Financials & annual report
2021 annual report marks 60 years of serving members
Wrapped in a nostalgic cover design, Associated Electric Cooperative’s 2021 annual report pays tribute to its 60th anniversary, the strategies that have kept it resilient and able to meet its mission, and how the cooperative continued to rely on its strengths to meet the various challenges of 2021.
To mark Associated’s 60th year, a history timeline and photo book are included in the 2021 annual report, as well as the pocket-sized system fact book and audited financial statements.
2021 annual report and audited financial statements (PDF)
2021 annual report history booklet
2021 highlights
| Financial (in thousands) |
2021 | 2020 | +/- | % +/- |
|---|---|---|---|---|
| Operating revenue | $1,484,439 | $1,135,982 | $348,457 | 30.7 |
| Operating expenses | $1,375,686 | $1,031,858 | 343,828 | 33.3 |
|
Interest expense on long-term debt (less interest capitalized) |
59,507 | $63,769 | - 4,262 | - 6.7 |
| Net nonoperating income | 2,704 | $11,008 | - 8,304 | -75.4 |
| Net margin | $51,950 | $51,363 | 587 | 1.1 |
| Operational | ||||
| Energy sales (MWh) | ||||
| Members | 19,454,686 | 18,734,107 | 720,579 | 3.9 |
| Nonmembers | 8,571,278 | 9,028,260 | - 456,982 | -5.1 |
| Member revenue per kWh sold (mills/kWh) | 55.97 | 46.98 | 9 | 19.1 |
| Peak hour member demand (MW) | 5,549 | 4,369 | 1,180 | 27.07 |
| Total nameplate capacity (MW) | *5,584 | 5,703 | - 119 | - 2.1 |
| Net generation (MWh) | 22,690,024 | 23,325,319 | - 635,295 | - 2.7 |
*Associated contracts with eight wind farms totaling 1,240 MW of nameplate capacity. In 2020, Associated calculated 6% to 10% of that for peak planning purposes. Following recent board action, Associated no longer includes wind generating capacity for peak planning purposes.
|
Kilowatt-hour sales (kWh in millions) |
Operating revenue (dollars in millions) |
Operating expenses (dollars in millions) |
||||||
|---|---|---|---|---|---|---|---|---|
| Members | 19,455 | 69% | Members | $1,089 | 73% | Generation operation | $761 | 55% |
| Nonmembers | 8,571 | 31% | Nonmembers | $396 | 27% | Contracted generation | $43 | 3% |
| Purchased power | $187 | 14% | ||||||
| Depreciation and amortization | $97 | 7% | ||||||
| Transmission | $105 | 8% | ||||||
| Generation maintenance | $100 | 7% | ||||||
| Admin and general, taxes and accretion | $83 | 6% | ||||||
Past reports:
Read 2020 Associated Electric Cooperative annual report and system fact book.
2019 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 2021 annual report.
PDF of Quarter 1 2022 financial highlights