CHUGACH ELECTRIC ASSOCIATION, INC. ANCHORAGE, ALASKA. April 29, Sherri McKay-Highers, Manager, Budget and Financial Reporting
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1 ANCHORAGE, ALASKA To: From: Subject: Ron Vecera, Interim Chief Financial Officer Sherri McKay-Highers, Manager, Budget and Financial Reporting March 2013 Year to Date Financial Results kwh Sales Retail kwh Sales 312,259, ,749,000 Wholesale kwh Sales 345,450, ,601,000 Total Firm kwh Sales 657,710, ,350,000 Economy Energy kwh Sales 91,967,000 92,028,000 Total kwh Sales 749,677, ,378,000 Year to date firm kwh sales through March 2013 totaled 657,710,063 which were 3.0% under budget. Retail kwh sales were under budget by 2.7% due primarily to lower than anticipated sales to residential customers. Wholesale kwh sales were 3.4% lower than budgeted, due primarily to lower than anticipated sales to Matanuska Electric Association (MEA) and Homer Electric Association (HEA). March 2013 economy energy sales to Golden Valley Electric Association (GVEA) totaled 91,967,000, with no significant variance from the budget. Energy Revenue (in millions) Retail Revenue $ 40.4 $ 40.4 Wholesale Revenue Total Firm Revenue Economy Energy Revenue Total Revenue $ 76.8 $ 75.0 Revenue from firm sales totaled $67.9 million through March 2013 compared to $67.5 million in the budget. Despite lower kwh sales, revenue was higher than budget due to higher fuel and purchased power costs recovered in revenue through the fuel and purchased power rate adjustment process. Economy energy revenue totaled $8.9 million compared to $7.5 million in the budget. This variance was due primarily to higher economy fuel costs and margin contribution than anticipated.
2 March 2013 Year to Date Financial Results Page 2 Other Operating Revenue (in millions) Other Operating Revenue $ 0.9 $ 0.6 Other operating revenue includes late fees, pole rental, wheeling, microwave and miscellaneous service and other electric revenue. Other operating revenue through March 2013 totaled $0.9 million compared to $0.6 million in the budget. The variance was due primarily to higher than anticipated wheeling revenue caused primarily by an increase in the wheeling rate. Power Production (in millions) Operating & Maintenance $ 4.7 $ 4.6 Fuel Total $ 38.9 $ 36.2 Actual power production operating and maintenance expense through March 2013 was $4.7 million compared to $4.6 million in the budget, with no significant variance. Fuel expense through March 2013 was $34.2 million compared to $31.6 million projected in the budget. This variance was due primarily to a higher than anticipated average effective delivered fuel price. Actual fuel purchased for production through March was 5,797,739 MCF at an average effective delivered price of $6.50 per MCF compared to 5,762,894 MCF in the budget at an average effective delivered price of $6.13 per MCF. Purchased Power (in millions) Total Purchased Power $ 7.5 $ 7.4 Purchased power expense through March 2013 totaled $7.5 million compared to $7.4 million in the budget. The variance was due primarily to higher than anticipated purchases from Bradley Lake and Nikiski, which were offset by a lower average effective price. We purchased 140,500 MWh of energy at an average effective price of 4.86 cents per kwh compared to 125,310 MWh of energy at an average effective price of 5.42 cents per kwh in the budget.
3 March 2013 Year to Date Financial Results Page 3 Transmission Operations and Maintenance (in millions) Total Transmission $ 1.6 $ 1.8 Transmission operations and maintenance expense through March 2013 totaled $1.6 million compared to $1.8 million in the budget. This variance was due primarily to lower labor associated with substation and system control and communications charged to this financial statement category and lower than anticipated overhead line clearing. Distribution Operations and Maintenance (in millions) Total Distribution $ 2.9 $ 3.0 Distribution operations and maintenance expenses through March 2013 totaled $2.9 million compared to $3.0 million in the budget. This variance was due primarily to the recognition of a FEMA grant awarded as a result of the September 2012 storm damage. This variance was largely offset by higher labor charged to this financial statement category associated with substation, distribution line maintenance and system control and higher than anticipated costs allocated to this financial statement category from information services. Consumer Accounts / Customer Information (in millions) Total Consumer / Customer Info $ 1.6 $ 1.6 Consumer accounts and customer information expense through March 2013 totaled $1.6 million compared to $1.6 million in the budget, with no significant variance. Administrative & General (in millions) Total Administrative and General $ 5.3 $ 5.9 Administrative and general expenses through March 2013 totaled $5.3 million compared to $5.9 million in the budget. This variance was due primarily to lower than anticipated labor and costs associated with safety and human resource initiatives and lower costs allocated to this financial statement category from Information Services, which was somewhat offset by higher than anticipated legal costs and costs associated with prior worker s compensation claims. The summary of all the above operations and maintenance expense through March 2013 total $57.8 million compared to $55.9 million in the 2013 budget. Depreciation expense totaled $9.6 million compared to $9.5 million in the budget, with no significant variance.
