ML20206F613
| ML20206F613 | |
| Person / Time | |
|---|---|
| Site: | Palisades, Big Rock Point File:Consumers Energy icon.png |
| Issue date: | 12/31/1998 |
| From: | Haskell N CONSUMERS ENERGY CO. (FORMERLY CONSUMERS POWER CO.) |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| NUDOCS 9905060191 | |
| Download: ML20206F613 (70) | |
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%A o A CMS Enetgy Company Palisa&s Nuclear Plant Tet 616 764 2276 27780 Blue Star Memorial Highway fax: 616 764 2490 Covert. MI 49043 Director, licensing April 30,1999 f
U.S. Nuciear Regulatory Commission ATTN: Document Control Desk Washington, DC 20555 k i DOCKET 50555 - LICENSE DPR BIG ROCK POINT DOCKET 50-255 - LICENSE DPR PALISADES PLAET ,
1998 CONSUMERS ENERGY COMPANY ANNUAL REPORT '
I in accordance with the requirements of 10 CFR 50.71(b), attached is the 1998 Consumers Energy Company's annual financial report, including the certified financial I statements.
SUMMARY
OF COMMITMENTS This letter contains no new commitments and no revisions to existing commitments.
T Nathan L. Haskell f-Director, Licensing .
.CC Administrator, Region Ill, USNRC Palisades Project Manager, NRR, USNRC o"g-Big Rock Point Project Manager, NRR, USNRC \
NRC Resident inspector - Big Rock Point ,
NRC Resident inspector- Palisades )
. Attachment
. c..D
(. \b l P h 0 M 155 - 2 I L
U . .. .
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l ATTACHMENT CONSUMERS ENERGY COMPANY BIG ROCK POINT DOCKET 50-155 l
PALISADES PLANT 4 DOCKET 50-255 1 1998 CONSUMERS ENERGY COMPANY ANNUAL REPORT l
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Operating Statistics Electric Gas i Utility Utilid I
Business Description l CMS Energy's diversified Tweirth-largest imestor-owned electric company
- Fifth-lj
, , , in U.S.
- 1.6 mill Operations Integrate experience
- i.6 minion eiectric customer
- i30 hiil
- 7,200 megawatts of electric generating capacity amongl and skills to create a total 6ssm mues or transmission and distribution
- 25,txx)l
""** i international energy P P*""
I infrastructure company. !
1998 Operating Highlights
- Deinered 40 billion kilowatt-hours of electricity
- 1)elner
- . hided 23.000 new electrie customers
- Installa a Achiesed excellent plant .nailabihty ot b6 pei-
- knpleti cent at fossil pl.mts. Si percent at Pahsades clioice !
- \lalor I wales fn and (
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- Compe accordance with Michigan Public Service choice l Commission orders utilitie'
- Achiese electric reliability of less than 150
- lixpan<
outage minutes numbe)
- Increase generating plant availability to consud 87.4 percent
- Install!
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- Before intercompany chmm# ions. % 97 98 96 97 98 96
- Year.cnd 1998. Subsequent acquintions or m service dates have increawd net mdes to about 16,70lt
Independent Oil and Gas Exploration Gas i y Power Production and Production Storg 1
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rgest gas disiribution company in U.S.
- Fifth-largest U.S. deseloper and operator of Among the 30 largest independent oil and gas
- Intered fon gas customers independent power projects around the world companies in the U.S. *Procesl on cubic feet of working gas storage.
