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<br />. <br /> <br />. <br /> <br />Il-9 <br /> <br />An excerpt from the above mentioned document is included with this <br /> <br />report as Exhibit No. 11-3. <br /> <br />It is not our purpose in this report to pass judgment on whether fu- <br /> <br />ture participating projects will in fact be built or not. However, it is clear <br /> <br />from the information available to us that completion of many of the authorized <br /> <br />participating projects will occur well into the future, and some quite likely <br /> <br />will not ever be completed. Therefore, we believe that it is not appropriate <br /> <br />to include all authorized future participating projects in a PRS at this time, <br />or if all future participating projects are included in a PRS, only those which <br /> <br />are expected to be completed within a reasonable length of time should be <br /> <br />allowed to affect the level of the current power rates. <br /> <br />A reasonable way of preparing a PRS in accordance with the latter <br /> <br />approach would be as follows: <br /> <br />1. Prepare a two part PRS, including in the first part in accordance with <br /> <br />RA6120.2 only those future participating projects which are projected <br /> <br />to be completed within the five year cost evaluation period. <br /> <br />2. Determine from the first part of the PRS described above the level of <br /> <br />power rates required. <br /> <br />3. Prepare a second part of the PRS, including all remaining authorized <br /> <br />future participating projects whose completion dates will occur more <br /> <br />than five years into the future. Show repayment of all projects by <br /> <br />including power rates as determined in 2 above, plus future rate in- <br /> <br />creases at appropriate intervals. <br /> <br />The amount and timing of future <br /> <br />rate increases would be selected so that all required repayment cri- <br /> <br />teria are met. <br />