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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
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.
2018 first-quarter MDA and financials