ML042390135
| ML042390135 | |
| Person / Time | |
|---|---|
| Site: | Palo Verde  |
| Issue date: | 08/13/2004 |
| From: | Bauer S Arizona Public Service Co |
| To: | Document Control Desk, Office of Nuclear Reactor Regulation |
| References | |
| 102-05139-SAB/TNW/CJJ | |
| Download: ML042390135 (18) | |
Text
I. A4 Scott A. Bauer 10 CFR 140.21(e)
Department Leader Regulatory Affairs Tel: 623/393-5978 Mail Station 7636 Palo Verde Nuclear Fax: 623/393-5442 P.O. Box 52034 Generating Station e-mail: sbauer~apsc.com Phoenix, AZ 85072-2034 102-05139-SAB/TNW/CJJ August 13, 2004 U.S. Nuclear Regulatory Commission ATTN: Document Control Desk Mail Station: P1-37 Washington, DC 20555-0001
Dear Sir:
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, has enclosed projected cash flow statements for each participant, except Southern California Edison, who submitted their Statement to the NRC in a letter dated 5/13/04.
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 Commission may withhold the information from public disclosure. Accordingly, it is requested that the El Paso Electric Company projected cash flow statement be withheld from public disclosure.
No commitments are being made to the NRC in this letter. If you have any questions, please contact Thomas N. Weber at (623) 393-5764.
Sincerely, SAB/TNW/CJJ Enclosure cc:
B. S. Mallett (all w/o enclosure)
M. B. Fields N. L. Salgado eel
Enclosure Cash Flow Statements for:
Arizona Public Service Company Salt River Project Public Service Company of New Mexico Los Angles Department of Water & Power Southern California Public Power Authority El Paso Electric Company
Confidential INTERNAL CASHFLOW PROJECTION OF ARIZONA PUBLIC SERVICE COMPANY (Joint Owner Of Palo Verde Nuclear Generating Station-)
($000) 2004 Estimate
- 1. Net Income After Taxes - Continuing Operations (4)
Less:
- 2.
Non-Cash Extraordinary Charge After Deferred Income Tax
- 3.
Dividends Paid on Preferred Stock (4)
- 4.
Dividends Paid on Common Stock (4)
- 5. Retained Earnings (4)
Adjustments:
- 6.
Amortization of Regulatory Assets (1) 18,000
- 7.
Depredation and Amortization (2) 352,060
- 8.
Deferred Income Taxes 28,402
- 9.
Allowance for Funds Used During Construction (Equity & Borrowed)
(14,859)
- 10.
Decommissioning (11,444)
- 11. Total Adjustments 372,159
- 12. Internal Cash Flow (Line 5 + Une 14)
(4)
- 13. Average Quarterly Cash Flow (Line 1514)
(4)
NOTES:
- Percentage Ownership In All Nuclear Units:
Unit 1 - 29.1%
Unit 2 - 29.1% (3)
Unit 3 - 29.1%
(1) Related to 5/99 ACC settlement agreement.
(2) Includes Nuclear Fuel Amortization.
(3)
Includes the leased portion of Palo Verde Unit 2.
(4) Company policy prohibits disclosure of financial forecast data which will enable earnings or dividend forecasts by unauthorized persons, unless assured of confidentiality.
I, Donald E. Brandt, Executive Vice President and CFO of APS, certify that these cashflow calculations utilize the Company's approach to estimating cash flows for Internal management reports and planning purposes. The 2004 estimate of cashflows Is based on the 2004 Company Budget. The 2004 estimate does not reflect actual results to date, as the Budget Is not revised to reflect changing conditions.
Executive Vice President and CFO of APS CSHFLPRO_2004
INTERNAL CASH FLOW PROJECTION OF SALT RIVER PROJECT (JOINT OWNER OF PALO VERDE NUCLEAR GENERATING STATION)
FOR FISCAL YEARS ENDED APRIL 30, 2004 AND 2003
($000)
Net Income After Taxes Less Dividends Paid:
Preferred Dividend Requirements Dividends on common Stock Retained Earnings Adjustments:
Depreciation and Amortization Deferred Income Taxes and Investment Tax Credits Allowance for Funds Used During Construction Cumulative Effect of Change in Accounting Principle Total Adjustments Internal Cash Flow Average Quarterly Cash Flow Percentage Ownership in all Nuclear Units Unit 1 Unit 2 Unit 3 2004 2003 ACTUAL ACTUAL 112,220 $
46,669 112,220 46,669 417,522 435,815 23,327 16,770 10,707 6,728 451,556 459,313 563,776 505,982 140,944 $
126,496 17.49%
- 17.49%
17.49%
17.49%
17.49%
17.49%
I, Scott Farmer, Manager of Corporate Accounting Services of the Salt River 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.
