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During fiscal year 1975, a total of $18 million was applied toward repayment of the Federal investment in the CRSP and participating projects. Total repayment received to date amounts to $68 million, which is 9 percent of the $750 million com- pleted plant-in-service and 3.5 percent of the $2 billion projected total reimbursable Federal investment in the authorized storage units and participating projects. In addition to the amount applied to repayment, the project earned revenues sufficient to pay all operating costs and current interest and replacement costs. Operating costs of participating projects which have been turned over to the water conservancy districts for operation were paid by the respective conservancy districts. About 40 percent of the projected Federal investment was in service at the end of the fiscal year. Rate of Repayment Power sales produced 95 percent of the net revenues during fiscal year 1975. All of these power revenues were applied toward the power investment in the storage units and participating projects. About 10 percent of the estimated power investment has now been repaid. The $17.4 million received in fiscal year 1975 is more than a 75 percent increase in net revenues from fiscal year 1974. Nearly a half million dollars in repayment revenue came from municipal and industrial water sales from Glen Canyon and Navajo Units. This was all applied toward repay- ment of the M&I investment in the storage units. An additional $64,000 in repayment revenues came trom municipal and indus- trial water sales from participating projects. This amount was applied to repayment of M&I investments in the participating projects. Revenues received from the irrigators, amounting to $267,000 in fiscal year 1975, have been applied to repayment of the irrigation investment in the participating projects. In order to provide revenues sufficient to pay annual operating costs of the storage units, to provide for replacements, to pay interest charges, to repay the reimbursable costs of the authorized storage units, to provide the needed repayment assistance for authorized participating projects within the time limits prescribed by law, and to pay specified salinity costs, it is necessary to increase the CRSP power selling rate. It is proposed to increase the power rate by about 7.2 percent in January 1977, and to increase that rate by approximately another 7.4 percent in January 1980. The proposed January 1980 rate would be about 17 percent above the original CRSP power rate, which was in effect prior to April 1974. These increases are reflected in the "Historical and Projected Repayment of Authorized Reimbursable Investment" at the back of this report. 33