4 March 2013 Year to Date Financial Results Page 4 Tax expense totaled $220.9 thousand compared to $218.6 thousand in the budget, with no significant variance. Interest expense totaled $6.3 million compared to $6.3 million in the budget, with no significant variance. Interest during construction totaled $1.0 million compared to $1.0 million in the budget, with no significant variance. Other deductions include donations, preliminary survey and investigation charges of abandoned projects and obsolete inventory write-offs which are not attributable to operating or maintenance accounts. Other deductions through March 2013 totaled $162.1 thousand compared to $150.0 thousand in the budget. The variance was due primarily to higher than anticipated inventory write-offs. All of the foregoing expenses resulted in total cost of electric service of $73.1 million compared to $71.2 million in the 2013 budget. Non-operating margins include interest income, allowance for funds used during construction (AFUDC), capital credit and patronage capital allocations and extraordinary items. Through March 2013 non-operating margins totaled $228.7 thousand compared to $182.0 thousand in the budget. The variance was due primarily to higher AFUDC caused by a higher than anticipated average CWIP balance that is equity financed and the gain on marketable securities. The net result of revenue and expenses through March 2013 was margins of $4.8 million compared to projected margins of $4.6 million in the budget. Per the attached comparative financial report on page 7, the current 3 months actual/9 months forecast projects year end margins of $13.8 million and an MFI/I of 1.56.
5 COMPARATIVE FINANCIAL REPORT STATEMENT OF OPERATIONS MARCH 2013 Page MARCH MARCH MARCH CATEGORY ACTUALS BUDGET VARIANCE REVENUES: TOTAL REVENUE $25,291,779 $25,442,110 ($150,331) EXPENSES: FUEL EXPENSE 10,053,402 10,162,195 (108,793) POWER PRODUCTION EXPENSE 1,810,022 1,777,664 32,358 COST OF PURCHASED POWER 2,170,010 2,416,195 (246,185) TRANSMISSION EXPENSE 515, ,764 (80,658) DISTRIBUTION EXPENSE-OPERATIONS 449, ,066 52,600 DISTRIBUTION EXPENSE-MAINTENANCE 216, ,524 (372,598) CONSUMER ACCOUNTS EXPENSE 477, ,401 4,155 CUSTOMER SERVICE/INFO EXPENSE 26,622 43,527 (16,905) SALES EXPENSE ADMINISTRATIVE/GENERAL EXPENSE 1,651,445 1,969,790 (318,345) TOTAL OPERATIONS/MAINTENANCE EXP. $17,370,755 $18,425,126 ($1,054,371) DEPRECIATION/AMORTIZATION EXPENSE 3,437,187 3,405,292 31,895 TAX EXPENSE-OTHER 74,285 73, INTEREST ON LONG-TERM DEBT 2,063,673 2,061,686 1,987 INTEREST ON CONSTRUCTION-CREDIT (35,991) (24,129) (11,862) INTEREST ON SHORT-TERM DEBT 12,422 28,742 (16,320) OTHER DEDUCTIONS 106,261 50,000 56,261 TOTAL COST OF ELECTRIC SERVICE $23,028,592 $24,020,588 ($991,996) PATRONAGE CAPITAL/OPERATING MARGINS $2,263,187 $1,421,522 $841,665 NON-OPERATING MARGINS-INTEREST 57,476 55,184 2,292 ALLOWANCE FUNDS USED DURING CONST. 16,328 6,613 9,715 NON-OPERATING MARGINS-OTHER 4, ,300 GENER./TRANS. CAPITAL CREDITS OTHER CAPITAL CREDITS/DIVIDENDS EXTRAORDINARY ITEMS PATRONAGE CAPITAL OR MARGINS $2,341,291 $1,483,319 $857,972 MFI/I TIER
