ML17312B558

Forwards Projected Cash Flow Statements for PVNGS Participants,Per 10CFR140.21(e).Cash Flow Statemement for El Paso Electric Co Should Be Withheld from Public Disclosure

ML17312B558
Person / Time
Site:	Palo Verde
Issue date:	07/10/1997
From:	James M. Levine ARIZONA PUBLIC SERVICE CO. (FORMERLY ARIZONA NUCLEAR
To:	NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
Shared Package
ML17312B559	List: ML17312B558 ML17312B560 ML17312B561 ML17312B562
References
102-03970-JML-A, 102-3970-JML-A, NUDOCS 9707180212
Download: ML17312B558 (10)

Text

j ATEQORY j.

REGULATOIINPORMATION:DISTRIBUTION TEM (SIDS)

ACCE!FUSION DOC . DATE: 97/07/1 0 NOTARY Z ED: YES DOCK FT NBR:'3707 180 2 1 2 FACA'~:STN-50-528 Palo Verde Nuclear Station,'Unit. 1, Arizona Publ,i 05000528 STN-50-529 Palo Verde 'Nuclear Station,"Unit 2, Ar'zona Publi 05000529 STN-50-530 Pa1o Verde Nuclear Station, Ua,'.t 3, Arizona Publi 05000530 AUTH. NAME'UTHOR AFFIIIATION LEVINE,J.M. Arizona Public Service Co. (formerly Arizona Nuclear Power RECIP.NAME RECiPIENT AFFILIATION Document Control Branch (Document Control Desk)

SUBJECT:

Forwards projected cash flow statements for PVNGS Participants,per .10CFR140.21(e},Cash flow statemement for El Paso Electric Co should be withheld from public disclosure, DISTRIBUTION CODE: MOOID TITIE: Insurance:

COPIES RECEIVED:LTR Indemnity/Endorsement L

Agreements ENCL  ! SIZE!++ /I5 NOTES:STANDARDIZED PLANT 05000528 Standardized plant. 05000529 G Standardized plant. 05000530 0

RECIPIENT COPIES RECiPIENT COPIES ID CODE/NAME LTTR ENCL ID CODE/NAME LTTR ENCL THOMAS,K 1 0 INTERNAL: CENTER 01 EXTERNAL: NRC PDR E

NOTE TO ALL NRIDSrI RECIPIENTS:

PLEASE HELP US TO REDUCE WASTE! CONTACT THE DOCUMENT CONTROL DESK/

ROOM OWFN 5D"5(EXT. 415-2083) TO ELIMINATE YOUR NAME FROM DISTRIBUTION LISTS FOR DOCUMENTS YOU DON'T NEED!

TOTAL NUMBER OF COPIES REQUIRED: LTTR 3 ENCL 2

l

"~ 4 *

• ~

Co rl~rn~lron, ecmy.

James M. Levine TEL (602)393-5300 Mail Station 7602 Palo Verde Nuclear Senior Vice President FAX (602)3934077. P.O. Box 52034 Generating Station Nuclear Phoenix, AZ 85072-2034 10CFR 140.21 (e) 102-03970 - JML/AKK/JRP July 10, 1997 U. S. Nuclear Regulatory Commission ATl N: Document Control Desk Mail Station P1-37 Washington, DC 20555-0001

Subject:

Palo Verde Nuclear Generating Station (PVNGS)

Units 1, 2, and 3 Docket Nos. STN 50-528/529/530 Licensee Guarantee of Payment of Deferred Premium Pursuant to the requirements of 10 CFR 140.21(e), Arizona Public Service Company (APS), for itself and on behalf of the PVNGS Participants, herewith submits the projected cash flow statements (enclosure). Please note that the projected cash flow statement for the El Paso Electric Company is considered a CONFIDENTIAL DOCUMENT, for which an affidavit is provided. The affidavit sets forth the basis on which the information may be withheld from public disclosure by the Commission and specifically addresses the considerations listed in 10CFR 2.790 (b) (1) (ii). Accordingly, it is requested that the El Paso Electric Company projected cash flow statement be withheld from public disclosure in accordance with 10CFR 2.790(b) (1).

Should you have any questions, please contact Scott A. Bauer at (602) 393 -5978.

