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RCED-92-292R 1 (1992-09-17)

handle is hein.gao/gaobackdp0001 and id is 1 raw text is: GAO °B United States General Accounting Office Aashngton, D.C. 20548 Resources, Community, and Economic Development Division B-250264 147800 The Honorable Philip R. Sharp Chairman Subcommittee on Energy and Power Committee on Energy and Commerce House of Representatives Dear Mr. Chairman: This letter responds to your September 11, 1992, request that, among other things, we evaluate two cash flow projections developed by the Timbers Corporation for the proposed uranium enrichment corporation (UEC) that would be created by H.R.776. In addition, as you requested, we are providing you with a revised cash flow projection for the proposed new corporation as contained in H.R.776. Our revised projection will aid you and your staff as you work with the conference committee considering the uranium enrichment restructuring provisions of the energy policy bills passed by the House and the Senate. In summary, the two projections prepared by the Timbers Corporation in March 1992 should not be used to predict expected cash flows for the proposed corporation. These projections incorporate several assumptions that would not apply to the corporation that would be created by H.R.776 as passed by the House in May 1992. In addition, the projections use revenue and cost figures that need to be updated or revised because of recent program changes. Our revised projection uses more recent Department of Energy (DOE) revenue and cost estimates and makes adjustments to reflect recent changes in H.R.776. The revised projection shows that from 1993 through 2005, the corporation will return revenues totaling about $3.8 billion to the government. In March 1992 the Timbers Corporation prepared two cash flow projections for the proposed enrichment corporation that would have been established by H.R.776 as approved by the House Committee on Energy and Commerce. The first GAO/RCED-92-292R, UEC Cash Flow Projection 5-541

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