- Interests in 35 operating power plants totaling
- hiichigan's largest independent oil and gas
- Proces the largest in the U.S. 8,000 gross megawatts producer Michit niles of transmission and distribution
- 6,500 gross megawatts under development and
- Prosed reserves of 183 million net equivalent in construction barrels d 360 bdhon cubic feet of gas
- Completed Cl Merdo/a espansion and llegan gas producoon m lumsia, following Acqui:
1 27,000 new gasscruces upgrade mmplenon of pipehne consu ucnon Acqui ented pilot program to gne customers
- GMR Va,asi plant in inJh began opeianng = Increavd od and ge produenon by ~un.nuo (;as ai
'f gas suppber in 1 NS net equnalent banels nules i narkenng campaign produtcu record
- Won ughts to bmid 710 megawatt plant in llegan dn!hne hrsi ucl' m Cole d'imne Reach Apphance Seruce I'lans and Heating Abu Dhabi t first major eneigy prisati/ anon A nt rir ihng Solunons projeu m Umted Arab Emiratest 13s6 Rea h megawatt plant m India and 710 megawatt Comp plant in Mielugan
- Asquired 150 megawatts of generatmg capacuy in Vene/ucla e aggressisely for customers in pilot a llegin operation of the National Power Supply * !!egin construction of 2,500 tons / day
- Ilegin
>rograms operated by other Michigan plant in Thailand methanol plant in Equatorial Guinea pipelin
- Ilegin construction of 250 megawatt Neyveli
- Increase focus on U.S. onshore gas exploration
- Ilegin <
gas distribution system to increase plant in India and production opportunities in Texas, Trunki of customers and the volume of gas a llegin construction of 250 megawatts of gas- Oklahoma and Wyoming, to increase ChtS
- Contir ed fueled peaking units in hiichigan domestic gas reserves portin
'6,000 new gas services and 650 miles
- Ilegin construction of 710 megawatt cogenera-
- Drill exploratory wellin Cameroon northe tion plant in Michigan * !!egin ,
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m 20,000 miles of pipeline
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- Energy management and energy procure- kilowatt-hours largest volume of natural gas in ment services for industrial and commercial
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- Ntarkets the products of other ChtS a0iliates 35JXK) miles Goldfields pipchne in Australia
- Sold about MO bdhon cubic feet of natural
- Acquired 63 peicent ou nership interest 100 pereeni of Continental Natural gas and 7.000 pganatt-hour 3 of electricity in first electric distribution prnalization lieritage Gas Senices. with 4,000
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- Acquired ow nership interests in two encrp) Year" by leading business magazine as plants marketing firmt Premstar Locrgy Canada
- Increased ow nership position m Entre Rios agreement to acquire the Panhandle and Enhne I necg> Solutions boutheasiern I Argentina) utility es U.S L acquired the Penns)hania customers of Enenal
- Completed 560 energy management seruces pro.iect s cration of 585-mile GasAtacama
- Continue competing for gas customers in
- Focus on privatizations in tirazil, -
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- Improve operations in Venezuela by
- Gas and Trunkline LNG companies reducing technical energy losses, deseloping Tristate pipeline, trans- implementing training, eliminating
- anadian gas from Chicago to the operating redundancy and third-party
- ern U.S. outsourcing astruction of Powder River flasin ystems
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l To Our Shareholders:
The year 1998 was another good year for CMS Energy. While earnings increased significantly over 1997. they did not meet our expectations, due largely to warm winter weather and low oil prices.
Ilowever,1998 was an exceptional year of development for the future as
$6 billion of acquisitions and new "greenfield" projects were successfully secured.These projects involve more than S3.5 billion of CMS Energy invest-ment that will contribute greatly to our earnings growth over the next five years.
Net income in 1998 increased 17 percent to 5285 million, and earnings per share grew 11 percent to 52.65.
~
The common dividend was increased 10 percent to $1.32 annually-the sixth straight year of double-digit increases. This financial growth reflects strong performances by our
- - utility and diversified energy busi-nesses. Pretax operating income from C ONSOL ID AT E D diversified energy operations ~,r,~<o.
~
. increased 33 percent, even though our exploration and production 2as
- . . . business sutTered from the lowest 224
, oil prices in 13 years. l ,
In Michigan, where our i wiiimm r. Mccormick Jr. chairman ans cro tright>. Consumers Energy utility operates, '
Victor 1. E ryling President and C00 thft > . .
weather in 1998 was the warmest in more than 75 years. This dramatically " '7 "
reduced home heating sales and caused a 14 percent drop in total natural gas deliveries. Ilowever, electricity sales were strong, with deliveries increasing nearly 6 percent and operating earnings up 10 percent. That, and operational improve-E AHNING5 ments in both the gas and electric businesses, helped the utility increase pretax renssAn operating income nearly 3 percent. 26s IE 2 21 o
c ;
96 97 %
Acquisition Positions CMS Atop Midwest Market The single most important development for CMS Energy last year was l the agreement to acquire the Panhandle Companies for S2.2 billion--a I strategically important group of natural gas pipelines and related facilities.
The transaction wasjust completed in March of this year.
This purchase establishes CMS Energy as the premier energy company i serving the Midwest. The 10,400 miles of gas pipeline connect CMS produc-tion, gathering and processing facilities in the Texas and Oklahoma Panhandle with our Michigan gas distribution and storage operations. The result is a seamless energy network that covers the entire energy spectrum, l from the wellhead to the customer, from the Mid-Continent and South all umomos n n wam the way to the Midwest.
This diversity will give CMS Energy important advantages as the l l
,, country's utility industry is deregulated. That enbrt is already underway m l un Michigan, where Consumers Energy is midway through a three-year natural gas pilot program to test customer reaction.
