CP-201600136, Balance Sheets: Difference between revisions

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{{Adams
#REDIRECT [[ML16076A163]]
| number = ML16076A163
| issue date = 03/14/2016
| title = Balance Sheets
| author name =
| author affiliation = Luminant Generation Co, LLC, Luminant Power
| addressee name =
| addressee affiliation = NRC/Document Control Desk, NRC/NMSS, NRC/NRR
| docket = 05000445, 05000446, 07200074
| license number = NPF-087, NPF-089
| contact person =
| case reference number = CAC MF7075, CAC MF7076, CP-201600136, TXX-16028
| document type = Annual Report
| page count = 20
| project = CAC:MF7075, CAC:MF7076
| stage = Other
}}
 
=Text=
{{#Wiki_filter:Enclosure 3 to TXX-1 6028 (Non-Proprietary)
Page 1 of 18 Balance Sheets Enclosure 3 to TXX-1 6028 (Non-Proprietary)
Page 2 of 18 Comanche Peak LLC Balance Sheet 1 Unaudited, Non-GAAP, Projected Financial Data$ millions 2016 ASSETS: Total Current Assets[Net Plant in Service (including intangible assets)Other Noncurrent Assets Total Assets LIABILITIES:
Total Current Liabilities Other Noncurrent Liabilities Total Liabilities Total Equity Total Liabilities
& Equity ] (a) through (e)1 Reflects preliminary pro forma effects of significant accounting adjustments related to Fresh Start accounting and emergence from bankruptcy, both of which will be applied upon emergence from bankruptcy.
Pro forma balance sheet was prepared using simplifying assumptions that the Company would apply Fresh Start accounting as of June 30, 2016 and all liabilities subject to compromise balances were assumed to be satisfied.
Actual timing of applying fresh start accounting is dependent on circumstances and timing of emergence from bankruptcy.
Enclosure 3 to TXX-1 6028 (Non-Proprietary)
Page 3 of 18 Operating Company LLC Balance Sheet 1 Unaudited, Non-GAAP, Projected Financial Data$ millions 2016 ASSETS: Total Current Assets[Net Plant in Service (including goodwill and other intangible assets)Other Noncurrent Assets Total Assets LIABILITIES:
Total Current Liabilities Other Noncurrent Liabilities Total Liabilities Total Equity Total Liabilities
& Equity ] (a) through (e)i Reflects preliminary pro forma effects of significant accounting adjustments related to Fresh Start accounting and emergence from bankruptcy, both of which will be applied upon emergence from bankruptcy.
Pro forma balance sheet was prepared using simplifying assumptions that the Company would apply Fresh Start accounting as of June 30, 2016 and all liabilities subject to compromise balances were assumed to be satisfied.
Actual timing of applying fresh start accounting is dependent on circumstances and timing of emergence from bankruptcy.
Capital structure at emergence presumed to include approximately[
I billion of new debt. Pro forma balance sheet includes La Frontera (a) through (e)assets.
Enclosure 3 to TXX-1 6028 (Non-Proprietary)
Page 4 of 18 Base Cases Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 5 of 18 Comanche Peak LLC: Base Case$ millions, unless noted Unaudited, Non-GAA0P, Projected Financial Data INCOME STATEMENT 2 Revenues Fuel & Purchased Power Gross Margin Operations
& Maintenance Expense Luminant Allocated Overhead Property Taxes Other Income / (Expense)EBITDA Depreciation
& Amortization' EBIT Interest Expense interest Income & Special Projects EBT Tax Expense Net Income Fixed O&M Expense Detail 3 Base O&M Outage O&M Special Project O&M Total O&M CASH FLOW STATEMENT 2 Net Income Depreciation
& Amortization' Deferred Taxes Change in Working Capital Operating Cash Flow Nuclear Fuel Capital Expenditures Other Existing Asset Capital Expenditures Cash Flow 4 2016E 2017E 2018E 2019E 2020E 1 throuoh 1 Reflects current (preliminary) estimated effects of revaluation of property, plant and equipment under Fresh Start accounting, which will be applied upon emergence from bankruptcy.