Scott Farmer
2004 PRO FORMA CASH FLOW STATEMENT FOR PUBLIC SERVICE COMPANY OF NEW MEXICO (EXCLUDING NON-UTILITY SUBSIDIARIES)
Net Income After Taxes Less Dividends Paid Earnings Retained Adjustments:
Depreciation & Amortization Deferred Income Taxes & ADITC AFUDC Other, Net Total Adjustments 2003 Proiected (InThousands)
(1)
(1)
(1) 2004 Projected (InThousands)
(1)
(1)
(1) 139,200 21,300 0
-72,000 88,500 141,848 85,869 4,517
-10.342 221892 INTERNAL CASH FLOW Average Quarterly Cash Flow (1)
(1)
(1)
(1)
(1) Financial Forecast data which will enable earnings or dividend forecasts by unauthorized persons is not provided.
Percentage Entitlement in all Nuclear Units:
Palo Verde Unit 1 -
10.2%
Palo Verde Unit 2 -
10.2%
Palo Verde Unit 3 -
10.2%
I, John Loyack, Vice President and Controller, PNM Resources, Inc., certify that these cash flow calculations utilize the Company's approach to estimating cash flows for internal management reports and planning purposes.
JoS Vic e Sr.
2id h/ief Financial Officer
LOS ANGELES DEPARTMENT OF WATER & POWER 2004 Internal Cash Flow Projection For Palo Verde Nuclear Power Station 2002-03 Actual 2003-04 Projection In thousands Net Income Transfer to the City Adjustments:
Depreciation & amortization Allowance for funds used during construction Total Adjustments Internal Cash Flow 253,077 174,400 (185,358)
(210,200) 67,719 (35,800) 268,612 276,400 (1,799)
(1,900) 266,813 274,500 S
334,532 S 238,700 IntemalCashFlowforPV/CashFlow 03-04 6/3/204
Southern California Public Power Authority Combined Financial Statements March 31, 2004 and 2003 (Unaudited)
Southern California Public Power Authority Combined Financial Statements (Unaudited)
Index Pages Management's Discussion and Analysis..................................................
3-6 Combined Financial Statements:
Combined Statements of Net Assets (Deficit) March 31, 2004........................ 7 Combined Statements of Net Assets (Deficit) March 31, 2003.........................8 Combined Statements of Revenues, Expenses and Changes in Net Assets (Deficit) for the Nine Months Ended March 31, 2004...............................................
9 Combined Statements of Revenues, Expenses and Changes in Net Assets (Deficit) for the Nine Months Ended March 31, 2003..............................................
10 Combined Statements of Cash Flows for the Nine Months Ended March 31, 2004...............................................
11 Combined Statements of Cash Flows for the Nine Months Ended March 31, 2003..............................................
12
Management's Discussion and Analysis Method of Accounting The accounting records of the Authority are maintained in accordance with accounting principles generally accepted in the United States of America. In prior years, the Authority, as a government-owned utility, applied all statements issued by the Governmental Accounting Standards Board (GASB) and all statements and interpretations issued by the Financial Accounting Standards Board (FASB) which were not in conflict with statements issued by the GASB. Effective July 1, 2002, the Authority changed its election under the guidance in GASB Statement No. 20, Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities that Use Proprietary Fund Accounting, to follow all GASB statements and only FASB statements and interpretations issued before November 30, 1989.
Accounting Changes Change in Election of Application of GASB 20 Effective July 1, 2002, the Authority changed its election under the guidance in GASB 20 and no longer follows FASB statements issued after November 30, 1989. The impact on the Authority's financial statements as a result of this change was the discontinuation of the application of FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities (FASB 133). The Autnority adopted FASB 133 in fiscal year 2001 and consequently began reporting its derivative instruments at fair value. With this accounting change, the Authority is no longer required to report its derivative instruments at fair value under the guidance applicable to state and local govemments. The Authority restated its prior year financial statements to retroactively apply this change in election under GASB 20. The Authority believes that this was a change to a preferable method of accounting. The restatement of the March 31, 2003 financial statements was limited to the Southern Transmission System Project ("STS"), as it was the only project with derivative instruments.
