Financials & annual report

2017 highlights

Financial (in thousands) 2017 2016 +/- % +/-
Operating revenue 1,082,700 1,093,545 - $10,845 - 1.0
Operating expenses 984,583 992,376 - 7,793 - 0.8

Interest expense on long-term debt

(less interest capitalized)

80,960 80,281 679 0.8
Net nonoperating income 26,865 21,197 5,668 26.7
Net margin 44,022 42,085 1,937 4.6
Operational        
Energy sales (MWh)        
Members 17,832,428 17,879,974 - 47,546 - 0.3
Nonmembers 4,539,720 5,098,943 - 559,223 - 11.0
Member revenue per kWh sold (mills/kWh) 51.48 51.57 - 0.09 - 0.2
Peak hour member demand (MW) 4,374 4,379 - 5 - 0.1
Total capacity (MW) 5,700 5,700 0 0
Net generation (MWh) 19,498,550 19,818,332 - 319,782 - 1.6

 

Kilotwatt-hour sales

(kWh in millions)

Operating revenue

(dollars in millions)

Operating expenses

(dollars in millions)

Members 17,882 80%   Members $918 85%   Generation operation $399 40%
Nonmembers 4,540 20%   Nonmembers $165 15%   Contracted generation $149 15%
                Purchased power $120 12%
                Depreciation and amortization $85 9%
                Transmission $88 9%
                Generation maintenance $75 8%
                Admin and general, taxes and accretion $69 7%

 

2017 annual report 

"The utility industry operates in a constantly changing environment, and 2017 showed us once again how much can change in a short time. Of course, change can be a good thing, and the past year’s achievements show Associated Electric Cooperative manages change very well.

"However, as times change, it is valuable to step back, look up from the day’s work, evaluate and ask where we’re going. Are we on the right path? That is what we did in 2017 through our long-term strategic planning process.

"At the same time, Associated continued to focus on its core business strategies. In 2017 the cooperative's generating and transmission assets performed very well, helping Associated exceed its financial plan. Our board approved a cost-of-service plan for 2018 that left rates unchanged for our six owner G&Ts. Associated retained its top-notch bond ratings, added an Energy Risk Management Division, strengthened its compliance and safety programs and launched an economic development program to help member systems help their communities. It was a busy year, and I invite you to read more about it in this report to members and strategic partners."

-- Emery O Geisendorfer, president, AECI board of directors

 2017 Annual Report and audited financial statements

April 2018 system facts book

Past annual report:

2016 annual report and systems fact book

Interim quarterly financial statement

Associated Electric Cooperative presents interim financial statements, which include balance sheets, statements of revenues and expenses, statements of cash flows and management’s discussion to identify significant aspects in the current quarter and year-to-date performance of the cooperative. Interim quarterly financial statements are unaudited and should be read in conjunction with the Notes to the Financial Statements included in the 2017 annual report.

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