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<br />. <br /> <br />For Federal project irrigation and clrainage pumping service: <br /> <br />2.5 mills per kilowatt-hour. <br /> <br />For nonfirm service: <br /> <br />Established in 1950 (secondary service): <br /> <br />The firm power rate schedule without demand charge. <br /> <br />Established in 1954 (dump service): <br /> <br />85 percent of the saving in the cost of fuel due to <br />delivery of such energy, but not in excess of 3.50 mills <br />per kilowatt-hour (originally estimated at 3.00 mills <br />pe~ kilowatt-hour). <br /> <br />Assuming a system-wide average monthly load factor of 48 percent, the <br /> <br />. <br />foregoing firm power rate schedule would yield a return of 5.50 mills <br /> <br />per kilowatt-hour. <br /> <br />Continuing Financial Analyses. <br /> <br />Since power marketing rates were established, annual studies have been <br /> <br />made to test the adequacy of the rates to provide sufficient revenue <br /> <br />for project repayment. In addition, the proj ect, periodically, has <br /> <br />been the subject of full-scale financial and economic analysis. <br /> <br />Certain of the routine and special studies are regarded as "landmarks" <br /> <br />in the history of financial management of the project because of the <br /> <br />introduction of substantial changes in procedure and criteria. Several <br /> <br />of these studies have been selected as illustrative of the more sig- <br /> <br />nificant changes which have occurred. They are: Economic and Financial <br /> <br />Analysis, 1954-1955; Economic and Financ~al Analysis, 1958; and Power <br /> <br />System Averate Rate and Repayment Study, January 1962. Table 1 of this <br /> <br />7 <br /> <br />