ML20070U580
| ML20070U580 | |
| Person / Time | |
|---|---|
| Site: | Summer  |
| Issue date: | 03/28/1991 |
| From: | Skolds J SOUTH CAROLINA ELECTRIC & GAS CO. |
| To: | Wood R NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| Shared Package | |
| ML20070U581 | List: |
| References | |
| NUDOCS 9104090177 | |
| Download: ML20070U580 (20) | |
Text
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10CfR140.21 hMIL9d.4 noom cmnn, e i..w a on coneny
,,f
- wnma SCE8G MAR 2 81991 Document Control Desk U. $. Nuclear Regulatory Commission Washington, D. C.
20555 Attention:
Mr. Robert S. Wood Gentlemen:
Subject:
VIRGIL C. SUMMER NUCLEAR STATION DOCKET NO. 50/395 OPERATING LICENSE NO. NPF-12 ANNUAL 10CFR50.54(W)(3) AND 10CFR140.21(E) REPORT in compliance with 10CFR50.54(w) 3) and 10CFR140.21(c) respectively, South Caroline Electric & Gas Company (SCE&G), acting for itself and as agent for
(
South Carolina Public Service Authority (PSA), herewith submits a summary of the present levels of property insurance and a cash flow statement for the Virgil C.
Summer Nuclear Station.
in addition, the 1990 Annual Financial Statements for SCE&G and PSA are enclosed.
Very truly yours,
/11 l
fa LA )u John L. Skolds ARR:JLS:1cd Enclosures c:
- 0. W. Dixon Jr. (w/o Enclosures)
NRC Resident inspector R. R. Mahan (w/o Enclosures)
J. B. Knotts Jr.
R. J. White (w/o Enclosures)
L. R. Watson (w/o Enclosures)
General Managers (w/o Enclosures)
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SOUTH CAROUNA ELECTRfC AND GAS COMPANY INTERNALCASH FLOW PROJECTION FOR V.C. SUMMER NUCLEAR POWER STATION (THOUSANDSOF DOLLARS)
PRIORYEAR PROJECTION YEAR 3'
1990 1991 ACTUALTOTAL TOTAL NETINCOME AFTER TAXES 120838 123083 LESS DfVfDENDS PAID 6911 8976 RETAINED EARNINGS 113927 114107 ADJUSTMENTS DEPRECIATION AND AMORTIZATION 87021 116217 DEFERRRED INCOMETAXES AND INVESTMENT TAX CREDITS 7951 24552 ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION
- 3779
- 6571 DEFERRED CARRY COST 0
0 91193 134198 TOTALADJUSTMENTS 248305 INTERNALCASH FLOW M20 4
FINANCIAL PLANNING l
MARCH 14,1991 l
o Financial Statement South Carolina Public Service Authority Calendar Year 1990 1
1
(~
y1 FinancialStatements i
South Carolina Public Senice Au!harity CalendarWar19N REPORT OF INDEPENDENT AUDITORS 1he Advisory Ibard and ! bard of Directors Sovih Carohna Public Senice Authority Vt have audited the accompan)ing balance sheets of the South Carolina Public Senice Atibority as of Decernber 31,100 and 1999, and the related statements of acrumulated earning reineted in the bus! ness, reinsted earning, and cash Daws br the >rars then ended 1hese Gnancial statements are the nsponsildlity of the Autlerity's management Our responsibility is to express an opinion on these financial statements ind on our audits.
We conducted our audits in acco&ce with genera!h acceptal auditing starxiantt ihase standards require that we plan and perbnn the audit to obtain reasonable assurance about whether the financial statements are free of material mbstatement An audit Irdudes examining, on a test basis, eidence supporting the amounts and disclosurts in the Gnancial statements An audit also incittles assessing the accounting principles used and signi6 cant estimate made by management, as well as evaltuting the metall financial statement presentation. Vt bellot that our audits prmtle a reasonable imis for our opInlon.
The financial statements of the South Carchna Public Senice Authority are intended to present the finacial position, results of operatlans and cash Dows of proprietary fund types of only that portion of the funds and aa:ount groups of the State of South Carolina that is attributable to the tntrtuctions of the South Qtrolina Public Senice Authority in out opinion, the financial statements triened to ahme present faith in all material ns[wts, the Gnancial position of the South Carolina Public Senu Authority at December 31, IMO and tr)89, and the results of its operaJ' ons and its cash Dows br the years then ended tr, confccmity wth generally accepted accountingpnnelples.
' f a
Charleston,SouthCarolina Febnnry28,lW1 m
eow-
BalanceSleets South Caroluuittdk Senice Audianty Ikccmla 31,19M arx!1989 l
Asstis 19)0 195)
(Theard)
Utility Plant At Ost:
Ekctnc plantin evice
$ 2.276,237
$ 2,184,032 i
Consruebonin Pror,ns l20.100 124,400 lttal 2,3 %,337 2,308,432 la accumulataldepreciabon 630,155 573,785 Otcricplant ne:
1,766,182 1,734,647 Nuclearfud net 19,877 2(,462 Utility plant. net 1,786,059 1,76),1 9)
Other Ph)sical lWperty (Net of Accumulated ikprecauon) 897 1,350 Cadi and investments liekt by Trustce (Iksignatal) 2a2,522 253,955 Current Assets:
Cash andinvestments held tytrustec 53,960 40,H69 kcounts recemaW,less alluwance for doubtful accounts of $1,224,000 in 1710 and $1,232,000 in 99 52,416 61A97 Mcruedintenst rtmvable 3,991 3,622 inwntores,at sveragecat hiel(coalandoi0 36,515 41,119 Materials and supple 28,510 23,638 Prepaidexpensts 1,075 913 lbtalcurnntassets 176,500 172,078 Ikfermilkbits:
Unamortizeddebtexpense 13,992 14,879 Ununoruzed kmon refunded debt 223,271 231,385 Catsto be rtrmmd from future menue 292,865 266,338 0'her 28,491 20,327 Ttolde' rreddetms
$58,619 532,929 l
T:til
$ 2,801,597
$ 2,721,421
'!he scarnpanying nres are an intepal pan of the firunctal s:a:ement L
I.