Included in the derivative commitments caption in the prior years was the $7.9 million premium received by the Authority in consideration for entering into an agreement whereby the Authority sold an option ("the Swaption") on a floating-to-fixed interest rate swap. Previously the value of this option was recorded at fair value; however, with this change in accounting principle, it is now reported as part of the debt value and amortized to interest expense as a downward yield adjustment over the life of the related debt.
The table on the following page summarizes the impact on the combined financial statements from this change in accounting principle.
3
Management's Discussion and Analysis (Continued)
As Previously Reported Adjustments As Restated March 31, 2003 Combined Statements of Net Assets (Deficit)
Long-term debt 2,100,388 $
6,940
$ 2,107,328 Derivative Commitments 135,745 $
(135,745)
Net Assets (Deficit)
(234,231) $
(128,805)
$ (105,426)
Combined Statements of Revenues. Expenses and Changes In Net Assets (Deficit)
Nine months ended March 31, 2003 Debt expense (117.771) $
332 (117,439)
Unrealized loss on derivative commitment (36,050) $
36,050 Net assets (Deficit) - beginning of year (June 30, 2002)
(285,632) $
92,423 (193,209)
The fair values of the outstanding swaps as of March 31, 2004, are shown below:
Estimated Fair Value of Swap Agreements (Amounts in thousands)
March 31, December 31, September 30, June 30, 2004 2003 2003 2003 1991 Swap 2000 Swap 2001 Swap 2003 Swap (88,870)
(27,388)
(11,892)
(1.017
$ (83,082)
(24,507)
(10,873) 301
$ (89,401)
(27,442)
(12,205)
(439)
$ (100,134)
(31,398)
(14,470)
(2.068)
(1 29,167 (118,161)
(129,487).
(1 48,070)
Using This Financial Report This unaudited financial report consists of a series of financial statements and reflects the self-supporting activities of the Authority that are funded primarily through the sale of energy and transmission services to member agencies under project specific "take or pay" contracts that require each member agency to pay its proportionate share of operating and maintenance expenses and debt service with respect to such projects.
Combined Statements of Net Assets, Combined Statements of Revenues, Expenses and Changes in Net Assets (Deficit), and Combined Statements of Cash Flows The Combined Financial Statements provide an indication of the Authority's financial health.
The Combined Statements of Net Assets (Deficit) include all of the Authority's assets and 4
Management's Discussion and Analysis (Continued) liabilities, using an accrual basis of accounting, as well as an indication about which assets can be utilized for general purposes and which assets are restricted as a result of bond covenants and other commitments. The Combined Statements of Revenues, Expenses and Changes in Net Assets (Deficit) report all of the revenues and expenses during the time periods indicated.
The Combined Statements of Cash Flows report the cash provided and used by operating activities, as well as other cash sources such as investment income and cash payments for principal and interest on debt, capital additions and betterments.
The following table summarizes the financial condition and changes in Net assets (Deficit) of the Authority as of and for the nine months ended March 31, 2004 and 2003 (amounts in thousands):
Summary of Financial Condition and Changes in Net assets (Deficit)
March 31, 2004 Assets Utility Plant Investments Cash and cash equivalents Other 926,045 1,380,073 88,444 93,098 2003 828,225 1,190,031 115,739 90,620 2,487,660 2,224,615 Liabilities and Fund Not Assets Long-term debt Current liabilities 2,371,255 227,120
$ 2,107,328 222,713 2,598,375 2,330,041 Net assets (deficit):
Invested in capital assets, net of related debt Restricted assets Unrestricted assets Total net deficit (1,118,801) 993,659 14,427 (110,715)
(1,112,155) 987,708 19,021 (105,426) 2,487,660 2,224,615 Revenues, Expenses and Changes In Net Assets Operating revenues Operating expenses Net operating Income Investment income Debt expenses Extraordinary loss on debt refunding Increase (decrease) in net assets (deficit)
Beginning balance of net deficit Net withdrawals by participants 236,419 (125,299) 111,120 56,226 (108,432) 58,914 (126,415)
(43,214) 264,043 (131,384) 132,659 93,133 (117,439)
(965) 107,388 (193,209)
(19,605)
Ending balance of net deficit (110,715)
(105,426) 5
Management's Discussion and Analysis (Continued)
Net Deficit -
The Authority's Net Deficit increased by $5 million mainly due to the increase in the Assets of $263 million and an increase in the Liabilities of $268 million.
