November 2016 Operating Report

216 Operating Report EXECUTIVE SUMMARY Municipal demand came in just above budget with energy coming in slightly below budget. Rawhide Unit 1 ran extremely well all month. Craig Unit 1 experienced three brief forced outages and numerous minor curtailments and Craig Unit 2 had several minor curtailments throughout the month. While energy pricing remains low, surplus sales volume came in above budget. Gas prices are below budget for the year. Baseload generation was below budget again in and remains below budget year to date as a result of reduced dispatch caused by continuing soft energy market pricing. Wind and solar generation were above budget for. The costs of dispatching resources are below budget for the month and continue to be below budget year to date. Category Variance Variance Municipal Demand.3% (2.3%) Municipal Energy (2.3%) (.4%) Baseload Generation (1.2%) (9.6%) Wind Generation 6.8% 6.9% Solar Generation 2.1% (38.2%) Surplus Sales Volume 3.3% (29.6%) Surplus Sales Price (2.4%) (17.2%) Dispatch Cost (6.8%) (3.2%) Variance Key: : >2% Near budget: +/- 2% Unfavorable: <-2% 216 Operating Report 1

OPERATIONAL OVERVIEW System Disturbances. There was no loss of interconnected utility or city load in the month of. 216 Goal Total 4 Peak Day Obligation. Peak demand for the month was 459 megawatts, which occurred on 29, 216, at hour 18: and was 2 megawatts above budget. Platte River s obligations at the time of peak totaled 595 megawatts. Peak Day Obligation: 29, 216 MW 65 6 55 5 45 4 35 3 25 2 15 1 5 Forecast Demand 457 Craig Rawhide Hydro Total Obligation 595 Municipal Obligation 459 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 18 19 2 21 22 23 24 Hour Wind Hydro Wind Solar Rawhide Craig CTs Purchases 216 Operating Report 2

POWER GENERATION Rawhide Performance. Rawhide Unit 1 ran extremely well throughout the month resulting in high equivalent availability and net capacity factors. Net heat rate came in slightly above budget and remains slightly above budget for the year. Year to date net capacity factor continues to be adversely affected primarily by the screen outage project that occurred early in the first quarter, and also due to the continued soft energy markets. Rawhide Equivalent Availability Rawhide Net Capacity Factor 1% 1% 95% 95% 9% 9% 85% 8% 75% 7% 65% 6% 55% 5% 85% 8% 75% 7% 65% 6% 55% 5% Rawhide emissions levels were below compliance limits for the month of : SO2 (lbs/mbtu) NOx (lbs/mbtu) Hg (lbs/gwh) Limit Limit Limit.1.16.14.9.8.7.6.5.4.3.2.1.14.12.1.8.6.4.2.12.1.8.6.4.2... 216 Operating Report 3

Craig Station Performance. Craig Unit 1 experienced three brief forced outages during the month as well as several minor curtailments. Craig Unit 2 experienced a few minor curtailments during the month. Equivalent availability and net capacity factor were both below budget. Spinning reserves were held on the Craig units in. Year to date, net capacity factor is below budget due to spinning reserves held on both units in addition to the ongoing soft energy market. Craig Equivalent Availability Craig Net Capacity Factor 1% 1% 9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% % % Peaking. A peaking unit was run in to facilitate a sale. MWhs CT Generation $/MBtu Natural Gas Pricing* 45 45, $3.5 4 4, $3. 35 3 25 35, 3, 25, $2.5 $2. 2 2, $1.5 15 1 5 15, 1, 5, $1. $.5 $- * 216 annual budgeted natural gas pricing is $3.33 216 Operating Report 4

Renewable Supply. Wind generation is above budget for the month and above budget year to date. Hydro allocations were received as budgeted. Solar generation is slightly above budget for the month, but below budget for the year due to the delay in commercial operation date. MWh Wind Generation ('s) 3 3 MWh Hydro Generation ('s) 7 6 MWh Solar Generation ('s) 16 25 2 15 25 2 15 6 5 4 3 5 4 3 14 12 1 8 1 5 1 5 2 1 2 1 6 4 2 SALES AND PURCHASES Surplus Sales. Surplus sales volume was above budget, but due to the continued low surplus sales pricing, total revenue came in below budget. Joint dispatch continued in testing mode resulting in 49 MWh s of sales. MWh ('s) Sales Volume $/MWh Average Sales Price 12 1 $3 1 9 8 $25 8 7 6 $2 6 5 $15 4 4 3 $1 2 2 1 $5 $ 216 Operating Report 5