Does not reflect any potential effects of Fresh Start accounting on other assets, including intangible assets.2 Financial Statements represent a management reporting view.3Excludes non-cash accretion expense associated with nuclear decommissioning trust funding.4Upon emergence from bankruptcy, commitments for [ ]billion of revolving credit facilities are expected to be available for any operational purposes. (a) through (e)
Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 6 of 18 Comanche Peak LLC: Base Case$ millions, unless noted Unaudited, Non-GAAP, Projected Financial Data COMPOSITION OF REVENUE PROJECTIONS Capacity (End of Year)Coal -merchant [MW]Coal -contract [MW]Nuclear [MW]Total [MW]Nuclear Capacity Factor [%]Production, net of aucilliary load Coal -merchant [TV~h]Coal -contract [TWh]Nuclear [Fflh]Total ['rWh]Pricing Assumptions (December 31, 2015)Gas price (HSC) [$1/ MMBtu]Heat Rate Achieved (HSC) [MMBtu / MWhI 7*24 Power price ERCOT pricing [$ / MWh]Commodity Exposure -Natural Gas Nuclear plant exposure [Million MMBtu]Forward power sales [Million MMBtu]Natural gas hedges allocated 5  [Million MMBtu]Net natural gas exposure [Million MMBtu]Sensitivity to +/- $1 move [$ MM]Commodity Exposure -Heat Rate Nuclear plant exposure [rWh]Forward power sales [TWh]Net heat rate exposure [TWh]Sensitivity to +/- O.25X HR change [$ MM]Revenue summary Nuclear plant revenues [$ MM]Other deregulated revenues [$ MM]Regulated revenues [$ MM]Intercompany eliminations
[$ MM]Total [$ MM]2016E 2017E 2018E 2019E 2020E](a) through (e)5Hedges are allocated based on the percent of merchant generation relative to the entire merchant generation portfolio, but do not reside at the Comanche Peak level.
Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 7 of 18 Operating Company LLC: Base Case$ millions, unless noted Unaudited, Non-GAAP, Projected Financial Data INCOME STATEMENT 2 Revenues Fuel & Purchased Power Gross Margin Operations
& Maintenance Expense General & Administrative Other Income I (Expense)E:BITDA Depreciation
& Amortization' E:BIT Interest Expense 3 Interest Income & Special Projects EBT Tax Expense Net Income CASH FLOW STATEMENT 2 Net Income Depreciation
& Amortization' Deferred Taxes -net Change in Working Capital Operating Cash Flow Existing Asset Capital Expenditures (including nuclear fuel)Cash Flow 4 2016E 2017E 2018E 2019E 2020E 1 (~ thrAlrnh (~t Reflects current (preliminary) estimated effects of revaluation of property, plant and equipment under Fresh Start accounting, which will be applied upon emergence from bankruptcy.