The increase in the Authority's Assets is due to increases in the following:
Utility Plant - increased by $98 million. This is primarily from the continued construction of the Magnolia Power Project.
Investments - increased by $190 million.
This increase is largely from the Investments of proceeds of the Magnolia Power Project Revenue Bonds issued last April 2003 and also from participants' contributions to the Deposit Installment Escrow Fund and Decommissioning Funds of the Palo Verde Project.
Cash and cash equivalents and other - decreased by $25 million. The decrease is mainly due to participant withdrawals in the Project Stabilization Funds when compared to same period last year.
The increase in the Authority's Liabilities of $268 million is primarily from the increase in Long-term debt due to the issuance of the Magnolia Power Project Revenue Bonds.
Net Operating Income -
The Operating Income decreased by $21 million when compared to the same period last year primarily due to lower billings to the Palo Verde Project and San Juan Unit 3 Project participants. The lower billings in Palo Verde Project reflect the use of savings from the 1993 bond escrow restructuring. The lower billings in San Juan Unit 3 Project this year compared to last year is due to the $9.9 million included in last year's budget for coal contract buyout.
Investment income -
Investment income decreased by $36 million due to lower unrealized gain from recorded market value of Escrow accounts in the Palo Verde Project.
6
Southern California Public Power Authority Combined Statements of Net Assets (Deficit)
(Amounts in thousands)
Mach 31. 2004 Southern Hoover lead-Mead-Multipte Magnolia Projecs PaloVerde Transmission Uprsting Phoenix Adeianto Prokj San Juan Power Sta tion PronAec Syntem Proect Prokect Project Project Fund Prolecd Proiect Fund Total ASSETS Nonrrent aets Utty plart Production Tramsrmhslon General Less - A r m ated deqredatlon Construction work In progress Nuriear
- e. at votized cost Net Ltaity narn Special hinds Restricted Irrwestinents Esow accrunts Decwrnissioninog tund Other tunds Urnestriced Investmernts Other fnids Total special 1unds Other noncsurrent Assets Advance to PA - resitdted Advances for Cpctdty d energy.
net. restricted Unamorized debt espenses Totlr ether tronturrent assets Total nonarrent assets Current Assets Special funds Cash and Cash equivalents. restrded Cash and cash quivalenrts - unrestrlcted Interest receivable Acorunts recelvabe Dut fhm rsOher 4prect. restricted Materials and suppies Total crnrent assets Total assets LiAILiTiES Noncurrent labiiities tLog-term debt Commnstrenets and ritingenrties (Note 7)
Total rtoncurrent Eatbrites Current liablies:
Debt due w4itln one year Accrued kierest Accoruts pyable and accruals Accrued pertY tla Coal ctraat bsyeout Due lo Otfer projects Total urrent labities Tota liabiities NET ASSETS (DEFICIT)
Irvested in capital isses. net of reated debt and deferred creddts Restited net assets UrWestriled net assets (deficit)
Total net assets (deficit)
S 634.901$
.S S
S S
S 5
S 172,035 S S
S 8W.936 14.062 U74S6 50.770 172.319 911,757 2,615 t8,911 22 2,ii40 4r
.4.42 32160 651.652 693,517 22 53.410 172.72 170.460 1.730.653 504.291 346,453 22 11,.
il7 3e13e 107 691 1.006.270 147.361 347.064 41.733 136.6e 71,709 744,583 5.979 12 158 159.654 16a.a03 15V659 15t59 tee999 341,_64 41745 13 71,927 1_59e64 MOO 492.227 10.457 502.684 125.952 125.952 178ee93 e
3,374 1.687 9.205 24,Jti 3
238827 24,301 149,203
- 1.
s 778 738,371 796,872 73,831 1.687 9.205 24,303 238.627 24.301 141620 51.778 1.367,007 12,506 seo 130oe6 ti937e 73.e31 2.24, 9.205 24,303 238.i27 24,301 14t,2t3 51.7N t80 073 t11.550 t 1,550 19.282 19,282 5,125
.384 419 711 2s46 2._7 5i6-4 25i478 5,125 19,934 19.701 711 2u549 _
2.u7 5...