Purchases. Purchased energy volume was above budget for while average purchase price remains well below budget. Purchases were made primarily to cover load and facilitate sales. Joint Dispatch continued in testing mode resulting in 1,42 MWh s of purchased energy. Pricing for these Joint Dispatch purchases came in below baseload generation costs due to the excessive amount of wind on the system in. Year to date energy purchases are significantly above budget due to favorable market pricing. MWhs Energy Purchases $/MWh Average Purchase Price 2,5 7, $6 2, 1,5 1, 5 6, 5, 4, 3, 2, 1, $5 $4 $3 $2 $1 $ DISPATCH COST Dispatch Cost. Blended dispatch costs were below budget in as a result of below budget baseload generation costs. Year to date resource costs are slightly below budget, as shown in charts below. Blended $6 $5 $4 $/MWh $3 $2 $1 $ Rawhide Craig LAP CRSP Purchases JDA Purchases Wind Solar CTs Blended : $29.73 Blended : $27.7 216 Operating Report 6

Resource Cost $6 Blended $5 $4 $/MWh $3 $2 $1 $ Rawhide Craig LAP CRSP Purchases JDA Purchases Blended : $29.93 Blended : $28.96 Wind Solar CTs POWER DELIVERY Major System Operations Projects Benefitting the Municipalities: Location Estimated Finish Date Percent Complete Description Loveland 8/217 28% Foothills Substation Loveland 12/217 2% Boyd Substation EVENTS OF SIGNIFICANCE Joint Dispatch testing with Public Service Company and Black Hills continued in and the intent remains to roll out Joint Dispatch before the end of the year. There were no first aid incidents in. During the month Platte River ERT had no onsite calls and three offsite mutual aid calls with the Wellington Fire Department. 216 Operating Report 7