Sincerely, JML/AKK/JRP/mah Enclosure cc: E. W. Merschoff K. E. Perkins K. M. Thomas F. L. Brush tQOOJd 9707i802i2 9707i0 PDR ADOCK 05000528,,'DR IIIIIII!Illlllllllllllllllllllllllllllll LI

1997 PRO FORMA CASH FLOW STATEMENT FOR PUBLIC SERVICE COMPANY OF NEW MEXIOC (EXCLUDINGNON-UTILITYSUBSIDIARIES)

• 1996 Actual Net Income AAer Taxes 72,580 77,929 Less Dividends Paid 15 560 20 596 Earnings Retained 57,020 57,333 Adjustmcnts:

Depreciation 4 Amortization 91,340 95,588 Dcfcrrcd Income Taxes Ec Invcstmcnt Tax Credits 26,960 2,172 Allowance for Equity Funds Used During Construction 0 0 Other, Nct ~39 162 ~14 437 TOTAL ADJUSTMENTS 79 138 83 323 INTERNALCASH FLOW 136 158 140 656 Avcragc Quarterly Cash Flow 34,040 35,164 Pcrccntagc Entitlcmcnt in all Nuclear Units:

Palo Verde Unit 1 10/2%

Palo Verde Unit 2 10/2%

Palo Vcrdc Unit 3 10.2%

'8Dollazs. inThousands BY:

Tom Satcgna Assistant Controller

0

'L j

I

\

INTERNAL .~H FLOW PROJECTION OF SALT RIVE OJECT (JOINT OWNER OF PALO VERDE NUCLEAR GENERATING STATION)

FOR FISCAL YEARS ENDED APRIL 30, 1996 and 1997

($ 000) 1996 1997 ACTUAL ACTUAL Net Income after taxes $ 94,376 $ 57,212 Less dividends paid:

Preferred dividend requirements Dividends on common stock Retained Earnings 94,376 57,212 Adjustments:

Depreciation and amortization 210,470 238,510 Deferred Income Taxes and Investment Tax Credits Allowance for Funds Used During Construction 9,584 8,743 Total Adjustments 220,054 247,253 Internal Cash Flow 314,430 304,465 Average Quarterly Cash Flow $ 78,608 $ 76,116 Percentage Ownership in all nuclear units Unit 1 17 49% 17 49 Unit 2 17 49 17 49%

Unit 3 17.49% 17 49%

I, Dean Yee, Corporate Treasurer of the Salt River Project Agricultural Improvement and Power District certify that the above figures are based upon our Accounting Records, and agree, as appropriate with our audited financial statements.

Dean Yee PVNGSICF.XLS6/1 3/97

(~

INTERNALCASHFLOW PROJECTION OF ARIZONA PUBLIC SERVICE COMPANY (Joint Owner Of Palo Verde Nuclear Generating Station'*)

($ 000) 1995 1996 1997 Actual Actual Est/Imate

1. Net Income After Taxes $ 239,570 $ 243,741 $ 239,156 Less:

2. Dividends Paid on Preferred Stock 19,134 17,416 13,796

3. Dividends Paid on Common Stock 170,000 170,000 170,000

4. Retained Earnings 50,436 56,325 55,360 Adjustments:

5. Value to market for office property 13,451

6. Accelerated Amortization of Regulatory Assets (1) 59,649 117.772

7. Depreciation and Amortization (2) 273,685 271,127 283,259

8. Deferred income Taxes 15,346 (12,717) (62,915)

9. Deferred ITC (Net) (27,641) (27,630) (27,630)

10. Allowance for Funds Used During Construction (Equity & Borrowed) (14,047) (14,718) (11,877)

11. Decommissioning (12,174) (11,115) (11,444)

12. Total Adjustments 248,620 264,596 287,165

13. Internal Cash Flow (Line 4+ Line 12) 299,056 320,921 342,525

14. Average Quarterly Cash Flow (Line 13/4) 74,764 80,230 85,631 NOTES: - Percentage '

Ownership in All Nuclear Units:

Unit 1 - 29.1%

Unit 2-29.1% (3)

Unit 3 - 29.1%

(1) Related to 4/96 ACC settlement agreement.

(2) Includes Nuclear Fuel Amortization.

(3) Includes the leased portion of Palo Verde Unit 2.

I, Gary Volkenant, Director of APS Financial Services certify that these cashflow calculations utilize the Company's approach to estimating cash flows for internal management reports and planning purposes. The 1995 and 1996 cashflows agree as appropriate with the Company's Audited Annual Reports. The 1997 estimate of cashflows is based on the 1997 Company Budg /The 1997 estimate does not reflect actua results to date, as the Budget is not revised to refl c anging condi 'ons.

G olkena Dir ctor, Fin nci Services, APS H.'ISNSSRVC%EOUESPCSHFLPROJCS

7 P