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The estimate for 1943 for navigation and flood-control operations includes $110,000 for study and development of river transportation. These studies include engineering design of navigation channels and preparation of navigation charts for the Tennessee River, studies of potential terminal facilities and floating equipment, studies of common carriers on the river, and maintenance of navigation facilities. The increase in 1943 is accounted for by the necessity of preparing navigation charts on new reservoirs going into operation and by intensification of terminal studies in anticipation of the possible need of river-terminal facilities to expedite transportation of commodities essential to national defense.

The estimate for 1943 also includes $8,000 for furnishing power for operation of locks to the Corps of Engineers, United States Army, at the various dams owned by the Authority. The amount shown is that estimated to be required for operation of the Pickwick, Wilson, Wheeler, Guntersville, Hales Bar, Chickamauga, Watts Bar, and Fort Loudoun locks.

Proration of general and administrative expense is estimated at $34,000 for

1943.

Power operations.

Table 3 shows that the estimated net income from power operations in 1943 is $21,244,000 as compared to an estimated net income for 1942 of $11,424,000 and an actual net income for 1941 of $11,868,648. The net income for 1941 was adequate to cover depreciation, the share of common expense charged to power operations, and a return on the investment in operating power facilities financed from appropriations of approximately 5 percent. The interest on bonds issued by the Authority is shown separately in table 3. The estimated return from the power program for 1942 will be slightly lower, due to the large allowance for a dry-year contingency, but the increase in net income of nearly 100 percent in 1943 will provide a substantially higher return in that year.

The number of individual customers now receiving Tennessee Valley Authority power is over 450,000. As shown by plates 3 and 4, power deliveries by the Authority have already exceeded the dependable power supply, and the expected demands of the area will exceed considerably all of the assured available energy from existing plants plus the assured energy to become available from the additional generating units now being installed or scheduled for installation in 1942 and 1943 plus the energy available from interconnecting systems.

In 1943, on the basis of presently authorized projects, the area served by the Authority will face a serious deficiency in power supply because of unprecedented requirements, of war production especially aluminum, ferrosilicon, and phosphorus. There is no way to meet this deficiency except by immediate authorization of the Douglas Dam and Reservoir on the French Broad River, recommended to Congress by the President on September 15, 1941, on the advice of the Office of Production Management, and by the Federal Power Commission, and the Tennessee Valley Authority, or by drastic curtailment of civilian and nondefense use of power in the entire Southeast. The two dams on the Watauga and South Fork of the Holston Rivers, authorized by Congress on December 15, 1941, for beginning construction in 1942, cannot be completed in time to meet the deficiencies in 1943.

Power operations—revenues

Actual revenues, fiscal year 1941.
Estimated revenues, fiscal year 1942-
Estimated revenues, fiscal year 1943-

$21, 137, 371

26, 155, 125

36, 938, 000

The estimated total revenues show an increase, based on the estimated total power available, of 74 percent in 1943 over 1941. It is estimated that sales of energy will exceed 9,200,000,000 kilowatt-hours in 1943 at an average rate of approximately 4 mills per kilowatt-hour. The estimated revenues from sales of energy to municipalities and cooperatives increase 30 percent in 1943 over 1941 and the estimated revenues from commercial and industrial customers increase by 153 percent, due to heavy power requirements of defense industries located in the Authority's service area.

TABLE 3.-Navigation, flood control, and power program-Income and expense accounts

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PLATE 3.-Available system capacity and estimated peak demand, fiscal years 1941–45 [This plate shows the extent to which the installed generating capacity now in service and authorized will be utilized in meeting the peak power demands under primary power contracts and for additional defense emergency power in excess of primary power contracts]

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PLATE 3.-Available system capacity and estimated peak demand, fiscal years 1941-45-Continued

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The "Installed capacity" shown on this plate is the rated capacity of the generating equipment.
The "Total peak demand" includes primary, secondary, and other power.

The "Peak demand for primary power" is the primary power required during hour of maximum use for each month.

The estimated "Total peak demand," beginning with the calendar year 1943, includes a gradually increasing allowance for defense plants, as yet unspecified, which are expected to be located in this area.

The estimate of "Peak demand for primary power" is not extended beyond June 1943 due to the difficulty of predicting that part of the "Total peak demand" to be covered by firm contracts.

The apparent excess of installed capacity over the total peak demand is due primarily to the necessary out age of capacity at tributary projects during the filling season and at main river projects during periods of low head; also is for operating reserve, for relieving steam stations of peak load, for interchange operations with neighboring utility systems, and for further emergency power requirements.

This plate depicts the authorized system including the third supplementary power program.

PLATE 4.—Available system power and estimated power requirements fiscal years

1941-45

[This plate shows the extent to which the primary energy available from generating plants now in service and authorized will be required by the Authority's obligations for the delivery of primary energy and by additional defense requirements in excess of primary power contracts]

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