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<br />Under the marketin~ criteria, sales to customers with no supplemental <br />supply were permitted by contract provisions to receive their total <br />requirements, regardless of load factor. Sales to customers with supple- <br />mental supply will be permitted up to about 70 percent load factor <br />through March 1976. <br /> <br />. <br /> <br />In late 1973, a rate adjustment was promulgated. The UC-Fl rate effec- <br />tive April I, 1974, increased the monthly demand charge per kW from <br />$1.275 to $1.32 while leaving the energy charge at 3 mills per kWh. In <br />addition, customers were informed that, starting in April 1976, the load <br />factor could not exceed 58.2 percent and further that sales of power <br />from potential powerplants would be made as peaking power; i.e., with no <br />energy or with return of energy. Also, a provision was added in April <br />1975 that any energy or capacity consumed by a customer which was un- <br />authorized over and above contract commitments would have a rate of 5 <br />times the regular rate. <br /> <br />E. REPAYMENT STUDY <br /> <br />1. ~epayment Criteria. The general criteri8 for a power repayment <br />study are that power revenues must be sufficient to: (1) pay annually <br />all costs the year they occur except capital and replacement invest- <br />ments; (2) repay with interest capital investments allocated to power <br />within 50 years; (3) repay with interest replacement investments allocated <br />to power within the service life of each unit of property; and (4) repay <br />without interest within 50 years plus development periods all capital <br />investments allocated to irrigation, to the extent decreed by the author- <br />izing act. <br /> <br />This section presents a dissertation on selected items that are involved <br />in or related to the CRSP repayment study to provide background informa- <br />tion, to explain the basis of data used in the study, or to discuss <br />specific parts of the study. <br /> <br />a. Application of revenues. Table E-l is a summary of his- <br />torical data through fiscal year 1974 and an estimate, based upon apply- <br />ing the new power rates starting in January 1977, of future year-by- <br />year CRSP revenues and costs through fiscal year 2059. The latter year <br />is the date of the last required repayment of presently authorized <br />features. <br /> <br />Annual power revenues are applied first to pay operating costs allocated <br />to power and storage unit operating costs allocated to irrigation; <br />second, to repay the highest interest bearing power capital and replace- <br />ment investment with interest, followed by next highest, etc,; third, to <br />repay the interest-free irrigation investment of the storage units; and <br />fourth, to repay the irrigation investment costs of participating proj- <br />ects which are beyond the ability of the water users to repay. <br /> <br />7 <br />