.310 OM302 440.829 21,948 51,ee1 1e3 SoS 239,827 98,i75 311.703 51.778
.3e2,42e 28.895 12.325 1.076 728 2.80 8,657 t,004 2.282 57.770 7.957 686 826 259 259 4.677 16.010 30.674 1.655 25 19 174 456 4252 292 406 305 7r796 1.034 1.432 1
(6) 2.0e3 4.544 3.848 10.582 14.430 e1-3.212 10,028 4-,5t7 14,4e8 1.922 5,0t9 14 094 4,252 1e 92f 17,4 2,587 125,232 1030059 455 297ie 23670 SE
.ML17624307117 t590 9 1255 5s43e5 2487ee0 586,120 791237 18.470 e4.690 208,517 209.354 191.433 321.428 2.371255 5n1 7127 18,470 64e0
- e
- t 29354 191~433 321.42e 2.371,255 79 j
,237 8.6900 51 j
6 51.800 2e.53s 1.230 7.600 O.8s 97.70 10.510 3,e0s 510 972 3,0se 3.599 2,547 3.792 28.638 63.069 10,697 36 481 911 3 3,897 3.905 83.016 2.511
- u.
554
.065 14 431 14 431 127.910 42682 1776 1.453 3.969 25 30 159803 7 697 227.120 e-4 03 i e I 9 2 0 24e tSOM 212 48 234 234M 207-23F, 3125 2,58 37 (444.050)
(484.332)
(22.235)
(e9.316)
(126.158) 7.290 (1.119.801) 763.375 94.0e1 2261 12.983 3s.0e7 8.095 30.702 (7.29) 54.35 093.e59 1e 18 (5711 1.382 (o22)
(es 6816 S e 14.427 S
336i022 S
(378822) S 3623 S (9472n S NAN S
6,o0S S (896401 S S
84.365 S (110.715)
These unaudited financial statements should be read in conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2003.
7
Southern California Public Power Authority Combined Statements of Net Assets (Deficit)
(Amounts in thousands)
March 31, 2003 (Restaled)
Southern Hoover ProjecW Palo Verde Transmission Uprating Mead-Phoenix Mead-Adelanto Multiple San Juan Stablitzabon Project System Project Project Project Project Project Fund Project Fund Total ASSETS Noncurrent assets Utility plant Production Transmtssbon General Less - Accumulaled depredation Constnjrcton sork In progress Nucear fuel. at armortized cost Net utility plant Special funds Restrlcted hwvestments Escrow accounts Decommissioning nd Oaher funds Nonrestricted Investments Other bnds Total special hunds Ouler noncurrent Assets Advance lo IPA. restricted Advances for capacity nd energy.
net. restricted Unamortized debt expenses Total other noncurrent assets Total noncurrent assets Current Assets Special bnds:
Cash and cash equivalents - restricted Cash and cash equivakents. nonrestricted Interest receivable Accounts receivable Due from other project - restricted Materials and supplies Total current assets Total assets LIAILTLmES Noncurrent liabilities Long-lifen debt Commitments and contingencies Total noncurrent tabflties Current iabflbes:
Debt due within one year Accrued Interest Accounts payable and accruals Accrued property lax Coal contracts buyout Due In other projects Total current tIabiltes Total iabilties NET ASSETS Invested in capital assets net of related debt and deferred credits Restricted Unrestricted Total net assets S
622.385 14.062 2,642 639,089 480,736 158.353 16.987 17,793 193,133 385.494 114.192 16t,768 660,454 S
-S S
674.606 50.770 172,318 18,911 21 2.et0 473 693.517 21 53.410 172,791 328,825 20 10,273 31,635 366.692 1
43.137 141.156
.j 386,892 1
43,137 141,158 15.762 88.667 1,620 9.750 27.481 84,429 1,620 9JS50 27,48t1 S
S 175.139 $
