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program resources will be available should the need materialize due to 

 increased load or decreases in the current resource base. The billing credit 

 resources will be owned by the utility sponsors and used on their system. 

 This will provide the utilities with more flexibility and create a different 

 market opportunity for BPA as more utilities have acquisition choices due 

 to their own generation. 



The 1990s are developing into a competitive period when diversity and 

 capability will aid and abet any utility system. 



The future holds uncertainty about BPA's load serving obligation and the 

 extent of those loads in a more competitive environment. A new rate 

 structure of product line or market segmentation decision could reduce the 

 obligations in the short or long term. Equally likely would be more 

 uncertainty about loads as the northwest market adjusts to a new BPA. 

 We may have no way of assessing how the region will respond for a 

 number of years. Uncertainty remains the watch word for the region, just 

 as it has been in recent years. 



The current acquisition processes were created in an atmosphere of 

 considerable uncertainty. Therefore, the current programs can continue 

 into the transition period of fiscal years 1994 and 1995 without serious 

 risk. Because we review our resource acquisition scope in detail every two 

 years, we will complete the next review of the resource stack in mid- 1994, 

 which coincides with and supports the BPA business plan. In addition, we 

 use 6-month check points to assure ourselves and others that our direction 

 and scope are correct. The next check point is in the fall of 1993. It will 



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