Does not reflect any potential effects of Fresh Start accounting on other assets, including intangible assets.2 Financial Statements represent a management reporting view. Pro forrma includes La Frontera assets.32016 excludes any effects of bankruptcy, such as adequate protection and other payments"Upon emergence from bankruptcy, commitments for [ ]billion of revolving credit facilities are expected to be available for any operational purposes. (all through (e)
Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 8 of 18 Operating Company LLC: Base Case$ millions, unless noted Unaudited, Non-GAAP, Projected Financial Data 2016E 2017E 2018E 2019E 2020E COMPOSITION OF REVENUE PROJECTIONS Capacity (End of Year)Coal -merchant Coal -contract Nuclear Total Production, net of auxilliary load Coal -merchant Coal -contract Nuclear Total Pricing Assumptions (December 31, 2015)Gaa price (HSC)Heat Rate Achieved (HSC)7*24 Power price ERCOT pricing[MW][MW][MW][MW][TWh][rNh][TNh][TWh][$1/ MMBtu][MMBtu / MWh][$1/ MWh]Commodity Exposure -Natural Gas Coal & nuclear plant exposure Forward power sales Natural gas hedges allocated Net natural gas exposure Sensitivity to 4/- $1 move Commodity Exposure -Heat Rate Coal & nuclear plant exposure Forward power sales Net heat rate exposure Sensitivity to +/- 0.25X HR change Revenue summary Coal & nuclear plant revenues Other deregulated revenues Regulated revenues Intercompany eliminations Total[Million MMBtu][Million MMBtu][Million MMBtu][Million MMBtu][$ M M][TNh][Tl~h][$ MM][$ MM][$ MM][$ MM][$ MM][$ MM] ]1(a) through (e)
Enclosure 3 to TXX-1 6028 (Non-Proprietary)
Page 9 of 18 Capacity Factor Cases Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 10 of 18 Comanche Peak LLC: Sensitivity
-10% decrease in Capacity Factor$ millions, unless noted _______________________
Unaudited, Non-GAAP, Projected Financial Data 2016 E 2017 E 2018 E 2019 E 2020 E INCOME STATEMENT 2 Revenues Fuel & Purchased Power Gross Margin Operations
& Maintenance Expense Luminant Allocated Overhead Property Taxes Other Income I (Expense)EBITDA Depreciation
& Amortization 1 EBIT Interest Expense Interest Income & Special Projects EBT Tax Expense Net Income Fixed O&M Expense Detail 3 Base O&M Outage O&M O&M Projects Total O&M CASH FLOW STATEMENT 2 Net Income Depreciation
& Amortization' Deferred Taxes Change in Working Capital Operating Cash Flow Nuclear Fuel Capital Expenditures Other Existing Asset Capital Expenditures Cash Flow 4]1(a) through (e)Note: Case represents a 10% decrease in Comanche Peak capacity factors relative to those in the base case.SReflects current (preliminary) estimated effects of revaluation of property, plant and equipment under Fresh Start accounting, which will be applied upon emergence from bankruptcy.
Does not reflect any potential effects of Fresh Start accounting on other assets, including intangible assets.2Financial Statements represent a management reporting view.3Excludes non-cash accretion expense associated with nuclear decommissioning trust funding.4Upon emergence from bankruptcy, commitments for [ ] billion of revolving credit facilities are expected to be available for any operational purposes.(a) through (e)
Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 11 of 18 Comanche Peak LLC: Sensitivity
-10% decrease in Capacity Factor$ millions, unless noted Unaudited, Non-GAAP, Projected Financial Data COMPOSITION OF REVENUE PROJECTIONS Capacity (End of Year)Coal -merchant [MW]Coal -contract [MW]Nuclear [MW]Total [MW]Nuclear Capacity Factors [%]Production, net of auxilliary load Coal -merchant [rWh]Coal -contract [TWh]Nuclear ['l'h]Total [TWh]Pricing Assumptions (December 31, 2015)Gas price (HSC) ($1/ MMBtu]Heat Rate Achieved (HSC) [MMBtu I MWh]7*24 Power price ERCOT pricing [$ / MWh]Commodity Exposure -Natural Gas Nuclear plant exposure [Million MMBtu]Forward power sales [Million MMBtu]Natural gas hedges allocated 6  [Million MMBtu]Net natural gas exposure [Million MMBtu]Sensitivity to +/- $1 move [$ MM]Commodity Exposure -Heat Rate Nuclear plant exposure [TWh]Forward power sales [TWh]Net heat rate exposure [TNh]Sensitivity to +/- O.25X HR change !$ MM]Revenue summary Nuclear plant revenues [$ MM]Other deregulated revenues [$ MM]Regulated revenues [$ MM]Intercompany eliminations
[$ MM]Total [$ MM]2016E 2017E 2018E 2019E 2020E](a) through (e)(a) through (e)sNuclear capacity factor calculated based on [ ] (prior to capacity sensitivity).
6 Hedges are allocated based on the percent of merchant generation relative to the entire merchant generation portfolio, but do not reside at the Comanche Peak level.
Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 12 of 18 Operating Company LLC: Sensitivity
-10% decrease in Capacity Factor$ millions, unless noted Unaudited, Non-GAAP, Projected Financial Data 2016 E 2017 E 2018 E 2019 = 2020 E INCOME STATEMENT 2 Revenues Fuel & Purchased Power Gross Margin Operations
& Maintenance Expense General & Administrative Other Income / (Expense)EBITDA Depreciation
& Amortization 1 EBIT Interest Expense 3 In~terest Income & Special Projects EDT Tax Expense Net Income CASH FLOW STATEMENT 2 Net Income Depreciation
& Amortization 1 Deferred Taxes -net Change in Working Capital Operating Cash Flaw Existing Asset Capital Expenditures (including nuclear fuel)Cash Flow 4  ] (a) through (e)Note: Case represents a 10% decrease in Comanche Peak capacity factors relative to those in the base case.Reflects current (preliminary) estimated effects of revaluation of property, plant and equipment under Fresh Start accounting, which will be applied upon emergence from bankruptcy.
Does not reflect any potential effects of Fresh Start accounting on other assets, including intangible assets.2Financial Statements represent a management reporting view. Pro forms includes La Frontera assets.32016 excludes any effects of bankruptcy, such as adequate protection and other payments SUpon emergence from bankruptcy, commitments for [ Ibillion of revolving credit facilities are expected to be available for any operational purposes. (a) through (e)
Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 13 of 18 Operating Company LLC: Sensitivity
-10% decrease in Capacity Factor$ millions, unless noted Unaudited, Non-GAAP, Projected Financial Data 2016 E 2017 E 2018 E 2019 E 2020 E COMPOSITION OF REVENUE PROJECTIONS Capacity (End of Year)Coal -merchant Coal -contract Nuclear Total Production, net of auxilliary load Coal -merchant Coal -contract Nuclear Total Pricing Assumptions (December 31, 2015)Gaa price (HSC)Heat Rate Achieved (HSC)7*2q Power price ERCOT pricing Commodity Expoaure -Natural Gas Coal & nuclear plant exposure Forward power sales Natural gas hedges allocated Net natural gas exposure Sensitivity to +/- $1 move Commodity Exposure -Heat Rate Coal & nuclear plant exposure Forward power sales Net heat rate exposure Sensitivity to +1- O,25X HR change[MW][MW][MW][MW][TNh][TNh][TWh][$ / MMBtu][MMBtu I MWh][$ /MWh][Million MMBtu][Million MMBtu][Million MMBtu][Million M MBtu][$ M M][TNh]FNh]l"Wh,][$ gg]Revenue summary Coal & nuclear plant revenues Other deregulated revenues Regulated revenues Intercompany eliminations Total[$ MM][$MaM][S MM][$ MM][$ MM] ]1(a) through (e)
Enclosure 3 to TXX-1 6028 (Non-Proprietary)
Page 14 of 18 Power Price Sensitivities Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 15 of 18 Comanche Peak LLC: Sensitivity
-10% decrease in Power Price$ millions, unless noted_____________
Unaudited, Non-GAAP, Projected Financial Data 2016 E 2017 E 201 18E 2019 E 2020 E INCOME STATEMENT 2 Revenues Fuel & Purchased Power Gross Margin Operations
& Maintenance Expense Luminant Allocated Overhead Property Taxes Other Income I (Expense)EBITDA Depreciation
& Amortization' EBIT Interest Expense Interest Income & Special Projects EBT Tax Expense Net Income Fixed O&M Expense Detail 3 Base O&M Outage O&M O&M Projects Total O&M CASH FLOW STATEMENT 2 Net Income Depreciation
& Amortiz:ation 1 Deferred Taxes Change in Working Capital Operating Cash Flow Nuclear Fuel Capital Expenditures Other Existing Asset Capital Expenditures Cash Flow 4]1(a) through (e)Note: Case represents a 10% decrease in power price relative to the base case driven by a 10% decrease in natural gas prices.1Reflects current (preliminary) estimated effects of revaluation of property, plant and equipment under Fresh Start accounting, which will be applied upon emergence from bankruptcy.
