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<br />j./ <br /> <br /> <br />INTRODUCTION AND SCOPE <br /> <br />. <br /> <br />The Office of Audit and Investigation has reviewed the power repay- <br /> <br /> <br />ment study (PRS) prepared for the Pick-Sloan Missouri Basin Program <br /> <br /> <br />and the related individually authorized projects by the Bureau of <br /> <br /> <br />Reclamation's Upper Missouri Region, Billings, Montana, as of <br /> <br />June 30, 1974. This PRS was the basis for the power rate increases <br />effective June 1, 1977. <br /> <br />The purpose of our review was to identify any significant problems <br /> <br /> <br />in the PRS affecting the adequacy of those power rates to repay the <br /> <br /> <br />portion of the Federal investment that is reimbursable from power <br /> <br /> <br />revenues. We also reviewed the general principles applied in prepa- <br /> <br />ration of the PRS as of September 30, 1976, and found that they did <br /> <br />not vary significantly from those used in the 1974 study. <br /> <br />In this report the Pick-Sloan Missouri Basin Program is referred to <br /> <br />as "Pick-Sloan;" the individually authorized projects whose repayment <br /> <br />is to be assisted by Pick-Sloan power revenues are referred to as <br /> <br />"individually authorized projects;" and the consolidated system <br /> <br />(Pick-Sloan plus the individually authorized projects) is referred <br />to as "System." <br /> <br />The purposes served by the System are shown in exhibit I; The System's <br /> <br />power generation capacity was rated at 2,739 megawatts at September 30, <br />1976. <br /> <br />. <br /> <br />1 <br />