• Purchase of the SPS by an independent corporation and ''lease” (commitment to purchase a share of the SPS energy) of the output by several utilities. • Purchase of the SPS by an independent corporation and the energy sold to the utilities, at below cost initially, at a price equal to the incremental cost of the utilities' most expensive base load generator. How the SPS is purchased and by whom can determine how it is used. Of these three arrangements, the most promising appears to be the purchase of the SPS by an independent entity (corporate or governmental) and "lease" of the output by several utilities. While all the calculations performed in this analysis assumed that the capital cost of the SPS was $7.6 billion, the general conclusions reached can be used to infer the effect of the more recent, significantly higher estimate of $12.2 billion. The basic conclusion of this study, i.e., that the "leasing" arrangement is the most promising of the three arrangements considered, would be true if the higher cost had been assumed. The results of this investigation are as follows: 1. Utility Ownership of the SPS • When the ($7.6 billion) SPS first becomes operational, a very small increase in the total cost of meeting the demand for electrical energy will probably occur.
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