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<br />of the project and will pass the one million' <br />mark by next year. Most of the contracts <br />call for an increase in the rate of delivery <br />in successive years. <br /> <br />The progress in power marketing is re- <br />flected in the financial status of the <br />project. For the 12 months ended June 30, <br />1968, revenues were sufficient to meet all <br />expenses of operation, including the year's <br />interest on the unpaid balance of the in- <br />vestment, and contributed $833,000 to the <br />accumulated amount to be repaid. Present <br />repayment studies indicate that all costs <br />at this rate will be completely repaid wi~h <br />interest by the 39th year of operation. <br /> <br />I <br /> <br />The power contracting activities of <br />the Bureau now relate chiefly to amending <br />contracts to place the customers' 1975-76 <br />needs under contract. This work has been <br />proceeding for about a year, and in this <br />time contracts were completed with 16 ageft- <br />eies and many more are in the final stages <br />of negotiation, In Colorado, the customers <br />that have completed their 1975-76 cofttraqts <br />are the cities of Gunnison. co~or.ad<>~s, <br />Delta, Oak Creek, Center, and Fort ~ <br />and Intermountain REA. <br /> <br />The level of Lake Powell has receded <br />about 6 feet from its all-time high reached <br />in August to elevation 3544 feet with a con- <br />tent of 9,398,000 acre-feet. The lake is <br />expected to remain near this level until <br />the spring runoff starts in 1969. <br /> <br />8.3 million acre-feet were released to <br />the Lower Basin during water year 1968. <br />During the next four years, Glen Canyon must <br />~elease about 35 million acre-feet in order <br />to complete delivery of the 75 million acre- <br />feet in the 1963-72 decade to meet the Colo- <br />rado River Compact requir~ments. This <br />particular 10-year period is especially <br /> <br />I <br />