S 797.524 911.758 8,018 32705 183.157 1.741.985 99,877 949,368 83.280 792.619 828 17.813 17,793 84,108 28,225 242250 2e.735 122,432 242.250 26.735 122.432 40t256 114.192 659,683 11.175,11311 14,402 498 14,9 674,858 64,429 2.118 9,750 27461 _242.250 28,735 122,432 1,190,031 11550 3,504 3,504 20.54 8,750 50 788 2,7N 20,3W 21,094 788 2,794 471,421 23,213 53,875 171,411 11.550 20.594
-2288837-9 19,224 2,8S 5St.36S 242250 tt3.729 122,432 2,069,624 47297 8.616 9.376 1.082 1.396 129 1.211 2.216 6,889 66.t89 12.043 937.662 483 464 1.399 658 41 1.188 7.397 892 190 32 283 1
171 454 5.181 312 4A86 3,482 9.575-3250 2,292 4.50t 10,102 0.369 15,828 2.550 58.1781 181S313 248.6t9 129,557 37288 103.884 11,S55 399 8.043 8.013 13.057 10,139 37,687 154.99t 16fi.119 2.224.615 589.852 809.485 19.440 64.183 206.900 216275 201213 2.107.328 589,852 6r^85 19,440 S4,183 206.900 218,275 201.213 2,107,328 49.190 30,035 1.190 7.100 11.149 4.512 531 972 3.058 3.721 74,908 3.179 403 590 843 2.530 8
72 871 13,058 137,777 37,726 2,124 2.434 4,772 23.877 72782 9 84719t 21.564 66.8t7 211.82 240.152 8.390 95.905 2.651 26594 2.779 82.702 183 4.456 13,056 14,W03 222,7t3 215S216 2,330DAII (442.573)
(464.063) 499 637.104 100.21t 2.453 15.502 125 989 S
210,033 S (363,7271 S 3,94 (20.259)
(82,952) 13.088 34A473 8.467 (I1 4zro 81,680 8
S (8.441) S (30,1150)S 8,487 (122.807) 31,793 160,119 5,355 S
(85,6591 $
160,119 (1,112.155) 987.708 19,021 S
(105,426)
These unaudited financial statements should be read in conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2003.
8
Southern California Public Power Authority Combined Statements of Revenues, Expenses and Changes in Net Assets (Deficit)
(Amounts in thousands)
Nine Moonths Ended March 31, 2004 Southern Hoover Mead-Mead-Multiple Magnolia Projects' PaloVerde Transmission 1.prafing Phoenix Adelanto Project San Juan Power Stabilzation Proiect System Project Prolect Prolect Project Fund Project PrDOect Fund Total Operating revenues:
Sales of electric energy Sales of transmission sersices Total operating revenues S 123.109 S 1,953 $
-S
- S 43,965 $
- S
- $ 169,027 U,352 a
3,220 9,820 7,32 123,109
- ,35 1,953 3,220 9,820 43,985 236,419 Operating expenses:
Operations and maintenance Depreciation Amortization of nuclear uel Decommissioning Total operating expenses Operating Icome (toss)
Nonoperating revenues (expenses)
Investment Income Debt expense Net Non operaling revenues (expenses)
Increase (decrease) hI net assets (deficit) before extrsorrtnary Items Net Increase (decrease) hi net assets (deficit)
Net assets (deficit) - beginning of year Net withrrawals by participants Net assets (deficit). end of period 19.937 1t.85 13.475 14,721 5.982 8,175 47,569 26,406 75,#0 27,946 1,684 711 1,837 32.687 1,053 3.375 7.642
,2.335 1.28 164 5,212 42,664 269 1,458 4.e8 1,301 68.541 40268 5.982 10,510 125.299 111.120 37,148 2217 58 528 1,383 12.709 1.025 1.158 58,228 (32,028 (42,11)
(557) t3.502)
(10,761)
(11.306)
(7,667)
(108,432) 5.120 (40.394)
(499)
(2.974)
(9,378) 1,403 (6.642) 1,158 (52.206) 80,880 (12,448) 230)
(1.518 (4,7701 1,403 (5,341) 1,158 58,914 80.660 (12.448)
(230)
(1,518)
(4.770) 1.403 (5.341) 1.158 58,914 255,3e2 C8374) 3,853 (795)
(30,116) 6 692 (84,299) 9C,421 (126,415)
(43214)
(432141 S336,022 S (378,822) S 3.623 5(9,472) Sf34,888) S 8.095 Sf898640) $
S 54.365 5(110,715t These unaudited financial statements should be read in conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2003.