PLATTE RIVER POWER AUTHORITY Financial Highlights Year-to-Date 216 Platte River reported favorable results year to date. Net income of $16.2 million was favorable compared to budget by $6.1 million due to below-budget operating and financing expenses, which were partially offset by below-budget revenues. Revenues were lower primarily due to the surplus sales market conditions. Details of the financial results are described below. At this time, based on known savings from fuel pricing and the debt financing, partially offset by below-budget surplus sales revenues, the estimated year-end net income could vary between $15 million and $16 million. The range is based on estimates for operations and maintenance expenses to be incurred in December. Key Financial Results Year to Date Annual ($ Millions) (Unfavorable) (Unfavorable) Net Income/(Loss) $.1 $.3 $.2 2.% $ 1.1 $ 16.2 $ 6.1 6.4% $ 1.7 Debt Coverage 1.11x 1.28x.17x 15.3% 1.56x 1.79x.23x 14.7% 1.53x Total Revenues $ 16.9 $ 16.3 $ (.6) (3.6%) $ 199. $ 189. $ (1.) (5.%) $ 217.5 Municipal Sales Revenue 13.6 13.5 (.1) (.7%) 17.4 169.8 (.6) (.4%) 185.6 Surplus Sales and Other Revenue 3.3 2.8 (.5) (15.2%) 28.6 19.2 (9.4) (32.9%) 31.9 Total Operating Expenses $ 13.7 $ 12.8 $.9 6.6% $ 155.1 $ 141. $ 14.1 9.1% $ 169.9 Purchased Power 3. 3. -.% 31.2 3.4.8 2.6% 34.3 Fuel Expense 4.5 3.9.6 13.3% 5. 42.9 7.1 14.2% 55. Operations and Maintenance 4.9 4.7.2 4.1% 56.4 51.6 4.8 8.5% 61.7 Administrative and General 1.3 1.2.1 7.7% 17.5 16.1 1.4 8.% 18.9 Capital Additions $ 2.1 $ 3.5 $ (1.4) (66.7%) $ 43.6 $ 34. $ 9.6 22.% $ 46.5 >2% 2% to -2% At or Near <-2% Unfavorable Below is a summary of key financial variances year to date: Below- Operating Expenses: Overall operating expenses were 9.1% below budget mainly due to the items listed below. o Purchased power expenses were below budget due to energy provided to Tri-State under the Forced Outage Assistance Agreement and fewer reserve purchases. In addition, the Rawhide Flats Solar facility generation was below budget mainly as it was online for a partial month in September rather than the full month as planned. These below-budget expenses were partially offset by above-budget supplemental purchases, which were mainly due to taking advantage of the favorable pricing. Purchases were also required for the Rawhide Unit 1 screen outage, and replacement power for deliveries made under the Forced Outage Assistance Agreement. Wind purchases were above budget and the solar purchases from Fort Collins were an unbudgeted expense. o Fuel expenses were below budget as a result of below-budget generation and lower coal prices. A soft surplus sales market, the screen outage at Rawhide, and maintenance issues of the Craig Units impacted generation. coal prices for Rawhide Unit 1 and the Craig Units also contributed to lower fuel expenses. Natural gas is above budget due to operating the combustion turbines to meet load requirements and to make additional surplus sales. o Operations and maintenance expenses were below budget due to lower costs at Rawhide for chemicals, rail cars, utilities, water, and non-routine and siding projects. In addition, the bottom ash piping project was cancelled as other alternatives are being considered and the ash pond cleaning has been delayed. Yampa operating expenses were also below budget. Transmission expenses were below budget for personnel expenses, tower maintenance, joint facilities, and substation projects. o Administrative and general expenses were below budget primarily due to delays related to consulting work, personnel expenses, and the demand response pilot program, partially offset by above-budget energy efficiency program expenses. Below- Capital Additions: Capital additions were below budget $9.6 million mainly due to scheduling changes. See page 9 for details of significant projects. Below- Surplus Sales Revenues: As a result of lower generation due to a soft surplus sales market, the screen outage at Rawhide, and maintenance issues of the Craig Units, surplus sales revenues were $9.7 million below budget. While prices have been below budget, the volume of sales had the largest impact on surplus sales revenues, representing $6.9 million of the $9.7 million variance. Page 1 of 13

PLATTE RIVER POWER AUTHORITY SCHEDULE OF REVENUES AND EXPENDITURES, BUDGET TO ACTUAL 216 Non-GAAP ary Basis (In Thousands) Month of (Unfavorable) Revenues Operating revenues Municipal sales $ 13,638 $ 13,497 $ (141) Short-term surplus sales and wheeling 3,118 2,638 (48) Total operating revenues 16,756 16,135 (621) Other revenues Interest income (1) 112 124 12 Other income 16 45 29 Total other revenues 128 169 41 Total revenues $ 16,884 $ 16,34 $ (58) Expenditures Operating expenses Purchased power $ 3,27 $ 3,41 $ (14) Fuel expense 4,481 3,948 533 Production expenses 3,928 3,458 47 Transmission expenses 994 1,216 (222) Administrative and general 1,266 1,156 11 Total operating expenses 13,696 12,819 877 Debt expense Interest expense 948 862 86 Principal 1,971 1,963 8 Allowance for funds used during construction (56) (13) 47 Total debt expense 2,863 2,722 141 Capital additions Production 1,66 2,89 (1,284) Transmission 454 24 25 General 36 434 (398) Total capital additions 2,96 3,528 (1,432) Total expenditures $ 18,655 $ 19,69 $ (414) Revenues less expenditures $ (1,771) $ (2,765) $ (994) (1) Excludes unrealized investment gains and losses. Page 2 of 13

