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h N <br />HOUSTON LIGHTING & POWER COMPANY <br />2000 NASA 1, P. O. BOX 897, SEABROOK, TEXAS 77686 <br /> <br />December 30, 1970 <br />Honorable Mayor and Board of Commissioners <br />City of LaPorte <br />LaPorte, Texas <br />Gentlemen: <br />During the past five years, 1966 through 1970, our <br />Company has invested more than $1+70 million in new plant and <br />equipment to provide adequate service to its customers and to <br />supply service to the tremendous influx of customers in all <br />classifications -- residential, commercial, and mayor indus- <br />trial complexes. Because of our longstanding practice of <br />building ahead to meet anticipated need, adequate capacity <br />has been available. No request for electric service has <br />been denied nor has any customer been limited in the use of <br />electricity. <br />Now we are committed to invest more than $168 million <br />during the three years 1971-1973, in order to assure continued <br />adequate electric service to all of our customers and to provide <br />for the anticipated growth of this area. <br />However, you are well aware of the erosion of the money <br />supply and the resulting increase in the cost of money in recent <br />years. The Company has experienced an increase in cost of money, <br />along with other increases in cost, with the result that the re- <br />turn for the year 1970 on the new investment of the last five <br />years was considerable less than the current cost of capital. <br />Exhibt 1 <br />• <br />