Board of Directors Regular Meeting 2000 E. Horsetooth Rd, Fort Collins, CO Thursday, September 27, 2018, 9:00 a.m.
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1 Call to Order Board of Directors Regular Meeting 2000 E. Horsetooth Rd, Fort Collins, CO Thursday, September 27, 2018, 9:00 a.m. 1) Consent Agenda Motion to Approve Minutes of the Regular Meeting of August 30, 2018 Public Comment Committee Reports 2) Retirement Committee Report Acceptance of the Audited Annual Defined Benefit Pension Plan Report Motion to Accept Board Action Items 3) Local Fiber Optic Loop Transfer of Ownership Estes Park Resolution Fort Collins Resolution Longmont Resolution Loveland Resolution Management Presentations 4) Executive Session Motion (2/3 vote required) Markets Whitepaper Reconvene Regular Session 5) 2019 Proposed Annual Budget Work Session 6) 75 MW Wind Option Update 7) Rawhide Planned Major Outage Preview Management Reports 8) Demand Response Pilot Update 9) Staffing Plan Update Monthly Informational Reports 10) Legal & Governmental Affairs Report 11) August 2018 Operating Report 12) August 2018 Financial Report 13) General Management Report Tom Roiniotis Recognition Resolution Board Action Items Continued 14) Election of Board Chair Resolution ) Retirement Committee Member Appointment Resolution Strategic Discussions Adjournment
2 Platte River Power Authority Estes Park Fort Collins Longmont Loveland June 15, 2018 BKD, LLP Certified Public Accountants 1801 California Street, Suite 2900 Denver, CO We are providing this letter in connection with your audits of the financial statements of Platte River Power Authority Defined Benefit Plan (the Plan) as of and for the years ended December 31, 2017 and We confirm that we are responsible for the fair presentation of the financial statements in conformity with accounting principles generally accepted in the United States of America. We are also responsible for adopting sound accounting policies, establishing and maintaining effective internal control, and preventing and detecting fraud. Certain representations in this letter are described as being limited to matters that are material. Items are considered material, regardless of size, if they involve an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would be changed or influenced by the omission or misstatement. We confirm, to the best of our knowledge and belief, the following: 1. We have fulfilled our responsibilities, as set out in the terms of our engagement letter dated October 12, 2017, for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America. 2. We acknowledge our responsibility for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. 3. We acknowledge our responsibility for the design, implementation and maintenance of internal control to prevent and detect fraud. 4. We have disclosed to you the identity of the entity's related parties and all the related party relationships and transactions of which we are aware. Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with accounting principles generally accepted in the United States of America. We understand the term related party refers to an affiliate; employer, management, fiduciaries, and members of their immediate families, and any other party with which the Plan may deal if the Plan can significantly influence, or be influenced by, the management or operating 2000 E Horsetooth Rd Fort Collins. CO The Energy We Live By \; (970) www prpa org rm:,
3 Platte River Power Authority Estes Park Fort Collins Longmont Loveland policies of the other. The term affiliate refers to a party that directly or indirectly controls, or is controlled by, or is under common control with the Plan. 5. We have disclosed any significant unusual transactions the Plan has entered into during the period, including the nature, terms and business purpose of those transactions and whether such transactions involved related parties. 6. We have provided you with: (a) (b) (c) (d) (e) Access to all information of which we are aware that is relevant to the preparation and fair presentation of the financial statements such as records, documentation and other matters. Additional information that you have requested from us for the purpose of the audit. Unrestricted access to persons within the entity from whom you determined it necessary to obtain audit evidence. All minutes of_retirement Committee meetings held through the date of this letter. All significant contracts. 7. All transactions have been recorded in the accounting records and are reflected in the financial statements. 8. We have informed you of all current risks of a material amount that are not adequately prevented or detected by plan procedures with respect to: (a) (b) Misappropriation of assets. Misrepresented or misstated assets or liabilities. 9. We understand the potential penalties for failure to disclose reportable tax transactions to the taxing authorities and have fully disclosed to BKD any and all known reportable tax transactions. 10. We have no knowledge of any known or suspected: (a) (b) Fraudulent financial reporting or misappropriation of assets involving management or employees who have significant roles in internal control. Fraudulent financial reporting or misappropriation of assets involving others that could have a material effect on the financial statements. -2-