Does not reflect any potential effects of Fresh Start accounting on other assets, including intangible assets.2 Financial Statements represent a management reporting view.3Excludes non-cash accretion expense associated with nuclear decommissioning trust funding.4Upon emergence from bankruptcy, commitments fort []billion of revolving credit facilities are expected to be available for any operational purposes.(a) through (e)
Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 16 of 18 Comanche Peak LLC: Sensitivity
-10% decrease in Power Price$ millions, unless noted _______________________
Unaudited, Non-GAAP, Projected Financial Data 2016 E 20172E 2018 E 20192E 20202E COMPOSITION OF REVENUE PROJECTIONS Capacity (End of Year)Coat -merchant Coal -contract Nuclear Total Nuclear Capacity Factor Production, net of auxilliary load Coal -merchant Coal -contract Nuclear Total Pricing Assumptions (December 31, 2015)Gas price (HSC)Heat Rate Achieved (HSC)7*24 Power price ERCOT pricing[MW][MW][MW][MW][%]['Th]FTNh]FTWh]['Wh)[$ / MMBtu][MMBtu / MWh][$ I MWh]Commodity Exposure -Natural Gas Nuclear plant exposure Forward power sales Natural gas hedges allocated 5 Net natural gas exposure Sensitivity to +/- $1 move Commodity Exposure -Heat Rate Nuclear plant exposure Forward power sales Net heat rate exposure Sensitivity to +/- 0.25X HIR change Revenue summary Nuclear plant revenues Other deregulated revenues Regulated revenues Intercompany eliminations Total[Million MMBtu][Million MMBtu][Million MMBtu][Million MMBtu]tS MM][rNh][rNh]t-rh][$ MM)[$ MM][$ MM][$ MM][$5MM][$ MM] ] (a) through (e)5Hedges are allocated based on the percent of merchant generation relative to the entire merchant generation portfolio, but do not reside at the Comanche Peak level.
Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 17 of 18 Operating Company LLC: Sensitivity
-'$ millions, unless noted Unaudited, Projected Financial Data iNCOME STATEMENT 2 Revenues Fuel & Purchased Power Gross Margin Operations
& Maintenance Expense General & Administrative Other Income / (Expense)EBITDA Depreciation
& Amortization 1 EBIT Interest Expense 3 Interest Income & Special Projects EBT Tax Expense Net income CASH FLOW STATEMENTV Nat Income Depreciation
& Amortization 1 Deferred Taxes 4 Change in Working Capital Operating Cash Flow Existing Asset Capital Expenditures (including nuclear fuel)Cash Flow 5 10% decrease in Power Price 2016 E 2017 E 2018 E 2019 E 2020 E 3 50 (LIII IJLIUII Note: Case represents a 10% decrease in power price relative to the base case driven by a 10% decrease in natural gas prices.SReflects current (preliminary) estimated effects of revaluation of property, plant and equipment under Fresh Start accounting, which will be applied upon emergence from bankruptcy.