Electric deregulation is also progressing in Michigan. In March of this year, the Michigan Public Service Commission issued a final order that
, phases in competition beginning this fall, while providing Consumers
'6 ' ' *
- Energy with full recovery of its stranded costs. The transition culminates in l 2002, when all customers will have the opportunity to shop among compet-ing electricity providers.
"^
,",".nu. Record Growth for Diversified Energy CMS Energy's nonutility energy business, of course, is already highly
. competitive. CMS Energy again in 1998 proved that it is an industry leader, "1 both in the U.S. and abroad.
New business development reached 56 billion of acquisitions and new l projects, including about S3.5 billion of CMS Energy investment. In addition to the Panhandle acquisition already discussed, these new acquisitions and I development projects by CMS Energy or CMS-led consortia include:
96 97 ss .
A Sl.6 billion,1,886 megawatt natural gas-fueled power plant and liquefied natural gas facility to be built in Tamil Nadu, India.
A 5700 million,710 megawatt natural gas-fueled power plant and 50 million gallons / day desalination project to be built in Abu Dhabi, United Arab Emirates.
A S300 million 710 megawatt natural gas-fueled cogeneration plant that will serve all the electric and steam needs of Ford Motor Company and Rouge Steel Company at the Rouge complex in
Dearborn,
Michigan. Excess electricity will be sold in the Midwest market.
- 4. CMS E Nt HGY COnPOH ATION
A S250 million interest in the 860-mile Goldfields Gas Transmission Pipeline in Western Australia.
A S400 million methanol production plant in Equatorial Guinea, western Africa, now under construction.
. The acquisition, for $153 million, of Continental Natural Gas, a Tulsa, Oklahoma-based gatherer and processor of natural gas, as well as fleritage Gas Services, a company specializing in gas gathering and processing.
The 563 million acquisition of SENECA, an electric utility serving Venezuela's Margarita Island. It has 90,000 customers and 150 megawatts of generating capacity.
PHITAM The 560 million acquisition of a 50 percent ownership in a 300 megawatt **naT =
tN f' OMt l coal-fueled cogeneration plant nearing completion in Thailand. -o, CMS Energy's success and growth have been widely recognized in the ha~"a'""a' energy industry. The Edison Electric Institute honored CMS Energy last year as g .q the single best perfbrmer in terms of total return to shareholders over the past [$N five years, presenting its 1998 eel 100 index of Investor-Owned Utilities Award. M; '
And Indepem/ent Diergy magazine honored CMS Energy as one of the Top Ten "2 Developers of 1998.
Outlook The Panhandle, Continental and Goldfields acquisitions will all contribute to earnings during 1999. The Thailand generating plant will begin operating, and we recently finished construction of tl e GMR Vasavi generating plant in India.
A 5 St f $
In addition, the GasAtacama pipeline and power project-one of the -",
largest energy projects in the world during the last several years-has just been ,,,_,,_,
completed. The pipeline transports natural gas from Argentina across the Andes f;,
Mountains to Chile's copper mining region. There, it fuels a generating plant that % p#,
Qy has a crucial price advantage in the energy-intensive copper industry. 4,gg*
As a result of all of these activities, we expect 1999 to be another year of us strong growth for CMS Energy.
None of the successes I have discussed here would be possible without the -
hard work of many talented and dedicated employees. We are proud of our 10,000 CMS people and the additional 2,500 partnership employees, and tSank them for their contributions.
Finally, we thank our lioard of Directors for their wise counsel and conti' - m mg support.
5 T% f William T. McCormick Jr.
Clutirman aml Chief Executive Officer
.i/ arch 29, /999
1 CMS ENERGY A Diversified Energy Infrastructure ,
Company.
CMS ENERGY OCCUPIES A UNIQUE PLACE IN Tile ENERGY INDUSTRY.
Our expertise is unmatched. It spans all fuels. It reaches across every stage, from exploration to transportation, production and distribution.
It stretches from start to finish-financing, developing and operating. ,
This diverse experience is coupled with a tightly focused strategy:
We concentrate our operations in strategic geographic growth regions with the political will and commitment to expand their economies and compete in the global marketplace. The biggest opportunities are in countries that have both a large unmet or fast-growing need for energy and a commitment to the infrastructure necessary to support development.
We target projects that provide growth opportunities for a number of our businesses, not just stand-alone projects.
We invest internationally with strong local partners and employ comprehensive risk management techniques.
nW e
- 6. CMS ENERGY CORPORATION
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l l North America CMS Energy provides a breadth of electricity and gas capabilities matched by few others in the United States.