u&stuTiss AND CAPITAUZATION
!?)0 199)
Ohousands) longTermikbt:
- Dectric Remnue lxx4s Prjonry(%gabons 52,095
$ - 54,415 Ekcric S) stem E ansion Ratnue Bons '
1,762,295 -
1,780,835 -
9 Subtotal -
1A14,390 1,835,250 :
DectricSystem RevenueIbnk 67,500
-81,000 y
Capitalizedleaseobligations 61,832
. 64,709 1btallong termdebt 1,943,722 IJB0359 1.tss:
Reauluireddebt' 4,556
- 3,34'.
Unamortizeddebtdiscottatarvipremium net 21,317 S,520
~
-Long termdebt net 1,917,849 1,955,088 cruu!IntereitonIqTenn Debt tA,056 65,257 Construction Fund Uabilities Accounts Payable 3,273 3,283 Other Nor*"untnt uabihties 18,831 15,290 Current uabilities:
Cornmercialpapernotes 120,000 50,000 alini-Bonds 34,657
- 34,415.
Rewnue Bonds.
21,174 Accountsparable.
36,327 33,570 Customerdepsts 5,111' 4,8 71 Accruedsumsinleuof taxes
. 1,837
- 1,761 Accruednuclear fuelreland 5,274 8,517 Customer'scrtets 2,432 6,622 Other 3,252 3,081
. Tbtalcurrentliabilities -
230,0(A -
142 &l3
' CortunitrTnts and ContingrKics Deferred Crvdits:
Unarewzedpin.on reacquireddebt 822 676
. Nuclear fuehettlement '
4,395 8hl9 Tota!deferredcd3 5,217 8,725 L
- CapitalContributions U.S.0mernment0 rants.
34,438 34,438 L
Accumulated Eaming Reinvested in the Business 530,869 496,497 lbtd
$ 2,8(>1,597
$ 2,721,421 '
g V'
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f Statements o'Accumu atec Earnings Reinvested in the Business South Camima PublicSenia Authority Wan Ihled Decs
','r 31,1990 and 1989 1990
.. 194)-
Ghousaruk) kcumulatedearningsremvestedinthebusiness trginningofyear
$ 496,497
$ 458371 Reunested earning for theyear 40,001 43,492 Taal 536,498 501,863 Distribudon to the State of South Camlea (See note below) 5,629
'5366 kcumulated earning runvested in the business. end of year
$ 530,869
$ 496,497 Note: The distrikbn to te State of South Carolina b determined utile.ing a cdedadeo forniuta required under the Indenture ;
which b bu monatycr operating cash tiows and Liat.ittery ment m.setenents. Bh dculanon vanes sutstanuallyItom
- esavested eanuny fnefri est prinopalh due to cmts to N tro tred from fue, ressuc ud W2. 'ig capital requirtments.
1he accompanytng notes are an integral part of the fumstal statenens i
. i.
-s l
t StatementsofReinvested Earnings South Carohna Public Servia Authority Years Laded December 31,1990and ID 1990 1999 Ohousands)
Operating Rewnues; Saleofelectricity
$ 548,066 -
$ 549,578 -
Otheroperatingrewnues
' 5,914
'.5,216 i
- Olwatingrewnue 553,980 554,794 -
Operating Expemes:
Operationexpense-Production
- 242,682 248,231 Purchasal and interchanged powr. net 5,170 8,007-1hnsmission 2,708 2,375.-
Distribution 3,048 2,696 -
Customeraccounts 4,650 3,531 Saks 1,263 735
_ Administrauwandgeneral 40,711 38,873 Maintenanceexpense -
42,511 37,561
- lbtaloperation and maintenance expense 341,743 M2,009 Depnsfahon 67,538 69,570 Sumsinlieu of taxe 3,426 3,449 Totaloperatingexpense -
412,707 415,028
. Operating!ncome:
141,273 139,766 Otherincome:
I interestincome 22,858 24,461 Other net -
' 14 (41)-
lbtalotherincome 22,872 24,420-Subidal 164,145 IGI,E6 l
L InterestCharps:
h Interestonlong termdebt 131,197
' 133,606 L
Other.
19,474
~15381 lbtalinteretcharges 150,671 149,457 Subtotal-13,474 14,699 Omts to be recmered from future rewnue 26,527 28,793 ReinwstedEarnings
$ 40,001
$ 43,492
- ne xcompanytng notes are an integral pan or the ruunaal statemena 1
StatementsofCashF ows South Carchna Pubhc Senice Autkrity Years Ended December 31, W)0 and 199)
INCREASE (DECREASE) IN CASH AND CAEH EQUlVALENTS Iff)0 199)
(thousands)
Cash Fkws Fmm operating Acuvtucs:
Reinvested tirning
$ 40,001
$ 43,492 Adjustments to reconcile reinvested earninp to net cash prmidd by operating acuvities Depreciabonand amortzauan 67,538 69,570 Amort anonof tend,relatedexperas 9,957 10,145 Netintertstexpense 119,439 117,804 Casts to be recovered from future revenue (2b,527)
(28,793)
Nuckar fuelsettlement 0,654) 201 Changeinassets and habihues.
