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Electric Plant
12 Months Ended
Dec. 31, 2016
Property Plant And Equipment [Abstract]  
Electric Plant

NOTE 2—Electric Plant

Our net electric plant is composed of the following as of December 31, 2016:  

 

 

 

Clover

 

 

North

Anna

 

 

Combustion

Turbine

Facilities

 

 

Wildcat

Point

 

 

Other

 

 

Total

 

 

 

(in thousands)

 

Property, plant, and equipment

 

$

695,843

 

 

$

365,646

 

 

$

589,049

 

 

$

 

 

$

96,314

 

 

$

1,746,852

 

Accumulated depreciation

 

 

(364,602

)

 

 

(206,868

)

 

 

(257,026

)

 

 

 

 

 

(26,572

)

 

 

(855,068

)

Net Property, plant, and equipment

 

 

331,241

 

 

 

158,778

 

 

 

332,023

 

 

 

 

 

 

69,742

 

 

 

891,784

 

Nuclear fuel, at amortized cost

 

 

 

 

 

22,138

 

 

 

 

 

 

 

 

 

 

 

 

22,138

 

Construction work in progress

 

 

3,927

 

 

 

15,181

 

 

 

62

 

 

 

715,855

 

 

 

1,971

 

 

 

736,996

 

Net Electric Plant

 

$

335,168

 

 

$

196,097

 

 

$

332,085

 

 

$

715,855

 

 

$

71,713

 

 

$

1,650,918

 

 

Our net electric plant is composed of the following as of December 31, 2015:  

 

 

 

Clover

 

 

North

Anna

 

 

Combustion

Turbine

Facilities

 

 

Wildcat

Point

 

 

Other

 

 

Total

 

 

 

(in thousands)

 

Property, plant, and equipment

 

$

689,526

 

 

$

355,667

 

 

$

588,285

 

 

$

 

 

$

88,999

 

 

$

1,722,477

 

Accumulated depreciation

 

 

(361,339

)

 

 

(198,752

)

 

 

(237,493

)

 

 

 

 

 

(24,363

)

 

 

(821,947

)

Net Property, plant, and equipment

 

 

328,187

 

 

 

156,915

 

 

 

350,792

 

 

 

 

 

 

64,636

 

 

 

900,530

 

Nuclear fuel, at amortized cost

 

 

 

 

 

15,720

 

 

 

 

 

 

 

 

 

 

 

 

15,720

 

Construction work in progress

 

 

16,750

 

 

 

32,209

 

 

 

48

 

 

 

488,700

 

 

 

3,616

 

 

 

541,323

 

Net Electric Plant

 

$

344,937

 

 

$

204,844

 

 

$

350,840

 

 

$

488,700

 

 

$

68,252

 

 

$

1,457,573

 

 

We hold a 50% undivided ownership interest in Clover, a two-unit, 877 MW (net capacity entitlement) coal-fired electric generating facility operated by Virginia Power, which owns the balance of the plant.  We are responsible for and must fund half of all additions and operating costs associated with Clover, as well as half of Virginia Power’s administrative and general expenses directly attributable to Clover.  Our portion of assets, liabilities, and operating expenses associated with Clover are included on our consolidated financial statements in accordance with proportionate consolidation accounting.  As of December 31, 2016 and 2015, we had an outstanding accounts payable balance of $8.2 million and $8.7 million, respectively, due to Virginia Power for operation, maintenance, and capital investment at Clover.

We hold an 11.6% undivided ownership interest in North Anna, a two-unit, 1,892 MW (net capacity entitlement) nuclear power facility operated by Virginia Power, which owns the balance of the plant.  We are responsible for and must fund 11.6% of all post-acquisition date additions and operating costs associated with North Anna, as well as a pro-rata portion of Virginia Power’s administrative and general expenses directly attributable to North Anna.  Our portion of assets, liabilities, and operating expenses associated with North Anna are included on our consolidated financial statements in accordance with proportionate consolidation accounting.  As of December 31, 2016 and 2015, we had an outstanding accounts payable balance of $3.8 million and $3.1 million, respectively, due to Virginia Power for operation, maintenance, and capital investment at North Anna.

We own three combustion turbine facilities that are primarily fueled by natural gas.  We also own six distributed generation facilities, which are included in “Other” in the net electric plant table.  Additionally, we own approximately 110 miles of transmission lines on the Virginia portion of the Delmarva Peninsula included in “Other,” as well as two 1,100 foot 500 kV transmission lines and a 500 kV substation at our combustion turbine site in Maryland included in “Combustion Turbine Facilities.”

Wildcat Point

We are currently constructing, and will be the sole owner of, an approximate 1,000 MW natural gas-fueled combined cycle generation facility, named Wildcat Point, in Cecil County, Maryland.  Wildcat Point's major equipment will consist of two Mitsubishi combustion turbines, two Alstom heat recovery steam generators, and one Alstom steam turbine generator.  The facility is scheduled to become operational in mid-2017.  We currently anticipate that the project cost will be approximately $834.3 million, including capitalized interest.  Through December 31, 2016, we capitalized construction costs related to Wildcat Point totaling $715.9 million, including $42.6 million of capitalized interest.