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 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

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VIRGINIA ELECTRIC AND POWER COMPANY

• RICHMOND ,VIRGINIA 23261 B.D.JonNsoN VICE PRESIDENT March 31, 1981 AND CONTROLLER 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 cer-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 with-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

VIRGINIA ELECTRIC AND POWER COMPANY STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended December 31 1980 1979 (Thousands of Dollars)

Operating Revenu~s:

Electric $475,524 $451,049 Gas 21,487 17,221 Total 497,0ll 468,270 Operating Expenses:

Operation - Fuel used in Electric generation 158,637 170,069

- Purchased and interchanged power 55,605 60,981

- Other 68,118 58,155 Maintenance 19,380 27,417

• Depreciation

• 35,171 31,075

• Amortization of abandoned project costs i,844 1,839 Taxes - Federal income 16,849 16,876

- Other 27,699 27,003 Total 383,303 3932415 Operating Income 113,708 74,855 Other Income:

Allowance for other f'unds used during construction 16,530 18,100 Miscellaneous, net 535 (25)

Income taxes associated with miscellaneous, net (426) (89)

Total 162639 17,986 Income before interest charges 130,347 92,841 Interest Charges:

Interest on long-term debt 64,392 54,705 Other 3,673 3,190 Allowance for borrowed f'unds used during-construction* (10,490) . (7,918)

Total 57,575 49,977 Net Income 72,772 42,86!1-Preferred and Preference Dividends 14,322 132952 Balance for Common Stock ~ 58,4'50 $ 2t\912 Common Stock - average for period (thousands of shares) 99,649 90,624 Earnings per share of Common Stock $ .59 $ .32 Cash Dividends paid per common share $ .35 $ .35

VIRGINIA.ELECTRIC ANTI POWER COMPANY 1981 ESTIMATED INTERl."\TAL CASH FLOW (Millions)

January April July October Thru Thru Thrll Thru 1981 March June §eptember December Total perating Revenues $539.1 $451.3 $568.4 $518.8 $2,077.6 ess: Operating Expenses 337.8 289.0 328_.6 303.4 1;258.8 Taxes Paid 15.2 45.4 19.0 41.5 121.1 Interest and Other Charges Paid 62.9 *64.9 68.2 59.2 255.2 Dividends Paid - Preferred and Preference 14.3 14.3 14.3 14.3 57.2

- Common Stock 35.0 35.2 35,5 35.8 141.5 Advance to Laurel Run Mining St1bsidiary (1.2) .5 1.0 6.2 6.5 Cancellation Charges 2.1 2.2 26.7 2.1 33.1 Change in Working Capital 22.4 J12.22 12.4 * (65.6) (50.7)

Internal Cash Flow 50.6 19.7 121.9 Proceeds from Sale of Bath County Facilities 166.2 3.1 Total Cash Flow $ 50.6 $*19.7 *. $125. 0 IB. 42 4.2.

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.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 securi-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 pro-vided herewith, curtailment of capital expenditures would not be required to cover the retrospective premium of $40 million ($10 million per oper-ating reactor) which is only 5% of the total 1981 capital requirements.

March 27, 1981