system energy may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable . all debt and common stock issuances by system energy require prior regulatory approval . a0 a0debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements . a0 a0system energy has sufficient capacity under these tests to meet its foreseeable capital needs . system energy 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .
as of december 31 , 2017 what was the percent of the system energy credit facility utilization
see note 4 to the financial statements for a description of the money pool . the system energy nuclear fuel company variable interest entity has a credit facility in the amount of $ 120 million scheduled to expire in may 2019 . as of december 31 , 2017 , $ 17.8 million in letters of credit to support a like amount of commercial paper issued and $ 50 million in loans were outstanding under the system energy nuclear fuel company variable interest entity credit facility . see note 4 to the financial statements for additional discussion of the variable interest entity credit facility . system energy obtained authorizations from the ferc through october 2019 for the following : 2022 short-term borrowings not to exceed an aggregate amount of $ 200 million at any time outstanding ; 2022 long-term borrowings and security issuances ; and 2022 long-term borrowings by its nuclear fuel company variable interest entity . see note 4 to the financial statements for further discussion of system energy 2019s short-term borrowing limits . system energy resources , inc . management 2019s financial discussion and analysis federal regulation see the 201crate , cost-recovery , and other regulation 2013 federal regulation 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis and note 2 to the financial statements for a discussion of federal regulation . complaint against system energy in january 2017 the apsc and mpsc filed a complaint with the ferc against system energy . the complaint seeks a reduction in the return on equity component of the unit power sales agreement pursuant to which system energy sells its grand gulf capacity and energy to entergy arkansas , entergy louisiana , entergy mississippi , and entergy new orleans . entergy arkansas also sells some of its grand gulf capacity and energy to entergy louisiana , entergy mississippi , and entergy new orleans under separate agreements . the current return on equity under the unit power sales agreement is 10.94% ( 10.94 % ) . the complaint alleges that the return on equity is unjust and unreasonable because current capital market and other considerations indicate that it is excessive . the complaint requests the ferc to institute proceedings to investigate the return on equity and establish a lower return on equity , and also requests that the ferc establish january 23 , 2017 as a refund effective date . the complaint includes return on equity analysis that purports to establish that the range of reasonable return on equity for system energy is between 8.37% ( 8.37 % ) and 8.67% ( 8.67 % ) . system energy answered the complaint in february 2017 and disputes that a return on equity of 8.37% ( 8.37 % ) to 8.67% ( 8.67 % ) is just and reasonable . the lpsc and the city council intervened in the proceeding expressing support for the complaint . system energy is recording a provision against revenue for the potential outcome of this proceeding . in september 2017 the ferc established a refund effective date of january 23 , 2017 , consolidated the return on equity complaint with the proceeding described in unit power sales agreement below , and directed the parties to engage in settlement .