4 Platte River Power Authority Estes Park Fort Collins Longmont Loveland 11. We have no knowledge of any allegations of fraud or suspected fraud affecting the Plan received in communications from participants, former participants, regulators, third-party servicers or others. 12. Except as reflected in the financial statements, there are no: (a) (b) (c) (d) (e) Plans or intentions that may materially affect carrying values of assets and liabilities. Material transactions omitted or improperly recorded in the financial records. Material gain/loss contingencies requiring accrual or disclosure, including those arising from environmental remediation obligations. Events occurring subsequent to the date of the statement of net assets available for benefits through the date of this letter requiring adjustment or disclosure in the financial statements. Agreements to purchase assets previously sold. 13. We have disclosed to you all known instances of noncompliance or suspected noncompliance with laws and regulations whose effects should be considered when preparing financial statements. 14. We acknowledge the Plan does not meet the definition of a "public entity" under generally accepted accounting principles. 15. The Plan or the Plan Sponsor is not aware of any pending or threatened litigation or claims whose effects should be considered when preparing the financial statements. Neither the Plan nor the sponsor has sought or received attorney's services related to pending or threatened litigation or claims during or subsequent to the audit period. Also, we are not aware of any litigation or claims, pending or threatened, for which legal counsel should be sought. 16. The fair values of financial (and non-financial) assets (and liabilities) recognized in the financial statements or disclosed in the notes thereto are reasonable estimates based on the methods and assumptions used. The methods and significant assumptions used result in measurements of fair value appropriate for financial statement recognition and disclosure purposes and have been applied consistently from period to period, taking into account any changes in circumstances. The significant assumptions appropriately reflect market participant assumptions. 17. The Plan and the trust established under the Plan are qualified under the appropriate section of the Internal Revenue Code, and we intend to continue them as a qualified Plan and trust. We do not have any intention at present to terminate the Plan. -3-
5 Platte River Power Authority Estes Park Fort Collins Longmont Loveland 18. The Plan instrument has not been amended during the year. 19. The Plan obtained its latest determination letter on October 6, 2014 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, we believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, we believe that the Plan was qualified and the related trust was tax-exempt as of the financial statement date. 20. The Plan provisions at the date of this letter are the same as those at the actuarial valuation date. 21. The Plan has made no investments during the year that violate the terms of the Plan or Trust Agreement. 22. The participants' data that we provided the Plan's actuary for the purposes of determining the actuarial present value of accumulated Plan benefits and other actuarially determined amounts in the financial statements were complete. 23. We agree with the actuarial methods and assumptions that the actuary used for funding purposes and for determining accumulated Plan benefits and know of nothing that would make such methods or assumptions inappropriate in the circumstances. 24. We have informed you of the existence of any unrecorded transactions, side agreements or other arrangements (either written or oral). 25. Except as disclosed in the financial statements, the actuarial methods or assumptions used in calculating amounts recorded or disclosed in the financial statements have not been changed since the previous year. 26. Except as disclosed in the financial statements, the Plan has: (a) (b) Satisfactory title to all recorded assets, and they are not subject to any liens, pledges or other encumbrances. Complied with all aspects of contractual agreements, for which noncompliance would materially affect the financial statements. 27. The financial statements disclose all significant estimates known to us. Significant estimates are estimates at the date of the statement of net assets available for benefits which could change materially within the next year. Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable. -4-
6 Platte River Power Authority Estes Park Fort Collins Longmont Loveland 28. We have reviewed the reports of all transactions processed by third-party servicers, and, based on our review, we believe the transactions shown in the reports are valid and in accordance with our instructions to the third-party processor. We also have had no communications from any of the Plan's service organizations regarding any fraud, noncompliance with laws and regulations or uncorrected misstatements. 29. We have apprised you of all communications, written or oral, With regulatory agencies concerning the operation of the plan. 30. The Plan is operating as a stand-alone fiduciary fund based on our understanding of GASS requirements. 31. The supplementary information required by the Governmental Accounting Standards Board, consisting of management's discussion and analysis, and the pension information, has been prepared and is measured and presented in conformity with the applicable GASS pronouncements and we acknowledge our responsibility for the information. The information contained therein is based on all facets, decisions and conditions currently known to us and is measured using the same methods and assumptions as were used in the preparation of the financial statements. We believe the significant assumptions underlying the measurement and/or presentation of the information are reasonable and appropriate. -5-
