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<br />, <br /> <br />. <br /> <br />. <br /> <br />because the same revenue required to amortize the Hoover Project <br /> <br />by May 31, 1987, will have to be derived from less energy than <br /> <br />has been contemplated to date in the determination of energy <br /> <br />rates as provided for in the Boulder Canyon Project Adjustment Act 0 <br /> <br />D. Comparison of Lower Division Damages <br />With All~ed Upper Division Damaqes <br /> <br />The Report of the Engineering Committee of the Upper <br /> <br />Colorado River Commission, dated November 19, 1969, to Mr. J. R. <br /> <br />Riter, Chairman, Federal-State Task Force states that the Upper <br /> <br />Colorado River Basin Fund had through May 31, 1969, been depleted by <br /> <br />the non-reimbursable amount of $44.5 million because of the Filling <br /> <br />Criteria, and that said fund should not be subjected to any further <br /> <br />depletions. The report indicates that this amount was determined by <br /> <br />assuming a 3-mill per kilowatt~hour value for defiCiency energy <br /> <br />supplied from Glen Canyon Powerplant and compounding annually this <br /> <br />assumed value together with actual costs of impairment capacity and <br /> <br />energy at the rate of 2-7/8 percent to the year 2003. <br /> <br />This Commis sion report implies that the Upper Division <br /> <br />has been severely damaged financially. In reality, this computed <br /> <br />cost is not out-of-pocket cost to the Upper Division, but only <br /> <br />represents a possible delay in funding of the construction of some <br /> <br />Upper Division water projects in the distant future. In comparison, <br /> <br />the financial losses to the Hoover power contractors are suffered <br /> <br />now as an out-of-pocket cost. <br /> <br />-30- <br />