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125176 1 (1984-09-13)

handle is hein.gao/gaobactit0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE )425 17 6 WASHINGTON, D.C. FOR RELEASE ON DELIVERY 125176 EXPECTED AT 9:30 A.M. SEPTEMBER 13, 1984 STATEMENT OF P. KEVIN BOLAND SENIOR ASSOCIATE DIRECTOR RESOURCES, COMMUNITY, AND ECONOMIC DEVELOPMENT DIVISION BEFORE THE COMMITTEE ON ENERGY AND NATURAL RESOURCES UNITED STATES SENATE Mr. Chairman and Members of the Committee: We appreciate this opportunity to discuss the Bonneville Power Administration's (Bonneville's) repayment to the Treasury of the federal investment in the Columbia River Power System as well as prior GAO work in this area. The federal investment in.the Columbia River Power System stands at about $7.9 billion. Federal law requires Bonneville to repay this investment. The Bonneville Project Act of 1937 (16 U.S.C. 832f) requires that power rates be set to include the re- covery of the cost of producing and transmitting the electricity as well as the amortization of the capital investment over a reasonable period of years. Subsequent legislation, including the 1974 Federal Columbia River Transmission System Act (16 U.S.C. 838g) and the 1980 Pacific Northwest Electric Power Plan- ning and Conservation Act (16 U.S.C. 839e), require Bonneville to repay the federal investment and set electric power rates at the lowest possible level consistent with sound business practices. However, the Transmission Act also provides that Bonneville apply revenues to pay for the costs of (1) operation and maintenance, (2) purchased and exchange power, and (3) transmission service before paying the amortization of the federal investment. The federal investment is the lowest category for payment, therefore, r 1.4OOA

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