Accountsrecetvable 9,441 (13,299)
Imtrere (268)
(20,608)
Prepaidexpene (132)
(92)
Other deferreddebits 613 (33)8)
Accountspayable 511 3,969 Othercurrentliabdities (8,036) 14,616 Othernon currenthabilite 3,539 4,790 Net cash presided by operaung acuvtues 212,422 197,903 Cash flows fromInvesung Activides:
Net (Increase) decrease tn investments (13,510) 16,239 (increase) decrease in msh and inwstments held by Pustee (Iksignated)
(28,567) 35,175 lerestonlavestments 19,471 20,875 Net cash (used in) prasided by invesung acuvities (22,606) 72,339 Cash flows From Noncapital Related Financing Acth1 ties:
Distribubon to the State of South Carolma (5,629)
(5366)
Net cash used for noncapital related Gnanctng acutides (5,629)
(5,3f4)
Cash flow from Capital Related Financing Acthities:
Proceedsfromsale of bonds 21,416 17,403 Promeds from sale of commercia! paper 70,000 0
Repaymentandrefundingof bonds 0 5,571)
(%570)
Construcuan and betterments of uulity plant (92,473)
(85,153)
Interest paidon borrowings (139,399)
(IR279)
Pnuedsfrom saleofplantassets 438 509 Unamoruzedbond-related expenses 399 420 Increasesinotherdeferreddebits (8,777)
(7,969)
Increase in construction fund liabihues 2,236 451 Other (2,877)
(2,811)
Net cash used for capitabrelated financtng acuviues (184,608)
(245,999)
t 1990 1999 Net (Decrease) Increase in Cadt and Cash Equh21ents (421) 185n Cash and Cash Equh21cnts at the ikpaning of the Year 27,232 8,355 Cash and Cash Equh21cnts at the End of the Year
$ 26,811
$ 27,232 Reconciba: ion of Cash and Cash Equhulents:
Cash and investments held by trustee (as shown on tulance sheet)
$ 53,960
$ 40,869
' las investments, not considemi cash and cash equivalents (27,149)
(13,637)
Crt and rush equivalents at the end of the year
$ 26,811
$ 27,232
~
Dr companying etes m an integral pan of the 6nanaal s:atanents.
NotestoFinancialStatements December 31,1990 Note ! Summary of Signincant Accountingiblicie:
Note 2 - Costs to be Recowred from Future Ibtnue:
A ReportingEntity neSouthCarolinaPuhbcSenia ne Authority's electric rates are established basai upon debt Authority (the 'Authonty"), a component urut of the State of South '
sentaaloperaungfundrequirements Depeciationisnot Camhna, was created by the 1934 State legislature. ne ikurd of considered in the cost of senia calculauon This reults in uming Directors is appointed by the Gowrnor of South Camhna. The purpac d&renas betwwn cats as defined in the rate making process and of the Authonty ts to prmide electne pner to the people of South ca ts determined in accordance with generally xaptal accounting Carolina Captal golects are funded by hands tssued by the Authonty ginaples. These d&rence are recognized as caas to be recmtred and internal y generr.ed funds The Ikurd of Directors sets rates from future revenue. ne recary of outstanding amounts asocialai charged to custorws to pay e senu, opersing expenses and with cats to be recmenxi from future revenue aill coincide with the pro ide funds ra/timi under bond cmenants.
retirement of the outstaning long term e of the Authority B Sptem v Accounts ne accounung records of the Authority for the >rars ended Denmber 31,1990 and 1989, cats to be are maintained substanually in acconlance with the Uniform System n cowral from future rewnue includal in the statement of reinwstal of Accounts gescnbed by the Federal Energy Regulatory Commission earnings consists pnndpally of the &fference between deptcadon (FERQ.
anddeltsema nquirements.
~
C - (Jtihty Plant Capitahzuion ar'd Maintenance Adauons to plant are recorded at ut, which induce material, labor, o trhead, Nc9 3 Cash and Imtstments lidd by Trustec (Designata!):
and interet captah2ed during construct on. ne cats of repairs and minor replacements are charged to appropriate operating and gnexpmd pansim maintenance exgnse. ne cm s of renewals and betterments are funds, other syjal funds, and cash and inwstments are held and capitahzed ne onginal cost of utihty piant retred and the cost of mamtained by trustee and their use deignated in aaordana wtth removal less sah age are charged to accumulatal depen.
ap@ ymdmmstutindente,bomWms, D Depreciation Degeaadoniscomputedona aighthne leu apes,anWdng ActMudaHn Mme basis mr the estimated useful liws of the various dasses of the plant Carchnalaw SuchfundsconsistprincipallyofInnstmentsin Annual depreciation pronsions, expresed as a percent of average gmmmtmndecamalaLartad mL degeciable utihty plant in senice, were approximatdy 33% for each Cash Cash wegwned as h Categay 1 Mude bank of the two yrars in the pened ended December 31,1990. Amoruzauon balances enurely cmtred by fuleral depmitory insurance. Category 2 expense of capitalized leases is induded in degeoadon expense.
Indudes bank balances that are uncollaterahmi or collaterakzed with E RcwnueRecognition Substantiallyallwholesaleand snue heki by pledging Snanaal insututions but not in the industnal rewnues are billed and recorded at the end of cach month.