PLATTE RIVER POWER AUTHORITY SCHEDULE OF REVENUES AND EXPENDITURES, BUDGET TO ACTUAL 216 - YEAR TO DATE Non-GAAP ary Basis (In Thousands) Revenues Year to Date Annual (Unfavorable) Operating revenues Municipal sales $ 17,376 $ 169,778 $ (598) $ 185,598 Short-term surplus sales and wheeling 27,8 17,432 (9,648) 3,2 Total operating revenues 197,456 187,21 (1,246) 215,798 Other revenues Interest income (1) 922 957 35 1,27 Other income 649 84 155 654 Total other revenues 1,571 1,761 19 1,681 Total revenues $ 199,27 $ 188,971 $ (1,56) $ 217,479 Expenditures Operating expenses Purchased power $ 31,177 $ 3,367 $ 81 $ 34,263 Fuel expense 49,961 42,94 7,57 54,987 Production expenses 43,848 4,95 3,753 48,18 Transmission expenses 12,664 11,494 1,17 13,736 Administrative and general 17,491 16,146 1,345 18,91 Total operating expenses 155,141 141,6 14,135 169,914 Debt expense Interest expense 9,585 9,217 368 1,534 Principal 18,748 18,698 5 2,719 Allowance for funds used during construction (24) (1,28) 824 (263) Total debt expense 28,129 26,887 1,242 3,99 Capital additions Production 23,81 18,7 5,83 25,613 Transmission 14,875 1,918 3,957 15,33 General 4,874 5,58 (184) 5,512 Total capital additions 43,559 33,983 9,576 46,455 Total expenditures $ 226,829 $ 21,876 $ 24,953 $ 247,359 Contingency reserved to board - - - 2, Total expenditures $ 226,829 $ 21,876 $ 24,953 $ 267,359 Revenues less expenditures $ (27,82) $ (12,95) $ 14,897 $ (49,88) (1) Excludes unrealized investment gains and losses. Page 3 of 13

PLATTE RIVER POWER AUTHORITY STATEMENTS OF NET POSITION Unaudited (In Thousands) 3 216 215 Assets Electric plant, at original cost Land and land rights $ 16,997 $ 14,515 Plant and equipment in service 1,278,357 1,274,65 Less: accumulated depreciation and amortization (789,739) (755,775) Plant in service, net 55,615 533,39 Construction work in progress 71,499 41,78 Total electric plant 577,114 575,98 Special funds and investments Restricted funds and investments 65,8 24,58 Dedicated funds and investments 6,334 57,827 Total special funds and investments 125,342 82,335 Current assets Cash and cash equivalents 16,43 23,62 Other temporary investments 2,725 2,73 Accounts receivable - municipalities 13,478 13,181 Accounts receivable - other 5,468 4,82 Fuel inventory, at last-in, first-out cost 15,1 13,54 Materials and supplies inventory, at average cost 13,342 12,298 Prepayments and other assets 1,72 1,581 Total current assets 86,128 89,176 Noncurrent assets Regulatory assets 6,557 2,489 Long-term prepayments - 1,164 Total noncurrent assets 6,557 3,653 Total assets 795,141 75,262 Deferred Outflows of Resources Deferred loss on debt refundings 1,63 1,15 Pension deferrals 14,234 - Total deferred outflows of resources 24,297 1,15 Liabilities Noncurrent liabilities Long-term debt, net 227,626 183,676 Capitalized lease obligation - 6,291 Net pension liability 2,58 - Other liabilities and credits 8,441 9,296 Total noncurrent liabilities 256,575 199,263 Current liabilities Current maturities of long-term debt 23,55 16,615 Current portion of capitalized lease obligation - 2,775 Accounts payable 12,148 24,845 Accrued interest 5,76 4,676 Accrued liabilities and other 1,776 2,45 Total current liabilities 43,234 5,956 Total liabilities 299,89 25,219 Deferred Inflows of Resources Regulatory credits 4,413 - Pension deferrals 472 - Total deferred inflows of resources 4,885 - Net Position Net investment in capital assets 332,666 364,298 Restricted 59,248 19,832 Unrestricted 122,83 117,18 Total net position $ 514,744 $ 51,148 Page 4 of 13

