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<br />003~~1 <br /> <br />I. THE ULTIMATE DEVELOPMENT CONCEPT <br /> <br />The term "ultimate development concept" is frequently used by those employed <br /> <br /> <br />in the electric utility and water resources fields. It is most often used in <br /> <br /> <br />conjunction with electric power rate-setting studies conducted by power marketing <br /> <br /> <br />agencies (PMA's) of the U.S. Department of Energy. PMA's market electric power <br /> <br /> <br />generated at federal water reservoir projects built principally by the U.S. Army Corps <br /> <br /> <br />of Engineers and the Interior Department's Bureau of Reclamation. <br /> <br />Simply put, the term "ultimate development concept" refers to the total or <br /> <br /> <br />ultimate development of a major, multi-purpose water resources project legislatively <br /> <br /> <br />authorized by the U.S. Congress. One such project, authorized in the Flood Control <br /> <br /> <br />Act of 1944, is the Pick-Sloan Missouri River Basin Program. Thus, in conjunction <br /> <br /> <br />with the Pick-Sloan Program, the term "ultimate development concept" refers to the <br /> <br /> <br />entire project as originally authorized and subsequently amended, containing literally <br /> <br /> <br />scores of components -- individual dams, irrigation "units," levee projects, navigation <br /> <br /> <br />improvements, hydroelectric generating plants, recreation areas, and various <br /> <br /> <br />combinations thereof. <br /> <br />To understand the context in which the term "ultimate development concept" is <br /> <br /> <br />used, it is necessary to understand the repayment principles involved in some types of <br /> <br /> <br />federal wa ter development projects. For mer Interior Department Solicitor Edward <br /> <br /> <br />Weinberg recently summarized these principles at a National Water Resources <br /> <br /> <br />Association Federal Water Seminar. He stated: <br /> <br />-1- <br />