Au6 ny,snam Revenues from retail customers are recogtum! as billat on a monthly lasunents 4sundsture atheduums authonze 6e c> ele basis. Ibel cor:,re reflected in operating expenses as consumed Ad ny to ist in oMgatons of de U.SDwy, agench i
F Amortizabon Unamortzeddebtdiscount,premiumand instrumentalit!cs, and certdicates of depostt ne Authartty's expeme are amortaed to income er the terms of the related debt imutmentsc nsistofU.S.G wrnmentsecundes, cert 6catesof i
!ssues. Unamortimi gains or losses on refunded den are amorterd to depmit, ami npunhase apma h Au6mmaluins bat incomeasimpactedthroughtherate makingproces,generallymr mnue ugng npunha agnements haw a market value of theterms of thenewdebtissuet at least 102 percent of the cost of the reptrchase agreement. Securine G Cash Flow During 1990,the Authonty adopted Statemmtof underlying repurchase agreements are delivered by broker dealen to Govemmental Accounting Standard No. 9 *ReportingCash Flows of the Authonty's trust agents. At December 31,1990, the Authority's Propieta y and Nonexpendable hst ihnds and Governmental npunha apmuWed M,0%
- Enudes that use Pmprietary Fund Accounting," and has presented the
& Aue rys intes an categor'mbee Mg page pnor year's Snancial statements on a basis consistent eth that of I give an in6caSon of the lett of risk assumed by the entity at ) ear-1990. For purpmes of 0. statements of cash Rows, the A.'.hority end Category 1 indudes inwstments that are insural or registered or consklers highly liquid invetments with a manmty ofles than three f r which the secunties are held by trust agents in the Authartty's months and cash on deposit with fmanciaHnsututions as cash and name. Category 2 indudes uninsured certdicates of deposit which are l
cash equivalents. Cash and imestments Hdd by hstee (Designated) c llateralized with securtues held by the pledging Snancial insutudon I
are not induded in cash anc..; ash equivalents for the purpose of the but notin the Authonty's name.
statementsofcash fkm
1990 innstments '
Cash' lbtal Category Category Calgary - Catesory Carrying Market i
1 2-1 2
Wlue-Whse Ghousands)
Cash and Imestments lleid by Trustee (Designated):
1 Generallmprmtment}bnds.
$ 25,175
.$ 100 14
$-399
$ 25,688
$ 25,699 -
1 Dek Senice and Special ibni......._..-...........
Indenturedibnds-
- Interest Fund...........
1,026 -
1,026,
1,026
=........
Bond fund.............,.....
1,196
' 1,1%
1,196 p
Dek Senia.................... :
8,899 8,87) 9,033 i
F.xptnsionBonds InterestFund.
60,068 60,068 60,068 Bond fund.......
10,881 2
10,883 10,883
- Debt Servia......................_.
127,8 %
18 127,917 130,958 SuturdinatedBonds '
Interest fund.................. _
2,768 2,768 2,768
- Bondfund...
6,750 6,750 6,750'
.... =
DekSenia.
3,639 1,400.
5,039 5,069 Mini Bonds Interest 1988 & 1989.~.................
1,110 1,110
- 1,110 intettst1990 z 307 307
~307 I
DekServia1989&19891ssue n._
1,113 1,113 1,113 -
Deh Servia 1990 lssue..a......... =
769-769 769-otherSpecialibnds.......
37,136 (8,147) 28,989 -
26,248 -
1btal.
200,418 '
1,400 55,016 256,8 {
257,278 m...........=
lbtalCashandimtstments Ireldbyltustee(Designated).
. $225,593
$1,500
$' 14
$55,415
$282,522
$282,977 Cash and Imtstments lleid by llustee:
benueFund.. -
$ 37,473 -
$ 2,141
$ 39,614
$ 39,666 :
..... - ~
Special Resene fund........ =
14,232 100 14 14 316 '
14,443
'ibtal Cash and Investments lleid byllustee...,
, $ 51,705
$ 100
$ 2,155-
$ 53,960
$ 54,109 2
4.
-..-~. - -. ~
(.
1 19!9 l
i Inustnwnts Cash ibtal-Category
.Qtegory - Category Category Canying Marlet -
1 2
1 2
Value Wlue-
-(Thousands) l Cash and inwstmene lleid by lrustee (Design:uedh Generallmprovement Funds........
$ 9.541
$100
$ (637)
$9.0M
$ 9,009 D:btSentaandSpecialfunds Indentured Bonds i
Interest Fund.....................
1,060 1,060 1,06-Bond fund.........
1,161 1,161 1,161 Debtsenia.
8,896 8,896 9,073
~
~
Expansion Bonds InterestFund.....
60,731 60,731 60,731-BondFund ;
9,270 9,270 9,770 -
DebtServla.
128,000 55 128,055 130,131 SubordinatedBonds ilnterestfund z 3,267 3,267 3,267 Bond fund........................................,...
6,750 6,750 6.750
- DebtSenia.....-.
3,719 1350 7
5,076 5All '
Mini ikods '
Intenst... =
902 902-902-
- DebtServia 454 454
-455 DebtServia.........
659
'659 679 I
2 10ther Special Funds.,=
24.462 (5,792) 18,670 17,725 1btal....... -
185333 1350 58,268 2R951 246.245 TbtalCashandinvestments
-l(eldbyltustee (Designated)...............~ -
$1%874
$ 1,450
$ 57,631
$253,955 '$25d54
- Cash and Innstments IIeld bylrustee:
Rewnue Fbnd ;
$ 36,391
$ 2,240
$ 38,631
$ 38,738 i
- Special Reserve Fund,=
2,132 100
-6 2,238 2.242
]
~
lbtal Cash and lawstments liek! byllustee...
$ 38,523 -
$100
$ 2,246
$ 40,869 $ 40,980 ~
o
..k
.\\.
~i=4
--e--
1 Note 4 long-TermikbtOutstanding December 31, 1990 197)
(Thousands)
ElectncRewnueIbnds PnontyObhgations-Sere of 1950, beanng inten:st at 2.70% ana me 1991 to 1993..
$ 6,015
$ 7315 Series of 1967, kanng intenst at 4.10% and due 1991 to 20E 46,080 46,500 Ta.d Electnc Pewnue lionds Pnonty Obhgabons..
52,015 54,415 Electnc Sptem Expansion Rewnue Bonds:
1973 Sere, benng interest from 530% to 5.75% and due 1991 to 1993 and 2013......
88,055 89,435 1974 Scie, beanng inten:st from 6.25% to 6.75% and due 19)1 to 197) and 2014.._..
