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<br />." <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />CONCLUSION <br /> <br />The ch~lnging CirC\lIll~Ia.IICI:S ill' Ih.~ pa~1 fen Yt~urs d\:'monslralC Ihat Ihe <br />prefercnc(' dc1I1'ie i6 jll."" :1~ \"allJanlt' ~l luO! (If puhlic pnlii..:Y ;b it \\ il.'l <br />when elcLtrical POW!:I was d1f~:tr ilnd wiJeI~ avail;jhk. Once it i~ <br />acknowledged Ihal hydrll<:le.:t[J,. 1'0lClllial i, a nati'>I1al r,',oun,c, il <br />naturally follows Ihal Ihe rcsour.:,' ,llllUld hc distrihuted dire,.II,. t,) (he <br />general puhlic whenever il is pll,.,lhk to do "'. The r",'t th.1I 1101 "II <br />rk.rsnn.'i .share equally jn IhOSt: It.:SOllfces has ne\er heen an adcqlllltl' <br />re.ason to invalidate the prill.:iplc "~f Pllhlic henelit frolll puhlidy ,)wncd <br />fI:soun,;cs. The in,,:rci1'1ing price anu scarcily 01 rlL'l.'lril,,' pO\\'Lr Illaj..t'.... il <br />all the more imrnrlalll th"t the priority ot gmwlllllental and Ilon-I'rllfit <br />enlities he preserved. To dt',~idL 11lherwlst: \\lIUld he 10 admil thai all <br />important national poliey--puhlic llwnel.ship 01 puhlic rc,"ulcc.,--is to <br />be honored only when it is worth lillk, alld thai thc desirc, llf pri'.a1e <br />induslry should have precedell,.e whell thc I'lllicy would othcr\\ise <br />eOllvey a signifi.:anllwnrfil onthc puhlk. <br />The rising costs and declilling availahility ot elccrri.:ilY ,ilso mak,' il <br />more likely that the cllncenll"l;on of generating caraci1Y in f,'wer and <br />larger investor-own crt utilities will continue. The pntenlial fllr ahllse, \)f <br />power increases as the trend toward a monopoly indnsllY .:lIntinlle,. It <br />is therefore important to relain the preference clause as a method of <br />assisting the survival of a pluralisric s,.stem in which local, respon,ive <br />electric ulilitie~ can preserve h)(:al options with rcgilrJ 10 energy pn1Jw,> <br />tion and usage. <br />Finally, in an era of rising (:O,ls, it i", irnporlulll In Ill)(t: lhal the <br />preference clause Joe~ nUl provide hCIIC'fil."I:Hic~ of prt'j"crcllc(' PI)" cliO <br />a subsidy wilh regarrt to the C')S1S of gcnc.,,"ion. Thc ahilit,. of go"cln- <br />mentally owned and non-profil ekclnc sY'!ellls tl) buy and scll prefer- <br />ence power-and any other powcr-Il itholll the rc'quirelllc'nl of paying <br />Federal taxes derives from Constilutional rcquiremelllS and Ihe non- <br />profit character of their operations. Evcn if tlie conlilluation of rhe <br />preference clause were not based on sound principles-and it has heen <br />shown that it is-lhe practical effect of eliminating it 1I'0uld he of Iillle <br />practical effect in reducing rates for Ihe customers of inveslllr-owlled <br />utilities across the country. <br />In short, the changed conditions of the 1970's make il more impor, <br />tant than ever that lhe preference clause be relained. <br /> <br />3t <br />