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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />1090 <br /> <br />v. <br /> <br />DISCUSSION <br />A. Factors AffectinR Payout <br />To be financially sound a project must be able to repay reim- <br /> <br />bursable costs in accordance with the prescribed criteria. <br /> <br />Financial integrity depends upon the interaction of four <br /> <br />important parameters as follows: <br /> <br />1. Investment to be returned. <br /> <br />2. Period of time for return of the investment. <br /> <br />3. Interest rates. <br /> <br />4. Revenues available for repayment of reimbursable cost. <br /> <br />Each of the above parameters may be influenced, in turn, by <br /> <br />factors such as: <br /> <br />1. Water and Marketing Conditions <br />Water conditions on the streams on which P-S MBP multi- <br /> <br />purpose projects are located determine the amount of <br /> <br />power and energy that can be produced and sold by the <br /> <br />Eastern and Western Divisions' power systems in any <br /> <br />given year, up to the limit of the generating capacity. <br /> <br />Also, general marketing conditions in the marketing <br /> <br />areas determine, to a degree, the price that can be <br /> <br />obtained from the sale of temporary surpluses of power and <br /> <br />energy in better than average water years. <br /> <br />The Eastern Division has experienced extremely good <br /> <br />water conditions for the past 4 years and average or <br /> <br />8 <br />