97,3(o 98,865 1977 Refurding Senes, beanng interet hm 530% to 6.00% and due 1991 to 1997 and 2000 and 2016.
179,785 183,405 1971 Senes, beanng intenst from 4 90% to 5.75% and due 1931 to 200;! and 2017...._........
I10,705 111275 1978 Sere, beanns intertst from 5.10% to S 875% and due 1991 to IW8 and 2008 and 2018..
191,490 192,645 1979 Sete A. beanng interest from 535% to 6375% and due 1991102003 and 2009 and 2019..
101,740 102935 1930 Sere A, beanng intenst In>m 9 25% to 9.50% and due 1991 to 1995.............
7,4%
8,570 1931 See A, bearmg interest from &45%10930% and due 1991 to 1997..
10,290 11230 1931 Sere C, beanng interet at 11.75% and due 1991...
1,185 2,255 19E Sere A.beannginterest at 11.75% and due 19si ~...
2,105 4.010 m._..
192 Sere B, beanng interest from 11.00% to 11.25% and due 1991 to 1992.......
2,255 3,195 192 Refun&ng Senes, beanng Interest from &20% to 8.75% and due 1991 to 19%............
2,660 3,205 1935 Refun&ng Sene, bearmg interest from 7.50% to 9.10% and due 19)1 to 2000 8,385 8310 1985 Refunding Sene A, beanng interest hm 125% to 9.00% and due 1991 to IW9 and 2003......
51,5(o 51940 1986 Refuning Serie A&B, beanng interest from 6.75% to 8.10% and due 1991 to 2008 and 2019 and 2020........
195,955 195355 1936 Pzfuning Sene C&D, bearing interest imm 540% to 730% and due INI to 2007 and 2012 and 2021 and 20Z?..._..............
333,245 334,075 1987 Refunding Sene A, beanng interest imm 4 Po% 107.00% and due 1991 to 2007 and 2012 and2021 and2022......
I89,505 190355 1938 Refutxhrg Sene A, h>ancg inten:st from 7.00% to 7375% and due 1992 to 2005 and 2015 and 2021 188,575 188,575 Tsa! Electnc System Erpansion Re"enue Bonds...
1,762,295 1,730335 Electne 'ptem Rewnue Bonds,1985 Serie, bexing interest from 7.70% to 870% and due 19)1 to 1995........
67,500 81,000 Captal*ed Subor6nated IAase Contracts, gable 1991 to 2015....
61,832 (4,709 Tot.d long Term DeDt.
4
$1,M3,722
$1S30,959
- seesaettle hr rehuulddt 1
The Authonty refunds and defeases debt pnmanly as a means of reducing debt senim, thereby [xstponing or reducing future ehtric rate adjustments.
Amounts outstanding, oripnal kss on refunding, and the unamortized kiss at December 31,1990 fouow-Refun&ng Luue Refunded Bonds Refunded Amount Original l'namortaed Outtan&ng loss ilus (busands) 1977 Refundng 1971 and 1976Serie
$ 11,244
$ 6,247 1932 Refunding
$ 100,000 of the 1981 SereCand
$ 127,000 of the 192 Series A 227,000 62,588 2,212 1985 Refunding f '50,000 of the 1982 Sete B 150,000 -
30,570 7,897 1985 A Pefunding
$ 139,0/0 of the 1981 Series Band
$ 40,000 of the1981 SerlesC 179,000 27,853 2,708 Cash Defeasarxe
$ 20,000 of the 19E Series A 20,000 2,763 2,320 1986 A&B Refunding
$ 42,725 of the1990Setet
$ 42,000 of the1981 Series A
$ 61,000 of the1981SeriesB
$ 4,420 of the1981SeriesC
$ ?.E0 of the19ESenes A
$ 9,0i0 of the19ESeriesB If4975 43,736 42,310
_1986C&DRefunding
$ 280,275 of the jos Refun6ng Senes 280.275 97,109 88,267 1987 A Refunding
$ 160,510 of the1935 Refun6ng Sene 160,510 48,038 42,666 1988 A Refundng -
$ 18,220 of the 1930Tenes A
$ 18315 of the1981 Series A
$ 9,110 of the 198 Ref;a6ng Series 1 5,000 of the 1985 Refun6ng Serie
$ 120,890 of the 1985 Refundng Series A 171,535 28,M4 28M4 lbtal
$1355,295
$ 352,545
$ 223,271 The Authonty's bond indentures prmide for certain restrictions, the tmis 1( ammg other things, the Authority's Consulting Engineer mostsigni$cantofwhich are:
certifn that net revenues (as deSned) in exh succceeng 6 scal) ear The Authority coenants to establish rates and charges adequate to after the date on which such additimal bonds are said to and provide revenue sufScient, among other things, to pay debt senice includng the iter of (a) the third succeeding fuil 6 scal year after when due on the pnority obligations and expansion bonds, to make such date or (b) the $rst full Bscal) ear aAer the estima:ed date of required payments when due into the lease fund and the capital commercial operation of any power plant to py the cmt of improvement fund, and to py the costs of operation and maintenance construction of which additional expansion bonds haw been, are of the Authority's electric system and all necessary repairs, being, or are then authorized to be issued, shall be at least equal te tre replacements, and renewals thereof.