9
Southern California Public Power Authority Combined Statements of Revenues, Expenses and Changes in Net Assets (Deficit)
(Amounts in thousands)
Nine Months Ended March 31, 2003 (Restated)
Southern Hoover Mead-Mead-Multiple Projects' Palo Verde Transmission Uprating Phoenix Adelanto Project San Juan Stabilization Project System Project Project Project Project Fund Project Fund Total Operating revenues:
Sales of electric energy Sales of transmission services Total operating revenues S 135.068 135,068 62,111 62,111
$ 1785 S 3.120 1,785 3,120 S
- S 8,635 8,635 S 53,324 53,324
$ 190,177 73,866 264,043 Operating expenses:
Operations and maintenance Depreciation Amortization of nuclear fuel Decommissioning Total operating expenses Operating Income (loss)
Non operating revenues (expenses)
Investment income Debt expense Net Non operating revenues (expenses)
Income loss before extraordinary Hems Loss on refunding Net Increase (decrease) In net assets Net assets - beginning of year Net withdrawals by participants Net assets - end of year 20,780 19,966 6,596 8175 55,517 79.551 10.513 14,721 25,234 36,877 1.618 3
164 749 1.054 1,803 1,317 856 3.376 4,232 4 403 33,084 7.559 2,334 42,977 10,347 67,600 46.679 6,596 10 509 131 384 132,659 665627 (35.684) 30.943 110,494 110,494 99,539 3,848 (47,335)
(43,487) 56 525 (441)
(3,435)
(385)
(2,910) 1,385 13,785 (10,566)
(11.673)
(9,181) 2.112 (6.610)
(221)
(892)
(7,502)
(221)
(356.225) 4162 (1.593)
(4,778) 2.112 (1,593)
(4,778) 2.112 (6.848)
(25,381) 6,355 968 (8,305)
(7,337) 3 010 (73) 2,937 (88,596) 5.939 5,939 5,939 5.939 173,785 (19,605)
S 160,119 93,133 (117.439)
(24,306) 108,353 (965) 107,388 (193,209)
(19,605)
$ (105,4261 S 210.033 S (363,727) $ 3,941 S (8.441) S (30,159) S 8,467 S (85.659)
These unaudited financial statements should be read in conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2003.
10
Southern California Public Power Authority Combined Statements of Cash Flows (Amounts In thousands)
Cash flows from operating actevities:
Receipts from participants Payments to operating managers Other receipts (payments)
Net cash flow from operating activies Cash flows irom noncapital financing activitbes:
Advances from participants Cash flows from capital and related financing activities:
Additions to plant net Debt hiterest payments Principal payments on debt Proceed from escrow restructuring Transfer of funds from escrow Payment for bond Issue costs Net cash used for capital and related financing activities Cash flows from Investing activities:
Interest receyved on Investments Purchases of kivestnents Proceeds from saulmaturity of Invesiments Net cash provided by (used for) investing activdies Net icrease (decrease) in cash and cash equlvalents Cash mnd cash equivalents at beginning of year Cash and cash equivalents at end of period Nine Iwtonths Ended March 31. 2004 Soutiem Hoover Mead-Mead-Multiple ProjecW Palo Verde Transrrission Upraling Phoenix AdelaniD Project San Juan Magnolia Stabilization Project System Project Project Project Project Fund Project Project Fund Total
$ 131,180 s 68.331 S 1.810 s 3.294 S 10.378 s S 50.897 S s
s 263.890 (22.171)
(14553)
(215)
(1.400)
(2.81)
(32.008) s (73238) 9 137 8
s 152 109,009 51.778 1.604 2.031 7,493 18.889 190.804 18 (43,2141 (43.198 (10.781)
(12)
(534)
(60.357)
(71.684)
(20.182)
(34.061)
(531)
(3.889)
(12.232) (14,841)
(10o.86)
(12,052)
(108,194)
(49.190)
(29.720)
(1.190)
(7.100)
(8,390)
(95.590) 628 828 6,545 6.545 (220l (121 12321 (79,5251 (57.4581 (1.721 (3,9011 (12,2321 (21,7411 (19,5301 (72.4211 (28,5271 5.970 2.072 37 899 1.850 17.130 709 3.039 1.531 33.037 (308.722)
(33.929)
(2.245)
(780)
(3.113)
(1,259)
(9.885)
(103,836)
(82.082)
(523.831) 202,978 12.6i0 500 1,322 6,273 5,89 7.201 27.e3s 63,106 327,494 (97,7741 (19,2471 (1,7081 1,241 5,010 21740 (1.955 (72,962 2,555
('163,100 (68e290)
(24.925)
(1.825)
(629) 271 (1)
(2.598)
(145.367)
(40.659)
(254,021) 1053,182 37,931 32 988 31017 2.791 133 17,301 42,941 372,465 s
3etss2 s
13l01 1 s 1,901 s
939 s 3,062 s s 133U4 S
17.014 s
2.282 s8e£,444 Reconcibation of operatig Income to net cash provided by operating activities:
Operating Income (loss)
Adlustlneris to reconcile operating Income to net cash provided (used) by operating activities:
Deprecilaion Decommissioning Advances for capacity and energy Amortizatlon of nuciear hfel Changes In assets and labilities:
Accounts receivable Accounts payable and accrnals Other Net cash provided by operating activities s
75.540 s 27.946 s
269 s 1,455 s 4.608 s
- s 1,301 S
- s 111.120 40,268 10.509 13.475 14.721 1.053 3.375 8.175 7.642 2,334 5,982 1.490 1.490 5.982 9
937 (1) 9 5,.971 8,.181 (152)
(477)
(498)
(143.