6 COMPARATIVE FINANCIAL REPORT STATEMENT OF OPERATIONS YEAR TO DATE Page ACTUALS BUDGET VARIANCE CATEGORY YTD YTD YTD REVENUES: TOTAL REVENUE $77,748,517 $75,595,910 $2,152,607 EXPENSES: FUEL EXPENSE 34,211,952 31,588,499 2,623,453 POWER PRODUCTION EXPENSE 4,707,220 4,625,182 82,038 COST OF PURCHASED POWER 7,477,112 7,388,992 88,120 TRANSMISSION EXPENSE 1,625,181 1,819,677 (194,496) DISTRIBUTION EXPENSE-OPERATIONS 1,346,494 1,269,853 76,641 DISTRIBUTION EXPENSE-MAINTENANCE 1,591,885 1,781,700 (189,815) CONSUMER ACCOUNTS EXPENSE 1,469,457 1,436,488 32,969 CUSTOMER SERVICE/INFO EXPENSE 83, ,598 (47,918) SALES EXPENSE ADMINISTRATIVE/GENERAL EXPENSE 5,326,462 5,896,771 (570,309) TOTAL OPERATIONS/MAINTENANCE EXP. $57,839,443 $55,938,760 $1,900,683 DEPRECIATION/AMORTIZATION EXPENSE 9,621,632 9,501, ,914 TAX EXPENSE-OTHER 220, ,625 2,225 INTEREST ON LONG-TERM DEBT 6,257,308 6,274,296 (16,988) INTEREST ON CONSTRUCTION-CREDIT (1,002,066) (964,335) (37,731) INTEREST ON SHORT-TERM DEBT 36,384 73,242 (36,858) OTHER DEDUCTIONS 162, ,000 12,093 TOTAL COST OF ELECTRIC SERVICE $73,135,644 $71,192,306 $1,943,338 PATRONAGE CAPITAL/OPERATING MARGINS $4,612,873 $4,403,604 $209,269 NON-OPERATING MARGINS-INTEREST 172, ,051 7,202 ALLOWANCE FUNDS USED DURING CONST. 44,069 16,964 27,105 NON-OPERATING MARGINS-OTHER 12, ,381 GENER./TRANS. CAPITAL CREDITS OTHER CAPITAL CREDITS/DIVIDENDS EXTRAORDINARY ITEMS PATRONAGE CAPITAL OR MARGINS $4,841,576 $4,585,619 $255,957 MFI/I TIER
7 COMPARATIVE FINANCIAL REPORT STATEMENT OF OPERATIONS 2013 FORECAST Page AMENDED REVISED CATEGORY BUDGET FORECAST REVENUES: TOTAL REVENUE $292,322,220 $294,174, EXPENSES: FUEL EXPENSE 119,104, ,728,444 1 POWER PRODUCTION EXPENSE 22,937,744 22,937,744 COST OF PURCHASED POWER 30,198,032 30,286,152 1 TRANSMISSION EXPENSE 6,935,287 6,928,755 2 DISTRIBUTION EXPENSE-OPERATIONS 5,337,214 5,334,211 2 DISTRIBUTION EXPENSE-MAINTENANCE 7,594,124 7,225,201 2 CONSUMER ACCOUNTS EXPENSE 5,898,476 5,894,087 2 CUSTOMER SERVICE/INFO EXPENSE 532, ,663 SALES EXPENSE 0 0 ADMINISTRATIVE/GENERAL EXPENSE 22,716,747 22,716,204 2 TOTAL OPERATIONS/MAINTENANCE EXP. $221,255,278 $223,583,461 DEPRECIATION/AMORTIZATION EXPENSE 40,166,298 40,166,298 TAX EXPENSE-OTHER 825, ,243 1 INTEREST ON LONG-TERM DEBT 24,389,924 24,372,936 1 INTEREST ON CONSTRUCTION-CREDIT (1,322,075) (1,359,806) 1 INTEREST ON SHORT-TERM DEBT 326, ,988 1 OTHER DEDUCTIONS 600, ,093 1 TOTAL COST OF ELECTRIC SERVICE $286,241,289 $288,492,213 PATRONAGE CAPITAL/OPERATING MARGINS $6,080,931 $5,682,614 NON-OPERATING MARGINS-INTEREST 658, ,115 1 ALLOWANCE FUNDS USED DURING CONST. 115, ,116 1 NON-OPERATING MARGINS-OTHER 7,000,000 7,012,381 1 GENER./TRANS. CAPITAL CREDITS 0 0 OTHER CAPITAL CREDITS/DIVIDENDS 300, ,000 1 EXTRAORDINARY ITEMS 0 0 PATRONAGE CAPITAL OR MARGINS $14,154,855 $13,803,226 MFI/I TIER Forecast based on 3 months actual and 9 months forecast 2 Forecast has been adjusted to reflect known and measurable changes
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