sum of the amounts required in such Ascal year for (1) debt servia on
'lhe Authmty is presently required to pay annuallyinto its cipital the prictity obliga! ore and the expansion bonds then outstandag, impromnent fund an amount which, together with the amounts being issued, or auttwimi but not yet issued, (ii) payments into the depmited therein the two preading Ascal years, is at least qual to 8%
lease fund, and (iii) payments into the capital improwment fund, of the Authority's gicss roenues (as deSned)in the three pnxeding The Authority may also issue bonds suboranate to the Expnsion 65cd years. The Authonty may issue ad&tional panty expansim Bonds under a resdution adopted by the Authority on August 27,1990
(Rornue Bond Reluuon). & Retnue Hond Resduum requirts, Note 5 Summer Nuclear Stauon:
"h h Authonty and South Carolina Ekctrk and Gas (SCE40) are "E
(1) Net Retnues (as de6ned) during 0) the fiscal ytar preceding partisI a#ntownershipagrtementprmidingthatde Authority -
and SCf&G shall own the Summer Nudear Stauan with tu6ided the 6 scal) tar such rewnue bonds are bsued, or (ii) any 12 cmsecutne mmth period ending not more than 180 days prior to the intactd33ISandNpat% m Wy date of dellwry dsuch reenue bonds (the hbtodc rewnue test resp nsible I r the design, cmstrucuan, budgeung, management, period), be not les than 125% of the total of 0) the pnncipal and the operud n, maintenance,anddecommissioningof theSummer interest requiremens during the current fiscal ) tar, on all senior debt Nuclear Station, and the Authority b obhgated to py its ownchip and menue bonds theretofore issued, and outstarxhng, and (10 any shandanas&ng6nd Audmtynew33 md paymens to tha lease fund during the cuntnt f scf year; and the net electndty generated. At December 31,1990 and 1989, the (2) For exh of the fnt fiscal years following the later of the date of pmt ens M ap[ mima!@,779,000and the delary of such menue bonds or the period (if any) for which
$42&692,000, respecuwh represenung the Authorit(s innstmmt, inteest is funded from the proceeds of such retnue bonds, net indudmg c$talimi lnterest, in the Summer Nudear Stauon.1he memxs as forecast by the consulung Engineer and the Qiief Authattfs onginal inwstment totaled approximately $426,000,000 Financial 0mcer wdl be not less than 125% of the total of (0 the sumandaSnamWWenn deMukatumtadhmW mens a
mug eAuduysintem%
of principal and interest requirements (as de6ned) and menue bonds theretofore issued prix to the bsuance of the then proposal E*"
E**""
U" menue bonds, and the then proposed rewnue bonds to be out.
Daemba M, W anHwanbu 31, M AudmW openen standing during such 6 scal) tar, and (l0 any payments from the and m intenana expenses induded $33,167s00 and $37,663,000, mtnue fundintothelease fund;and midwly fa opeaum Mtenance expem d the Sunna
"* bl*"*
(3) Net Rotnue forecasted by the cmsulting Engineer and the Oilef Finandal omcer, for the 6fth fiscal year immediatdy idlowing
"" # N "*
"EY @
the issuance of such menae bonds, on the pened (if any) for which which indudes a component for eumated dispsal costs of spent sc eamamahoman WeMud expee d interest is funded from the proceeds dsuch Rewnue Bonds, will be not less than 125% of the manmum aggny, ate total in any suc-mncend en$ de Audnysnts WMng MW0,de ceeding 8sca! > ear of 0) the principal and interest requirements on Aub n!Y BPnnim fw&wemingasean$
(A) all senior debt and reenue bonds theretofore issued poor to the with NRC regulabon and has prmided a Certificate of Financial issuance of the proposed menue borxis, and (B) the then pmpzed Amam a is IS shan d be samWs numatedecmung retnue bonds, and (10 any payments fan the menue fund into the g
a ngas(as atmtdseMain lease fund.
the fu:ure) for the Summer Nudear Station are estimated to be $500 miuior, for the Authontfs la ownership basal on a 44. year useful Ehetric mente and expmion bonds matunng dunng the years manegexpectalbmunmain depar2021 ending December 31,1991 through IWS, an as fouows:
Audmtyam faasshaddeeunedammneg cats oser the remaining life of the fxilit, these costs are being recowred through the Authonty s rates lhe funding amounts will be Electric Pnority adjusted annuaDy, if necessary A new demmmissioning study b C",""'
["gh currently underway at Stunmer Nuclear Station.
8 g
SCTAG has determined that the Summer Nudeat Station steam Ohmsarxb) generators must be replaced due to stress corrosion cracking. SCE&G estimates replxement of the steam generators will cost approximately December 31,1991
$ 13,500
$24,155
$ 37,655
$ 156 miuion of which the Authontrs shm will be approximately $52 Decembt31,1992 13,500 26,685 40,135 million exduslw of the Autimty's Indirect costs. Repixement of the December 31,1993 13,500 28,405 41,905 genaar n bschedun pouwMwaMb the cast of the generators wiu be recovemi through future rates, the December 31,1W4 13,500 30,205 43,705 acc&r.mi replacement of this asset has not resulted in a charge to December 31,1995 13,500 32,200 45,700 de statest d nimestal tarnig SCE&G has Bled suit agamst the manufacturer of the generators seeking damages for the replacement 1btal
$ 67,500
$ 141,650
$ 209,150 of the generators The ulumate outcome of the daim cannot be deternuned at this time, accordingly no bene 6L has been recorded in the financial statments.
s The supplier under the original uranium supph contract Obhgaums and,po long as any Uen leel obagations are.