7 Page 211 August 2018 Operating Report EXECUTIVE SUMMARY After a strong start to the summer, August load tapered off considerably, due to below normal temperatures throughout most of the month which resulted in demand and energy coming in below budget. Year to date, municipal demand and energy are near budget. All baseload generation ran extremely well during the month without unplanned outages on any baseload units. Each Craig unit experienced one very brief curtailment, both of which lasted only a few hours. Equivalent availability came in above budget while capacity factor came in below budget for all baseload units due to being dispatched lower into Joint Dispatch. Year to date, equivalent availability is near budget while capacity factor is below budget for all baseload generation units. Wind was well below budget due to scheduled maintenance outages at both the Silver Sage and Medicine Bow wind farms. Solar generation came in well above budget for the third month in a row. Year to date, wind remains below budget while solar is near budget. Surplus sales volume and pricing came in significantly above budget for the month, as pricing remained strong due to the west coast s continued high temperatures. Platte River was able to sell surplus generation from baseload generation and combustion turbines which contributed to the above budget revenue. Year to date, surplus sales volume is near budget while year to date pricing is well above budget. Dispatch costs were near budget for the month and remain near budget for the year. Category August Variance YTD Variance Municipal Demand (6.8%) 2.0% u Municipal Energy (3.7%) (0.9%) u Baseload Generation (13.5%) (10.4%) Wind Generation (7.5%) (4.3%) Solar Generation 7.8% (0.7%) u Surplus Sales Volume 33.0% 1.2% u Surplus Sales Price 69.0% 14.7% Dispatch Cost (1.7%) u (1.1%) u Variance Key: Favorable: >2% Near budget: u +/- 2% Unfavorable: <-2% August 2018 Operating Report Page 1
8 Page 212 OPERATIONAL OVERVIEW System Disturbances. There were no system disturbances resulting in loss of load during the month of August Goal August Actual YTD Total Peak Day Obligation. Peak demand for the month was 589 megawatts which occurred on August 9, 2018, at hour 18:00 and was 43 megawatts below budget. Demand response and voltage reduction were not called upon at the time of the peak as Platte River had sufficient online generation to meet load obligations. Platte River s obligation at the time of the peak totaled 748 megawatts. Peak Day Obligation: August 9, 2018 MW Forecast Demand 632 Total Obligation 748 Municipal Obligation Hour Hydro Wind Solar Rawhide Craig CTs Purchases August 2018 Operating Report Page 2
9 Rate trends Throughout its history, Platte River has provided competitively priced wholesale energy to its owner communities. Over the last 34 years, electric rates have risen 77 percent nationwide, while Platte River s average wholesale rate has increased 63 percent : Long period of essentially no rate increases As the owner communities loads grew into Platte River s generation capacity, declining fuel costs, strong surplus sales revenue and improving interest rates provided for a long period of essentially no rate increases. Long-term energy contract: Upon commercial operation of Rawhide Unit 1, Platte River entered a long-term energy contract with a Colorado utility through Surplus energy sales provided nearly half (45 percent) of all energy sales revenue during this period. Declining debt: Significant debt was issued to fund Rawhide Unit 1 during the high interest period of the mid-1980s. As interest rates declined, Platte River was able to reduce its annual debt service payments 40 percent. Coal: Rawhide Unit 1 coal contract was renegotiated at more favorable rates during the mid- 1980s. From 1984 to 2007, the average price per ton decreased 12 percent : Rising wholesale rates Prior period load growth contributed to the need for peaking generation and transmission capital investments. Additionally, increased owner community loads provided less surplus energy for Platte River to sell and subsidize owner community rates. Load growth: From 1991 to 2007, peak demands grew 5.2 percent on average annually. Load growth attributed to air conditioning and community growth, contributed to generation and transmission capital investment requirements. From 2007 to 2017, peak demands grew 0.4 percent on average annually. Load growth essentially stopped due in part to the great recession and energy efficiency improvements.
10 Generation and transmission capital investments: To accommodate peak demand load growth, capital investment increased to maintain system reliability. Between 2002 and 2013, Platte River invested $378 million in natural gas combustion turbines and transmission assets. Surplus sales revenues: From 2008 through 2017, surplus energy sales totaled $305 million, approximately $120 million less than the previous ten years. The revenue decrease is due to Platte River having less energy to sell as surplus as municipal loads increased and lower average market sales prices which had historically been at rates greater than charged to the owner communities. Evolving industry: Platte River increased investment to address industry changes and business needs including regulation compliance, demand side management, fiber installations, communications and resource planning. 2018: Looking forward Rates are projected to increase two percent annually as Platte River continues to invest in infrastructure, diversify its generation resource portfolio and provide additional services to the owner communities. Resource diversification: Platte River has increased the diversification of its generation portfolio by adding wind and solar resources and expanding demand side management while maintaining competitive rates. Platte River is committed to continuing future diversification of its generation portfolio and lowering its carbon footprint while maintaining rate competitiveness. Firm capacity: Retirement of Craig Units may create a need for firm capacity resource investments. Inflation and infrastructure improvements: Major projects include the Windy Gap Firming Project and headquarters campus improvements. Additional services: Energy efficiency, demand response, and fiber are just a few of the additional services offered by Platte River to our owner communities.
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