Does not reflect any potential effects of Fresh Start accounting on other assets, including intangible assets.2 Financial Statements represent a management reporting view. Pro forms includes La Frontera assets.32016 excludes any effects of bankruptcy, such as adequate protection and other payments SDeferred taxes net of tax receivable agreement payments sUpon emergence from bankruptcy, commitments for [ Jbillion of revolving credit facilities are expected to be available for any operational purposes. (a) through (e)
Enclosure 3 to TXX-16028 (Non-Proprietary)
Page 18 of 18 Operating Company LLC: Sensitivity
-10% decrease in Power Price$ millions, unless noted _____________________
Unaudited, Non-GAAP, Projected Financial Data 20186E 2017 E 2018 E 2019 E 2020 E COMPOSITION OF REVENUE PROJECTIONS Capacity (End of Year)Coal -merchant Coal -contract Nuclear Total Production, net of auxilliary load Coal -merchant Coal -contract Nuclear Total Pricing Assumptions (December 31, 2015)Gas price (HSC)Heat Rate Achieved (HSC)7*24 Power price ERCOT pricing Commodity Exposure -Natural Gas Coal & nuclear plant exposure Forward power sales Natural gas hedges allocated 6 Net natural gas exposure Sensitivity to +1- $1 move Commodity Exposure -Heat Rate Coal & nuclear plant exposure Forward power sales Net heat rate exposure Sensitivity to +1- 0. 25X HR change[MW][MW][MW][MW][l-h][l-h][TWh][TWh][$1/ MMBtu][MMBtu I MWh][$ /MWh][Million MMBtu][Million MMBtu][Million MMBtu][Million MMBtu][$ MM][TVh]FB~h][TNh][$ MM]Revenue summary Coal & nuclear plant revenues Other deregulated revenues Regulated revenues Intercompany eliminations Total[$ MM][$ MM][$ MM][$ MM][$ MM] ] (a) through (e)6 For purposes of calculating the hedging impact, each reporting period reflects the EBIT impact from the decrease in the current year's power price only.However, a 10% degradation in the entire curve would be reflected only in the year of the degradation and would reflect the present value impact of the curve shift.
Enctosure 5 to TXX-16028 Page 1 of 2 Updated Regulatory Commnitment (Number 5178508)Commitment Description I Chedpledio SDautCemn Luminant Power will notify the NRC if at any time prior to the NRC consent to the requested transfer, the following items change: (1) Any entity of the Reorganized TCEH acquires greater than 15% of the First Lien Claims; or (2) Any member of the First Lien Creditor Committee, other than those already identified in the Application, is expected to own 10%T of the voting power of Reorganized TCEH.Luminant Power will also provide to the NRC: (3) The names of the principal officers and directors of each of the subsidiary companies of the Reorganized TCEH, after they have been identified; (4) The names and citizenship of the initial members of the Reorganized TCEH Board, when that information becomes available.
All or substantially all of the Reorganized TCEH Board members will be U.S. citizens;(5) The final legal entity names, and updated proposed operating license revision pages, when final names for Reorganized TCEH, Intermediate Holding Company LLC, Operating Company LLC, Asset Company LLC, Preferred Stock Upon NRC consent of the requested transfer Upon NRC consent of the requested transfer No later than 7 days prior to consummation of the transfer No later than 7 days prior to consummation of the transfer No later than 7 days prior to consummation of the transfer Open -The ownership percentages of the First Lien Creditors identified in the table at page 17 of TXX-15146 is updated by Enclosure 2 to this letter. All entities remain below 15 %.Open -No Change.Open Open Open Enclosure 5 to TXX-16028 Page 2 of 2 Company Corp., and Comanche Peak LLC are selected;(6) The name of the new CNO, when a successor to current CNO Rafael Flores is selected; and (7) Notification that the Bankruptcy Court has confirmed the"Fifth Amended Joint Plan of Reorganization of Energy Future Holdings Corp., et al., Pursuant to Chapter 11 of the Bankruptcy Code," upon receipt of a final order of the Bankruptcy Court.(8) At the first meeting of the Reorganized TCEH Board of Directors emergence, the Board will adopt resolutions that non-U.S. citizens serving as either directors or executive officers of Reorganized TCEH shall not seek access to any classified information or to special nuclear material in the custody of the Comanche Peak licensees and shall not participate in or seek to influence operational decisions by the licensees regarding nuclear safety or security matters. Also, at the first meeting a Nuclear Oversight and Advisory Board will be formed to assist in the oversight of the safety and quality of nuclear operations.
(9) The applicants will notify the NRC of any changes to the directors, officers, or executive positions of Reorganized TCEH and its subsidiaries during the first 90 days following the transfers No later than 7 days prior to consummation of the transfer Upon consent of the requested transfer First meeting of Reorganized TCEH Board of Directors No later than 120 days after the transfers Open -Updated provided by TXX-15166 (Ken Peters is Acting CNO)Closed -Completed by submittal of Enclosures 1 and 2 of letter TXX-15166.
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