The three Federal power marketing administrations (PMAS) -- the Southeastern Power Admin., the Southwestern Power Admin., and the Western Power Admin. -- transmit and sell electric power in 30 states that is generated mainly at Federal hydropower facilities. Collectively, in FY 1995, they had revenues of almost $1 billion. The power they sell is produced at 102 hydroelectric dams built and run by the Corps of Engineers and the Bureau of Reclamation. This report reviews these three PMAS' cost recovery practices, financing, and comparison to nonfederal utilities.