bnached the contract in 1975 due to uranium market conditions outstaning, Capital lease Obligauons, but superior to the lien and
. SCf&G In!!iated adion seeking specinc j&w of the contract pledge of rewnue securing the Commercial Paper Notet promions, and a Baal setdement was reachal and gpromi by all putie in April 1980. By terms of the setdement, the Authority has Note 7 Contracts with Centnd Dectrk Power Coopmuw,Inc.:
remind appmximmeh $10243,000 in cash as partial settlement of the lawsuit Additimalh the agreement poids fw dehvery of TW Authority has leme cetracts with Central Dettnc Power uranium, long.tenn deliwries of eouipment and senices (inclueng Cooperaun, Inc. (Central) mMng a steam hk generging plant, g
g conwrsion and fuel fabricauon) at a dscount ne cash and
&scouns mehed (and niated interet earned) which approximated -
""E"*" 0* "P O* *
$16,572,000 were recorded as defermi cre&ts During 1990, deferred based on a sum equal to the Interal on, and principal o( Centra!'s j
creats and hted interest of approximately $3,752,000 were used to e
D caum m e W c6et the additional fuel costs -wd *ith reptement energy bwnWmentmaNmmuonMueAAudmy during the Summer Nuciar Staum refuehng outage. nc remaining has an optim to purchase the leased propertse at any time during the defened credits of $4395,000 will be used during scheduled refuelmg -
1
- 'E*
time the option b exercaed or to return the propertie at the Noic 6. Commercial Papen, Mini-Bonds, waahan&MneAudWamoexenaM 2 990 M h M every pti ni acquireownershipofsuchGacilitiespnartoetpiraum ofthelemes.
De Board of Duectors authwaed the issuana of commeraal Future minimum lene payments on Central lease, at December
- paper not to excaxi $150,000,000D mper b hsued for vahd 31,1990were-corporse purposes with a term not to exceed 270 days at an annual k nang' h 31-interet rse not to exceed 91/2% As of December 31,1990 and 1989, the effectne interet rue on outstanding bormng was 6.02% and N"O
6.10%, respectiveh During 1990 atJ 1989, the awrage amount g $359 399;,,,_
outstanding was $96,410,000 and $50,000,000, respeciveh the mrage maturity was 37 and 35 days, iespechwly; the awrage 1992--.-------------.~.--.-
5,29 -
e!fectiw interet rate was 6.06% and 6.60%, respectiveh 1993 - ~ ~~~~~
5,259 At December 31,1990, the Authority had a Revoking Credit 19% -
5,240
-. ~.
Agreement of $150,000,000. Db Agreement is used to support the 1995 5,233 '
Authority's issuana of commerrial paper. Under an agreement
@60 '
signed August 1990, the Authartty b required to pay a fee equal to 1/8
" " ~ " " ~ ~ " ' " " " ' " ~
~"
Lof 1% on the total hne of aedit Nc loans were outstaneng under the Totalminimumim paymens-88310 AgreerrentatDecember31,1990, les; amounts representing interest..
26.478 In Septemkr 1990, the Authonty bsued the 1990 Serie M Balanz at December 31,1990._
Rewnue Bonds (the"1990 M Rewnue Bonds") in the amount of
_-..... $ 61.832
"~""
- $21.1 million at 7.3% pursuar,t to the Rewnue Bond Resolution I. ease property under capitalaed leases and related accumulated adopted by the Author 2y on August 27,1990, ne 1989 Serie M amorteauon included in utility plant at December 31,1990 totalled 1Minl Bonds (the"1989 Mint Bcnis")wereissuedinOctober;1989,
$102,000,000 and $49,500,000, respecoveh and at December 31,1989 totaling $17.4 mdlion at 7% pursuant to the Mini. Bad Resolution.
totalled $102.200,000 and $46,900,000, respectmh
- ne Authonty covenanted not toissue any more Mini Bonds or 1985 hwer supply and transmission services an provided to Ceritral in Electric System Rewoue Bonds (the "Uen leve10bligations").
accordance with the ibwer System Coordination and Integration ne Mini. Bone ard the 1990 M Rewnue Bonds are due on Agreement dated January 19, l Al, and amended as of March 31, demand of the registered owre, and are considemi cunent liabilities 1988. The amendment panides for a change la the Authority's rate.
oftheAuthmty making methodology for Central. In ad6 tion, the Authonty will be the
- The Den leti Obligations were issued on a panty with each other, sole supplier of Central's energy needs excluding what Central but lunior and subordinate to the pledge of rewnue securing the recches from the Southeastem Pbwer Administranon and SCFAG.
Prianty Obligations, Electric System Expansion Revenue Bmds and ne agreement allon Central to aust all charge by the Authority the Capital lease obligabons. ne 1990 M Revenue Bonds are lunior Audits for the periodJuly 1986 through December 1989 were
- and subordnate to the pledge of rewnue secunn6 the Priority presented to management during 1990 and are being discussed with -
Obligauons, Electric System Expansion Revenue Bonds, Uen lati Central. Management does not belier there will be any material effect l.
4 to the Authority as a nsult of the nuits.
Note 9 RetirementPlan:
Note 8 Commitments and Contingencies:
Substanually all Authority full time e:npigws must participale in the South Cardina Retirement Sptem ("Sptem"), a cat sharing, iludget ne Autharttfscapitalbudgetpnadeforexpen&ture muluple-empiger pubhc emplope retirement sptem.ne payrd!
of approximateh $164,900,000 during the year ending December 31, for employee cmered by the Sptem for exh of the ps ended 1991, and $559,000,000 dunng the twoyears thereafter.
December 31,1990 and 1999 was $53,355,000 and $51,869,000, Future Generation De Authonty's!)oard of Directors respect!w!y approved the construcuan of a second $20 megawatt, coal fueled Emplgees who reure at or after age 65 or have 30 years of servia electric generating unit at the Crms Plant with power generahm to are enutled to a retirement benefit, payable monthh for hfe equal to
- begin nolaterthan May1995 132 percent of their awrage final compensauon. BeneSts fulh wst on The estimated cost of construccon is expected to total reachmg frve years of senice. Wsted employee may retire at 60 and approximateh $540.9 mi!! ion which includts $496.7 mdhm for the remtve reduced reurement benef ts. ne Sptem also pnnides death -
generating unit, $25.9 million for related transmision fachues, $92 and disability benefa tienefits are established by State statute, million h coal cars, and $9.1 million for the initial cr6tockpile.
