ML110890429

Submittal of Guarantee of Payment of Deferred Premiums

ML110890429
Person / Time
Site:	Ginna
Issue date:	03/23/2011
From:	Harding T Constellation Energy Group, EDF Group, Ginna
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
Download: ML110890429 (3)

Text

Thomas Harding Licensing Director CENG a joint venture of Energ I

R.E. Ginna Nuclear Power Plant, LLC 1503 Lake Road Ontario, New York 14519-9364 585.771.5219 585.771.3681 Fax Thonmas.Hardin2Jrcwcengllc.com March 23, 2011 U.S. Nuclear Regulatory Commission Washington, DC 20555-0001 ATTENTION:

SUBJECT:

Document Control Desk R.E. Ginna Nuclear Power Plant Docket No. 50-244 Guarantee of Payment of Deferred Premiums Pursuant to the Commission's requirements stated in 10 CFR 140.21(e), enclosed is an excerpt from the Constellation Energy Group, Inc., Form 10-K to the Securities and Exchange Commission for the fiscal year ended December 31, 2010.

This enclosure shows that Constellation Energy Group has a cash flow that can be generated and would be available for payment of the R.E. Ginna Nuclear Power Plant, LLC retrospective premiums of $17.5 million.

If you should have any questions regarding this submittal, please contact Tom Harding at (585) 771-5219.

Very truly yours, Thomas L Harding

Enclosure:

Consolidated Statements of Cash Flows cc:

W.M. Dean, NRC D.V. Pickett, NRC Ginna Resident Inspector, NRC WPuA~C 6-100qvL2.,

ENCLOSURE CONSOLIDATED STATEMENTS OF CASH FLOWS R.E. Ginna Nuclear Power Plant March 23, 2011

I COSLIAE STTMET OF CAS FLW Constellation Energy Group, Inc. and Subsidiaries Year Ended December 31, 2010 2009 2008 (In millions)

Cash Flows From Operating Activities Net (loss) income

$ (931.8)

$ 4,503.4

$(1,318.4)

Adjustments to reconcile to net cash provided by (used in) operating activities Depreciation, depletion, and amortization 517.6 589.1 583.2 Amortization of nuclear fuel 117.9 123.9 Amortization of energy contracts and derivatives designated as hedges 319.6 (138.4)

(256.3)

All other amortization 33.3 135.7 40.5 Accretion of asset retirement obligations 1.9 62.3 68.4 Deferred income taxes (716.4) 1,846.9 (122.8)

Investment tax credit adjustments (4.5)

(12.1)

(6.4)

Deferred fuel costs 67.4 68.9 52.0 Defined benefit obligation expense 99.5 85.3 99.6 Defined benefit obligation payments (324.0)

(372.5)

(120.4)

Merger termination and strategic alternatives costs 128.2 541.8 Workforce reduction costs 12.6 22.2 Impairment losses and other costs 2,476.8 124.7 741.8 Impairment losses on nuclear decommissioning trust assets 62.6 165.0 Gain on sale of 49.99% membership interest in CENG (7,445.6)

(Gain) loss on divestitures (245.8) 468.8 (38.1)

Gains on termination of contracts (76.8)

(73.1)

Accrual of BGE residential customer credit 112.4 Equity in earnings of affiliates less than dividends received 14.1 15.5 6.3 Derivative contracts classified as financing activities 186.0 1,138.3 (107.2)

Changes in working capital Accounts receivable, excluding margin (236.5) 543.3 606.7 Derivative assets and liabilities, excluding collateral 449.9 425.3 (757.9)

Net collateral and margin 44.2 1,522.8 (960.3)

Materials, supplies, and fuel stocks 0.1 220.6 (33.5)

Other current assets (150.0) 217.2 (95.4)

Accountspayable and accrued liabilities 80.0 (1,105.0)

(225.8)

Liability :or unrecognized tax benefits (66.6) 102.1 79.7 Accrued taxes and other current liabilities (1,028.4) 788.8 (238.1)

Other 1.7 171.7 (38.5)

Net cash provided by (used in) operating activities 511.3 4,390.8 (1,261.1)

Cash Flows From Investing Activities Investments in property, plant and equipment (995.6)

(1,529.7)

(1,934.1)

Asset acquisitions and business combinations, net of cash acquired (445.8)

(41.1)

(315.3)

Investments in nuclear decommissioning trust fund securities (385.2)

(440.6)

Proceeds from nuclear decommissioning trust fund securities 366.5 421.9 Investments in joint ventures (201.6)

Proceeds from sale of 49.99% membership interest in CENG 3,528.7 Proceeds from sales of investments and other assets 244.0 88.3 446.3 Proceeds from investment tax credits and grants related to renewable energy investments 56.5 Contract and portfolio acquisitions (208.3)

(2,153.7)

(Increase) decrease in restricted funds (60.3) 1,003.3 (942.8)

Other (35.7) 0.1 21.7 Net cash (used in) provided by investing activities (1,445.2) 675.6 (2,742.9)

Cash Flows From Financing Activities Net (maturity) issuance of short-term borrowings (13.6)

(809.7) 813.7 Proceeds from issuance of common stock 14.0 33.9 17.6 Proceeds from issuance of long-term debt 550.0 136.1 3,211.4 Common stock dividends paid (183.3)

(228.0)

(336.3)

Reacquisition of common stock (16.2)

BGE preference stock dividends paid (13.2)

(13.2)

(13.2)

Proceeds from contract and portfolio acquisitions 52.2 2,263.1 Repayment of long-term debt (664.5)

(1,986.8)

(577.4)

Derivative contracts classified as financing activities (186.0)

(1,138.3) 107.2 Debt and credit facility costs (32.8)

(98.4)

(104.8)

Other (0.4) 12.7 8.3 Net cash (used in) provided by financing activities (477.6)

(1,828.6) 3,110.3 Net (Decrease) Increase in Cash and Cash Equivalents (1,411.5) 3,237.8 (893.7)

Cash and Cash Equivalents at Beginning of Year 3,440.0 202.2 1,095.9 Cash and Cash Equivalents at End of Year

$ 2,028.5

$ 3,440.0 202.2 Other Cash Flow Information:

Cash paid during the year for:

Interest (net of amounts capitalized) 289.5

$ 369.5 341.4 Income taxes

$ 1,044.2 57.1 119.2 See Notes to Consolidated Financial Statements.

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