5 778 (1) (2) 7 s
109.009 s
51,778 s 1.BUM s 2.031 s 7,493 s 6.938 7.892 785 13.810 (111)
(2e5s s 18.889 s s
s 190.804 These unaudited financial statements should be read in conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2003.
11
Southern California Public Power Authority Combined Statements of Cash Flows (Amounts in thousands)
Nine Months Ended March 31, 2003 (Restated)
Southern Hoover Mead-Mead-Multiple Projects' Palo Verde Transmission Uprating Phoenix Adelanto Project San Juan Stabilization Project System Project Project Project Project Fund Project Fund Total Cash flows from operating activities:
Receipts from participants Payments to operating managers Other receipts (payments)
Net cash flow from operating activities Cash flows from noncapital financing activities:
Advances from participants Cash flows from capital and related financing activities:
Additions to plant, net Debt Interest payments Proceeds from sale of bonds Transfer of funds from escrow Payment for defeasance of revenue bonds Principal payments on debt Payment for bond Issue costs Net cash used for capital and related financing activities Cash flows from Investing activities Interest received on Investments Purchases of Investments Proceeds from sale/maturity of Investments Net cash provided by (used for)
Investing activities Net Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year S 143,747 S 52.700 $ 1,905 S 3,190 $ 8,521 S
(15,871)
(10,265)
(231)
(685)
(957)
S 48,240 S (43,648)
$ 258.303 (71,657) 18 186,664 18 127,876 42.435 1,692 2,505 7,564 4,592 (19.605)
(19.605)
(13,948)
(24,540)
(34,958)
(547) 41.908 17,292 6,545 (48.498)
(47.395)
(26,695)
(905)
z (699)
(3,889)
(12,232)
(15,111)
(138)
(7,279) 80,750 (14.086)
(98,556) 122,658 23,837 (120.842)
(83,195)
(1847)
(72.344)
(6,600)
(1,600)
(1.148)
(68591)
(62.397)
(1.452)
(3.889)
(12.232)
(21.711)
(1.759)
(172.031) 8.620 2,983 72 693 1,862 17.564 (437.762)
(51 115)
(4,123)
(3.029)
(4.894) 509 6,473 38.776 (15.620)
(65.943)
(582.486) 366,381 44 260 5,975 2.487 3.879 5,334 4,895 101,393 534 604 (62.761)
(3,872) 1.924 151 847 22898 (10.216) 41923 (9106 (3.476) 60 149 S
56,673 (23.834) 33 532 9 698 2,164 127 S 2,291 (1,233) 2 081 S
848 (3.821) 1.187 38S94 1
S 73 1 188 (7.383) 15 063 S
7.680 22.318 14 970 37,288 (14.078) 1291817
$ 115,739 Reconciliation of operating Income to net cash provided by operating activities Operating income (loss)
Adjustments to reconcile operating income to net cash provided (used) by operating activities:
Depreciation Decommissioning Advances for capacity and energy Amortization of nuclear fuel Changes In assets and liabilities Accounts receivable Accounts payable and accruals Other Net cash provided by operating activities S
79,551 36,877 5
164 S 1,317 S 4,403 $
5 10.347 5
132.659 19.966 14,721 8.175 6,596 33 (2,216) 13,639 (6.949)
(84) 2 3
1.054 3,376 7559 2,334 46,679 10,509 1.365 1.365 6,596 (4.376)
(6.559) 34 (213)
(11.147)
(4,375)
(2 (125)
(210) 161 13 0
S 127.876 $
42.435 $ 1,692 $ 2.505 S 7.564 S
4592 $
S 186,664 These unaudited financial statements should be read in conjunction to the notes to the audited financial statements for the fiscal year ended June 30, 2003.
12