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Financials & annual report
2020 highlights
| Financial (in thousands) |
2020 | 2019 | +/- | % +/- |
|---|---|---|---|---|
| Operating revenue | $1,135,982 | $1,247,298 | - $111,316 | - 8.9 |
| Operating expenses | $1,031,858 | 1,147,055 | - 115,197 | - 10.0 |
|
Interest expense on long-term debt (less interest capitalized) |
$63,769 | 72,614 | -8,845 | -12.2 |
| Net nonoperating income | $11,008 | 22,042 | -11,034 | -50.1 |
| Net margin | $51,363 | 49,671 | 1,692 | 3.4 |
| Operational | ||||
| Energy sales (MWh) | ||||
| Members | 18,734,107 | 19,284,984 | - 550,877 | - 2.9 |
| Nonmembers | 9,028,260 | 10,439,112 | - 1,410,852 | - 13.5 |
| Member revenue per kWh sold (mills/kWh) | 46.98 | 48.19 | - 1.21 | - 2.5 |
| Peak hour member demand (MW) | 4,369 | 4,539 | - 170 | - 3.7 |
| Total capacity (MW) | 5,703 | 5,657 | 46 | 0.8 |
| Net generation (MWh) | 23,325,319 | 26,212,389 | - 2,887,070 | - 11.0 |
|
Kilowatt-hour sales (kWh in millions) |
Operating revenue (dollars in millions) |
Operating expenses (dollars in millions) |
||||||
|---|---|---|---|---|---|---|---|---|
| Members | 18,734 | 67% | Members | $880 | 77% | Generation operation | $493 | 48% |
| Nonmembers | 9,028 | 33% | Nonmembers | $256 | 23% | Contracted generation | $43 | 4% |
| Purchased power | $131 | 13% | ||||||
| Depreciation and amortization | $101 | 10% | ||||||
| Transmission | $93 | 9% | ||||||
| Generation maintenance | $92 | 9% | ||||||
| Admin and general, taxes and accretion | $79 | 7% | ||||||
2020 annual report -- Connections
Connections run deep throughout our three-tiered system of electric cooperatives, beginning with bonds in communities and families, like the father and son pictured on the report cover who are enjoying a ride in the cab of their tractor as the sun sets in northwest Missouri. The two are among some two million members behind roughly 910,000 meters – homes, farms, schools, businesses and industries – served by 51 local electric cooperatives in Missouri, southeast Iowa and northeast Oklahoma.
Those 51 member systems formed six generation and transmission cooperatives, which provide the high-voltage transmission facilities that safely bring power Associated Electric Cooperative procures or generates to the local cooperatives for distributing to their members. In 2020, Associated further diversified its resource mix by contracting with two more wind farms. In the cover photo, the two people are driving by the 235-megawatt Clear Creek wind farm.
Connections were even more important during the COVID-19 pandemic in 2020, when Associated conquered numerous challenges as it focused on its mission to provide an economical, reliable power supply and support services to its members. Read about those achievements in the annual report.
Read 2020 Associated Electric Cooperative annual report and system fact book.
Past reports:
2019 annual report, audited financial statements and system fact book
2018 annual report, audited financial statements and system 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 and analysis 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 2020 annual report.