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<br />For future years (FY 1986 and after), power revenues over and <br />above the amount needed to pay annual O&M, purchased power, other, and <br />interest expenses are to be applied to repay (1) the debts and <br />interest incurred in the deferred interest category, (2) the original <br />power investments and/or replacements and additions including <br />interest, and (3) the irrigation investment assigned to be repaid by <br />power within the prescribed repayment period. In order to derive the <br />lowest power rate possible, the highest interest bearing investments <br />are to be repaid first, to the extent possible, while still assuring <br />that each investment is repaid by the end of its required repayment <br />period. <br /> <br />B. . Results of FY 1985 Repayment Studies <br /> <br />1. Current Repayment Study Using Existing Power Rate. <br />Figure 1 is a chart showing the cumulative results of the current <br />repayment study using the existing power rate. It shows that future <br />cumulative power revenues will be sufficient to pay annual O&M <br />expenses and interest costs and to repay the deferred interest dehts, <br />but will not be sufficient to repay the power investment within <br />allotted time periods (50 years). <br /> <br />Table 1 is the FY 1985 Current PRS including explanatory <br />notes for each column. <br /> <br />2. Revised Repayment Study Using Proposed Power Rate. <br />Figure 2 shows the cumulative results of the revised repayment study <br />using the proposed power rate. It shows that the future cumulative <br />power revenues will be sufficient to pay annual O&M expenses and <br />interest and to repay within allowable time frames all power <br />investment and replacement costs and all irrigation costs required to <br />be repaid from power revenues. <br /> <br />Table 2 is the FY 1985 Final Revised PRS including <br />explanatory notes for each column. The following section provides a <br />discussion of the supporting data for the revised PRS. <br /> <br />VII. SUPPORTING DATA FOR FY 1985 FINAL REVISED PRS <br /> <br />A. RGP Ener~ Generation and Sales In the FY 1985 Final <br />Revised PRS include in this brochure, the 2D-year average generation <br />(FY 1965 through FY 1984) of 61 GWh used in the post-1989 marketing <br />plan was used to estimate generation for years beyond FY 1989. <br />However, because the Elephant Butte reservoir was filled to capacity <br />in FY 1985 due to a series of unusually high water years, the <br />generation for the next 4 years is expected to be 120 GWh for both FY <br />1986 and FY 1987, 100 GWh in FY 1988, and 80 GWh in FY 1989. For each <br />of these years, firm sales are estimated at 61 GWh and any amounts <br />above 61 GWh are nonfirm (excess energy) sales. <br /> <br />10 <br />