With that, we have one witness. This is, to my mind, a shghtly 

 unusual hearing. Usually we have an array of witnesses. But we 

 have the very capable administrator and some support staff here, 

 and I would recognize the gentleman at this time. 



My understanding is, you will probably take 15 minutes or so in 

 your opening remarks, and then we will go to questions. 



So, Mr. Hardy. 



STATEMENT OF RANDALL W. HARDY, ADMINISTRATOR, BON- 

 NEVILLE POWER ADMINISTRATION, DEPARTMENT OF EN- 

 ERGY, PORTLAND, OREGON 



Mr. Hardy. Thank you, Mr. Chairman. 



With your permission, I would like to have my formal written 

 statement entered in the record, and I would like to take 10 or 15 

 minutes at the opening to talk about the charts to my left — and I 

 think you have handouts that replicate the charts. I will talk a Ut- 

 tle bit about our current financial situation to try to set the con- 

 text. 



Mr. DeFazio. Let's suspend for a second. Let's make sure people 

 can locate these. This would be the initial rate proposal? 



Mr. Hardy. Right. The top sheet is the same as on this chart 

 here, the initial rate proposal. Then you have a variety of colored 

 graphics that relate both to the water conditions and to different 

 aspects of our budget and how that spUts out. 



Mr. DeFazio. All right. Thank you. 



[The charts follow:] 



