ML19257A778

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Forwards Annual Rept 1978.Submits Earnings Statement for Quarter Ending 781231,1-yr Internal Cash Flow Projection for 1979 & Actual Cash Flow for 1978,per Price-Anderson Act Requirements
ML19257A778
Person / Time
Site: Beaver Valley
Issue date: 03/28/1979
From: Wilson M
PENNSYLVANIA POWER CO.
To: Saltzman J
NRC OFFICE OF THE EXECUTIVE LEGAL DIRECTOR (OELD)
Shared Package
ML19257A779 List:
References
NUDOCS 8001080427
Download: ML19257A778 (3)


Text

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PENNSYLVANIA POWER COMPANY 1 EAST WA$HINGTON STREET NEW CASTLE. PA. 16103

  • 412 652 5531 M. L WILSON TREASUAER I! arch 28, 1979 U. S. Nuclear Regulatory Co= mission

--Washington, DC 20555 Artention: lir. Jerome Saltzman, Chief Antitrust ard Indemnity Group, Nuclear Reactor Regulation

Subject:

Docket No. 50-334 - Beaver Valley Power Station Unit No. 1 Centle=en:

Pursuant to our election of alternative No. 5, regarding tha Price-Anderson Act retrospective praatun systen guarantee requirements, and the applicable requirement for annual submittals pertaining to the reiluirements, you will find enclosed:

1. A copy of our 1978 annual Report to Stockholders which includes financial statements certified by our independent public accountants;
2. A copy of our earnings statement for the quarter ended Dececher 31, 1978; and
3. A one-year internal cash flow projection for 1979, and the actual cash flov for 1973. This state =ent indicated that

$1,750,000, our portion of the $10 million retrospective prendums for the unit in question, would be available for the payment of such premiums.

With respect to item No. 4 of alternative No. 5, please be advised that the cash flow projection indicates that no capital expenditure cur mf1-ent would have to take place in order to make the retrospective premium available for payment.

k cause Pennsylvania Pcuer Company is currently paying an indennity fee which is greater than $1,000, it is our understanding that payment of the $1,000 mini =u:a annual inde=nity fee is not accessary, as the guarantee of payment of deferred premiums for its operating reactors.

Very truly yours, EW: dam ./

Enclosures 1705 .51J so o 1 0 80 '/N

PENNSYLVANIA POWER COMPANY Incoce Statecent for 3 }bnchs Ended December 31, 1978 (Dollars in Thousands)

(See Note 1)

Operating Revenues $35,905 Operation and Maintenance Expenses 21,925 Provision for Depreciation 3,033 Taxes - General 2,093

- Federal Income (5)

- - State Income 20

- Federal and State Income Taxes Deferred - Nec 744

- Investment Tax Credit - Net 607 Operating Income 7,488 Other Income and Deductions:

Allowance for Other Funds Used During Construction 1,501 Hiscellaneous, Less Applicable Income Taxes - Net 7 Total 1,508 Total Income 8,996 Interest and Other Charges:

Interest on Long-Term Debt 4,013 Amortization of Debt Discount, Premium and Expense - Net 29 Other Interest Expense 609 Allowance for Borrowed Funds Used During Construction - Credit (856)

Net Incoce (Before Preferred Stock Dividend Requirements) 5,201 Preferred Stock Dividend Requirements 1,165 Net Income for Coc=on Stock $ 4,036 Shares of Coccon Stock Outstanding - Average During Period 3,810,000 NOTE: (1) This statement is on the basis of interim figures and is subject to audit and adjusteents.

1705 312

e PENNSYLVANIA POER COMPANY 1979 Interna.1 Cash Flow Projection for Beaver Vallev Power Station Unit No. 1 (Dollars in Thousands)

Prior Year Projection Actual Total Year Total Net Income After Taxes $10,327 $14,200 Less: Dividands Paid 5,452 8,300 Retained Earnings 4,875 5,900 Adjustments:

Depreciation and Amortization 11,887 13,800 Deferred Income Taxes and Investment Tax Credits 1,893 '5,500 Allowance for Funds Used During Construction (4,592) (8,300)

Total Adjustments 9,188 11,000 Internal Cash Flow $14,063- $16,900 iverage Quarterly Cash Flow $ 3,516 $ 4,225 Percentage Ownership in Nuclear Unit 17.5%

Maximum Total Contingent Liability $1,750 T705 30

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