The energy chain starts with CMS Energy's exploration and produc-tion business, CMS Oil and Gas. Already active in the U.S. Gulf Coast, the company has expanded its drilling focus into the Mid-Continent and the Rocky Mountain regions, which will provide new gas supplies for the Panhandle and Trunkline pipelines.
CMS Oil and Gas is already the largest natural gas producer in
/ , northern Michigan's Antrim shale fields. The company has developed spe-
[ cial production techniques to tap this unconventional gas source.
\
The gas is processed at CMS-operated facilities that also serve other producers. The plants exceeded design capacity in 1998, peaking at 357 mil-omsumers cncryy lion cubic feet per day.
imprused its vecruime rcr/ arm.mce The company is using its Antrim expertise with unconventional gas j u hile adamy a supplies to develop 500,000 acres in the Powder River Basin in Montana
!!CH' ( U110lllCr5 and Wyoming. Natural gas will b produced from fractured coal seams and )
I then will be directed into a new gat'tering system to be built aad owned by i CMS Energy.
Strong Transportation Link to Markets l CMS Energy's extensive gathering, processing, storage and transportation network moves natural gas from the Mid-Continent, Gulf Coast and l
Canada to markets throughout the Midwest and eastern U.S. l I
Acquisition of the Panhandle Companies is an important addition.
Built in part to serve Consumers Energy, its pipeline system is already con-nected to the utility's gas distribution and storage system in Michigan.
Its operations complement CMS Energy's purchase of Continental l
Natural Gas and fleritage Gas Services earlier in 1998. These companies purchase, gather, process and market natural gas and natural gas liquids produced in Texas and Oklahoma.
- 8. (N5 E NE RGY CORPOR Ah0N
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l The proposed Tristate pipeline progressed in 1998, signing long-term transportation agreements for about two-thirds of its projected capacity. [ f Tristate will connect the Chicago area with Michigan and pipelines moving e natural gas to eastern U.S. markets. { c i ' t Utility Operations The cornerstone of CMS Energy's domestic operations continues to be oriwn br a Consumers Energy. The company provides electricity and natural gas to urong unnomy. 3.2 million customers throughout the state's Lower Peninsula. Lonwmcrs Energy. a clurric deliwrics Consumers Energy improved its operating performance again in 1998. increased Operating and maintenance expenses ranked among the lowest of the i o f>cr<cni. nation's large utilities. Gas leak response time-already an industry bench-mark-improved to an average of 27 minutes. l l Driven by a strong Michigan economy, electric deliveries rose 6 percent to 40 billion kilowatt-hours. The warmest winter weather since 1921 depressed the heating market and gas sales. Gas deliveries declined 14 percent to 360 billion cubic feet. ! i Consumers Energy successfully completed the lirst year of a pilot pro-l l gram that tests natural gas deregulation. The experiment lets a limited num-1 ber of customers shop elsewhere for their gas supply. Approximately 100,000 l customers participated during 1998, the full amount allowed for the year. 7'he nonutitu3 in March 1999, the Michigan Public Service Commission issued gas transmissi"" system grew a final order that phases in electrie deregulation. Beginning this fall, a as a result of limited number of customers will be able to buy electricity from alternate acquisitions in the us suppliers. By 2002, all customers will be able to participate. Energy Production Consumers Energy's generating plants had excellent availability in 1998-86 percent at fossil plants and 81 percent at the Palisades nuclear plant.
- 12. CMS E NE RGY CORPOR AHON
I I l l A partnership led by CMS Energy's independent power generation business has started building the first large-scale power plant to be located in l Michigan since 1990. This 710 megawatt plant will be located in
Dearborn,
at an automotive and steel manufacturing complex operated by Ford Motor and Rouge Steel. Excess electricity will be sold to industrial customers or utilities. The project includes a peaking turbine, scheduled to begin operating this summer. Elsewhere in the state, CMS Energy plans to add about 250 mega-
~
watts of gas-fired peaking plants, Ibr use primarily in summer months.
^
CMS Energy's existing independent power plants performed well last year. Its U.S. facilities total about 2,200 megawatts, with the majority of them located in the northeastern part of the country. Four of the plants set l lifetime records fbr earnings and three set records for availability or capacity. The 1,370 megawatt Midland Cogeneration Venture also marked a cus I:,u rgy's record year, setting a lifetime record Ibr earnings and averaging 99 percent '""'A r'i"0"* sidiary wid nearly availability on its 1,240 megawatt contract to Consumers Energy. cfya, ,j,,,c, as ,n,y h clectriatr as the
, previous year.
