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B-114850 1 (1973-04-27)

handle is hein.gao/gaobaaada0001 and id is 1 raw text is: U;be ?- ea!ed 0 u ty Oi L., 0; z £p COMPTROLLER GENERAL OFT BRITFI1+A 0s sYU WASHINGTON. D C 20548 B-114850 RFELEASED APR 2 7 1973 The Honorable Joe L. Evins, Chairman Subcommittee on Public Works Appropriations Committee on Appropriations House of Representatives Dear Mr. Chairman: In accordance with your request of December 18, 1972, and subsequent arrangements with your office, we have prepared this report on an alter- native to the present requirements for repayment of the Federal invest- ment in the Tennessee Valley Authority's (TVA) electric power system which would tend to reduce or postpone future power rate increases. We estimate that use of this alternative repayment method from fiscal year 1974 through fiscal year 2014 could result in savings of about $287 million to TVA's power customers without any net interest cost to the Treasury. TVA's repayment requirements are a policy matter for the Congress to decide and, in presenting this alternative approach, we do not intend to suggest that the present requirements are unreasonable. They have evolved over a period of years and give consideration to the unique history and changes in TVA's electric power operations and financing procedures. However, the alternative repayment approach, as we have described, could be adapted to TVA's repayment requirements il the Congress decides that a change is warranted. INTRODUCTION From TVA's inception in 1933 to June 30, 1960, the Government in- vested in TVA's power program through appropriations, bond purchases, and property transfers. TVA was not required to pay interest on the investment but was required to make some repayments to the Treasury on the investment. The status of the Federal investment in TVA's power program at June 30, 1960, is shown on the following page.

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