Employees are required by State statute to contribute six percent of Dam Reinforcement During1982,FERCnouSed the Authonty salary ne Authorrty b requimi by the same sta: ate te contribute 7.55 that the Pmopolis Mst Dam ano me Santee North Dam, which form percent of total payroll. ne contribution requirement for each of the '
a part of the Authority's electne uuli'v system, possesed marginal years endai Decembe 31.1990 and 1989 was $4,109,000 and
~
seismic stability under apnlicable design earthquake enterit FF.RC
$3,780,000 fmn !he Authonty and $3,198,000 and $3,112,000 fmm indicated that remedial meste should be undertaken by the empigees.
Authonty to providc an increased lew! of scismic stability An actuanal niuatioMs performed for the System annually At the The prebminary design on the reinforcement of the Pinopohs Rst most recent valuadon date Jur.e 30,1990, the pension benefit Dam was compieled oy the US Army Corp of Engineers (Corp),
obligaban for reured and actin members a appmximatelv $9.5 -
and a mntract was awarled in April 1988 to the Corps. ne billion. ne amortsed cost of assets of the System a apponTey construcuw of the bolster is the responsibdity of the Corps and was
$68 billion. ne unfunded pension obligation was appmximately completedin the fallof1990.
$2.7 billion. ne pension bene $t obligation is a standardized FERC provided Anal appuval of a Comprehensiw Ernergency disclosure measure of the pesent Wlue of pension benefits, adjustal Action Plan (EAP) for Dam failure for the flood plain located f r the effects of pnected salary increases, etimated to be payable in downsuram of the North Santee Den. The proposed EAP was the future as a result of employee senice to date, ne measure, which modi $ed by FERC to incorporate a number of additional is an actuarial preen! vah.e of credited pmjected benefits, is latended requirements, all of which haw been completed except for the to help usen assess the Sptem funding status on a going concern
-1 xquisition of certain puperues as designated by FERC and located in basis, asses progres made in accumulaung sufficient suets to pay the Boodplain.
benefits when due, and make compansons among public employee The acquisitions are cenently underway and are scheduled to be retirement systems. ne Sptem does not make seprate 1
obtained by August of 1991. All other matters asociated with the measurements of assets and benents piyable for individual seismic safety of the protect dams and dikes haw been reconcded to empio>en.The Authonty's contribudon represented approximately the satisfaction of FERC and its staff.
two percent of the total contribution to the Sptem.
PurthaseCommitments The Authority'soutstandmg
'Ibn yearhistoriadtrendinformahonshowingtheSystem's L
- miaimum obligauons as of December 31,1990 under exisung coal progress in accumuhting suf5cient assets to pay bene 6ts when due is
' and pitchased power contracts were approximateh $ 1.1 billion and presented in the Sptem'sju_ne 30,1990 compehenste annual l
$0.2 billion,respectntly financialreport.
L During November 1990, the Authonty fded a mmplaint against L
two coal companie having long term contracts with the Authonty Note 10 Other Pust Retirement BeneAts:
The Authonty is alleging, among other things, a conspracy by the coal companies and others to owrcharge the Authorirv for the coal The Authority has comnutments of approximateh $29.7 million epi p may become 6gh thee benents dthey a age or under the joint ownership agreement with SCE&G for the pun hase, hawmmM0)eanofsp%mnemstofnunM -
conwrsion, and fabrication of uranium. Addiuonath the Authonty cm and life insurance benefits is recognbed as expense as the has commitments for uranium enrichment tirough its agreement premiums are paid for 1990 and 1989, these costs totaled fD9,000 i
l with SCE&G. Minimum obligations under the enrichment ccattact and $215,000,repectneh c1nnot be determined.
1 Note 11 MajorCustomers Sales to two maja customers for the ) tars ended Ikcember 31, stre:
1990 1989 Ohust)
Central Ekttric Power Coopers:iw, Inc.
$ 225,000 $ 221,000 Alumax of South Camtma,Inc.
$ 84,000 $52,000 Dunng the thrte > tar penod ended Ikcem!rt 31,1990, Alumax of South Camlina, Inc. was entitled to nreht, under the contract amendment dated January 1,1986, rate relief up to $ 17.6 million per year ne rate reduction b available if the awrage monthly price of aluminum b $.62 (1986 dollars) per pound or bdow provided Alumax operates at a speciSed load. Alumax must begin to reply the rate rehefif the pnce of aluminum is $.72 (1936 ddlars) per pound or more. Dunng 1990, the net amount of rate relief granted totak4 approximately 4.4 milhon. There was no rate relief granted to Alumax in 198 Dunng the penod 1991 through 1993, Alumax is required to repay such granted net rate rehefin the monthly amount of $1.467 milhon for any month in which the pnce of aluminum equals or exceeds $.72 (1986ddlars)perpound.
Note 12 Storm Damap:
On Sqtember 21,1989, the Authonty's sptem was substantally damaged by llurricane llugo.nrough December 1990, the Authonty has incurred approximatdy $22.2 million to repair and repla:e damaged fxihties and svstems. Substantialh all of such costs have been funded by insurance and federal emergency assistance gants.
The Authority does not expect to increase rates due to the iminct of ilurricane llugo and foresees no measurable long tctm impact on its operatons or the demand for electricity by its customers.
Note 13 1991 Rornue Bonds:
In March 1991, the Authonty plans to issue a preliminary 05cial statement for the sale of Rewnue Bonds,1901 Series A.The Authority expects to ell between $250 million and $400 million of these bonds dunng March or April 1991.
I
- - - - - - -