Energy Marketing and Services CMS Marketing, Services and Trading (CMS MST) dramatically increased the volumes of commodities marketed in 1998. The amount of electricity marketed increased eightfbid from the previous year to about 7,000 gigawatt-hours, enough to power Boston, Atlanta and Detroit for one year. Other volumes included 370 billion cubic feet of natural gas,22 million barrels of oil and nearly 1.2 million barrels of natural gas liquids. The energy services business grew substantially. with 560 energy services assignments performed. The company also made inroads into new markets in Canada, Pennsylvania and the southeastern U.S. CMS MST has been active in Pennsylvania's deregulated electricity market, and in 1998 acquired the assets of an energy marketing firm that has more than 300 ! commercial and industrial customers in the western part of the state.
- 13. CMS E NE RGY CORPOR ATION
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South America With its aggressive pursuit of energy privatization and important position in the 200 million population Mercosur market. Argentina has been a showcase for CMS Energy. GasAtacama, the $750 million pipeline and power plant project,is the most recent achievement. The pipeline carries, for the first time, nat-ural gas from northern Argentina's production fields,585 miles across the Andes Mountains to the Pacific coast of northern Chile. There, the gas fuels a CMS generating plant that will substantially lower the cost of elec-tricity to the region. The pipeline was built in just 14 months. The power plant's first unit will produce 355 megawatts; ultimately, , - the plant will be expanded to 740 megawatts. Customers include electrie dis-tribution utilities in the north and Minera Escondida, which is expanding operations to become the world's largest copper mine. Between 50 and 60 percent of the pipeline's capacity is already under contract. In addition to the power plant, gas customers include Chilean c.its Encrufsfirst gre entieldplant distribution company Chilquinta S.A., which is planning to build a natural jy smy3 3,,,jrg, gas distribution system in the region. c.its en3cnada. ran wellin CMS Energy also is part owner of the 3,100-mile Transportadora de ,,g ,g g ,gg, Gas del Norte (TGN), one of Argentina's primary high-pressure pipeline "/ "ecrati"n-systems. TGN expanded capacity by 17 percent in 1998 to 1.5 billion cubic feet per day. This spring, TGN will build a 270-mile pipeline connecting Argentina with Brazilian markets. It will be the first direct connection between pipeline systems in the two countries. TGN also supplies gas to CMS Energy's Mendoza generating plant. In 1998. CMS completed refurbishing the plant and doubling its capacity to 540 megawatts. Four turbines were converted to natural gas and a high-elliciency combined-cycle gas turbine was installed.
- 15. CMS E NE RGY CORPOR ATION
l l 1 I CMS Energy's other Argentine generating plants are operating well. Plentiful water helped the El Chocon and Arroyito hydro plants operate at almost full capacity for the first half of 1998. CMS Ensenada completed its first full year of operation, supplying steam and electricity to YPFs largest Argentine refinery. EDEERSA, CMS Energy's electrie distribution company about 3(X) miles northeast of Buenos Aires, improved its operating perfbrmance. Although a cold summer and warm winter slowed energy sales, operating elliciencies reduced the impact of weather. EDEERSA saved Si million by reducing purchased power costs. CMS Energy also completed its first full year of ownership interest in Brazilian electrie distribution companies Cataguazes and Energipe. Their operating and maintenance cost per customer outperfbrmed the aver-age 11razilian utility's cost by 38 percent. Cataguazes was named " Utility of the Year" by 3/odern liicctricity. The Trainr"riadora in recognition of commercial and technical performance and low energy de Gas del Norte
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losses. Energipe president Marcelo Silveira da Rocha was named the state
.irgenm,a hax of Sergipe's " Outstanding Executive of the Year" by a leading Brazilian busi-gron n by .'O pcri cnt ,
,jy, ,. j yy , ness magazme.
CMS Energy also purchased the Venezuelan electrie distribution company, SENECA. It senes over 90,000 customers on Margarita Island, which has a tourism-based economy. The utility acquisition included a 150 megawatt power plant. Venezuela holds promise Ihr the company's oil and gas exploration and production activities. Three newly completed wells in the Colon Block in western Venezuela helped push gross production in the block to more than 12,(X)0 barrels of oil per day. Performance in the Oriente Block in Ecuador was also outstanding. Production increased to 50.0(X) barrels of oil per day, limited by a lack of pipeline capacity, while production costs were held to 52.36 per barrel.
- 16. CNS E NE PGv ConPOH ADON
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