ML18139B220

Forwards Annual Financial Rept,1980,comparative Statement of Income for Three Months Ending 801231,internal Cash Flow Projection for CY81 & Statement Ensuring Availability of Funds for Payment of Retrospective Premium

ML18139B220
Person / Time
Site:	Surry, North Anna
Issue date:	03/31/1981
From:	JOHNSON B D VIRGINIA POWER (VIRGINIA ELECTRIC & POWER CO.)
To:	SALTZMAN J Office of Nuclear Reactor Regulation
Shared Package
ML18130A329	List: ML18130A328 ML18139B220
References
165, NUDOCS 8104030376
Download: ML18139B220 (5)

Text

.* B.D.JonNsoN VICE PRESIDENT AND CONTROLLER

• , VIRGINIA ELECTRIC AND POWER COMPANY RICHMOND ,VIRGINIA 23261 March 31, 1981 Mr. Jerome Saltzman, Chief Antitrust

& Indemnity Group Office of Nuclear Reactor Regulat~on Nuclear Regulatory Commission Washington, D.C. 20555

• Serial No. 165

Dear Mr. Saltzman:

Pursuant to the guarantee requirements set forth in alternative 5 of Commission's letter dated June 15, 1977, regarding implementation of tain provisions of the 1975 amendments to the Price-Anderson Act (Public Law 94-197) relating to the retrospective premium system, we are providing, herewith~

the following:

1. Annual Report to Shareowners for 1980. 2. Comparative Statement of Income for the three months ended December 31, 1980. 3. Internal cash flow projection for calendar year 1981 with certification by officer of the Company. 4. Statement ensuring availability of f'unds for payment of retrospective premium out curtailment of construction expenditures.

In accordance with the regulations, we are not submitting the $1,000 fee. Our Indemnity Fees for Surry Units One and Two and North Anna Units One and Two have been paid and are well in excess of $1,000. Very truly yours, Enclosures

• 8 1 0 4 0 3 03 t/at Operating Revenu~s:

Electric Gas Total Operating Expenses:

VIRGINIA ELECTRIC AND POWER COMPANY STATEMENTS OF INCOME (UNAUDITED)

Operation

-Fuel used in Electric generation

-Purchased and interchanged power -Other Maintenance Depreciation Amortization of abandoned project costs Taxes -Federal income -Other Total Operating Income Other Income: Allowance for other f'unds used during construction Miscellaneous, net Income taxes associated with miscellaneous, net Total Income before interest charges Interest Charges: Interest on long-term debt Other Allowance for borrowed f'unds used during-construction*

Total Net Income Preferred and Preference Dividends Balance for Common Stock Common Stock -average for period (thousands of shares) Earnings per share of Common Stock Cash Dividends paid per common share Three Months Ended December 31 1980 1979 (Thousands of Dollars) $475,524 $451,049 21,487 497,0ll 17,221 468,270 158,637 170,069 55,605 60,981 68,118 58,155 19,380 27,417 *

• 35,171 31,075

• i,844 1,839 16,849 16,876 27,699 383,303 27,003 3932415 113,708 74,855 16,530 18,100 535 (25) (426) (89) 162639 17,986 130,347 92,841 64,392 54,705 3,673 3,190 (10,490) . (7,918) 57,575 49,977 72,772 42,86!1-14,322 132952 58,4'50 $ 2t\912 99,649 90,624 $ .59 $ .32 $ .35 $ .35 VIRGINIA.ELECTRIC ANTI POWER COMPANY 1981 ESTIMATED INTERl."\TAL CASH FLOW (Millions)

January April July Thru Thru Thrll March June §eptember perating Revenues $539.1 $451.3 $568.4 ess: Operating Expenses Taxes Paid Interest and Other Charges Paid Dividends Paid -Preferred and Preference

-Common Stock Advance to Laurel Run Mining St1bsidiary Cancellation Charges Change in Working Capital Internal Cash Flow Proceeds from Sale of Bath County Facilities Total Cash Flow 337.8 289.0 328_.6 15.2 45.4 19.0 62.9 *64.9 68.2 14.3 14.3 14.3 35.0 35.2 35,5 (1.2) .5 1.0 2.1 2.2 26.7 22.4 J12.22 12.4 50.6 19.7 166.2 $ 50.6 $*19.7 October Thru December $518.8 303.4 41.5 59.2 14.3 35.8 6.2 2.1 * (65.6) 121.9 3.1 *. $125. 0 1981 Total $2,077.6 1;258.8 121.1 255.2 57.2 141.5 6.5 33.1 (50.7) IB 4 4 .. ' . 2 .2.

.. _,,.:~.' -----.. * **:c::.* .. --.. *' _,_ **---* . ___ ,_____ **--.... , ... ,.,, .. ** ----....... --. -.-~-_**: .. -. ~--:_*. _* . .i~:£.:",,A%';.;~ .Al, VIRGINIA ELECTRIC AND POWER COMPANY CERTIFICATE I, the undersigned B .. D. Johnson, do hereby certify, pursuant to the guarantee req_uirements set forth in the Commission's letter dated June 15, 1977, that the cash flow projection for 1981, provided herewith, is based on the best available information and is a reasonably accurate projection of the Company's 1981 cash flow. March 2 7, 1981 and Controller

e. VIRGINIA ELECTRIC AND POWER COMPANY STATEMENT The Company currently estimates 1981 construction expenditures to be $643 million. In addition, the Company must.provide

$124 million for refunding and mandatory sinking fund payments.

Of the $767 million required, about $197 million will be raised through the sale of ties, and about $169 million is expected from the sale 9f a portion of . the Bath County Pumped Storage Project. The Company is reasonably assured that, based on the best available cash flow projections which are vided herewith, curtailment of capital expenditures would not be required to cover the retrospective premium of $40 million ($10 million per ating reactor) which is only 5% of the total 1981 capital requirements.

March 27, 1981