4%

Fre f e s s e.1 Sto..h Coas=>n L+a t y 59.7 51 54.4 52 55.8 51  %.e 54 57 6 55 *A . 0 *,6 *0.4 57 _ e, J . o sg eg, gg g,,,, .,3 ,j g 5g Total 5134.6 1003 5n04.9 100* $195.1 100% $105.1 tout 5105.5 1%s 51u5.9 100s $1n.5 loot 510i.) 190 7 51ou . 4 l ')s t $ 41 s. b LW 5141.0 IKt U

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