PLATTE RIVER POWER AUTHORITY STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION Unaudited (In Thousands) Twelve Months Ended Month of 3 216 215 Operating revenues Sales to municipalities $ 13,497 $ 184,281 $ 175,725 Sales for resale and other 2,638 19,1 23,73 Total operating revenues 16,135 23,381 199,428 Operating expenses Purchased power 3,41 33,142 32,418 Fuel 3,948 45,843 46,545 Operations and maintenance 4,679 57,116 63,199 Administrative and general 1,164 17,551 15,834 Depreciation 2,278 27,173 27,67 Total operating expenses 15,11 18,825 185,63 Operating income 1,25 22,556 14,365 Nonoperating revenues (expenses) Interest income 117 1,29 741 Other income 45 858 958 Interest expense (862) (9,996) (9,874) Allowance for funds used during construction 13 1,28 - Amortization of bond financing costs 177 1,394 351 Net decrease in fair value of investments (263) (241) (225) Total nonoperating revenues (expenses) (683) (5,928) (8,49) Income before contributions 342 16,628 6,316 Contribution of assets to municipalities - (155) (155) Change in net position 342 16,473 6,161 Net position at beginning of period, as previously reported 514,42 51,148 494,987 Adjustment for change in accounting principle - (2,877) - Net position at beginning of period, adjusted 514,42 498,271 494,987 Net position at end of period $ 514,744 $ 514,744 $ 51,148 Page 5 of 13

PLATTE RIVER POWER AUTHORITY STATEMENTS OF CASH FLOWS Unaudited (In Thousands) Twelve Months Ended Month of 3 216 215 Cash flows from operating activities Receipts from customers $ 14,747 $ 22,243 $ 199,876 Payments for operating goods and services (11,965) (14,831) (13,345) Payments for employee services (2,431) (33,581) (3,596) Net cash provided by operating activities 351 27,831 38,935 Cash flows from capital and related financing activities Additions to electric utility plant (9) (24,982) (25,863) Payments from accounts payable incurred for electric utility plant additions (2,53) (2,548) (466) Bond issuance costs paid and escrowed interest payments - (13,724) - Deposits into escrow for bond defeasance - (15,44) - Proceeds from issuance of long-term debt - 179,17 - Principal payments on long-term debt - (16,615) (21,98) Interest payments on long-term debt - (8,912) (1,396) Net cash (used in)/provided by capital and related financing activities (2,593) 6,949 (58,75) Cash flows from investing activities Purchases and sales of temporary and restricted investments, net (2,927) (43,244) 16,37 Interest and other income, including realized gains and losses 165 1,85 1,632 Net cash (used in)/provided by investing activities (2,762) (41,439) 17,669 Decrease in cash and cash equivalents (5,4) (6,659) (2,11) Balance at beginning of period in cash and cash equivalents 21,47 23,62 25,163 Balance at end of period in cash and cash equivalents $ 16,43 $ 16,43 $ 23,62 Reconciliation of net operating income to net cash provided by operating activities Operating income $ 1,25 $ 22,556 $ 14,365 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation 2,278 27,173 27,67 Changes in assets and liabilities which provided/(used) cash: Accounts receivable ` (1,387) (945) 46 Fuel and materials and supplies inventories 14 (2,549) (6,84) Prepayments and other assets 167 (3,95) 841 Deferred outflows of resources - (14,234) - Accounts payable (2,162) (13,483) 12,645 Net pension liability - 17,631 - Other liabilities 11 (1,18) (2,27) Deferred inflows of resources 36 4,885 (8,278) Net cash provided by operating activities $ 351 $ 27,831 $ 38,935 Page 6 of 13

PLATTE RIVER POWER AUTHORITY SCHEDULE OF NET REVENUES FOR DEBT SERVICE Unaudited (In Thousands) Net revenues Twelve Months Ended Month of 3 216 215 Operating revenues $ 16,135 $ 23,38 $ 199,428 Operations and maintenance expenses, excluding depreciation and amortization 12,832 153,652 157,996 Net operating revenues 3,33 49,728 41,432 Plus interest income on bond accounts and other income 169 1,889 1,715 Net revenues before rate stabilization 3,472 51,617 43,147 Rate stabilization Deposits - - - Withdrawals - - - Total net revenues $ 3,472 $ 51,617 $ 43,147 Bond service Power revenue bonds $ 2,825 $ 3,79 $ 29,171 Allowance for funds used during construction (13) (1,28) - Net revenue bond service $ 2,722 $ 29,51 $ 29,171 Coverage Power revenue bond coverage ratio 1.28 1.78 1.48 Page 7 of 13

Platte River Power Authority Operating Expense Variances Exceeding $1, - Month of 216 Description (Unfavorable) Coal Coal was below budget due to generation and price for the Craig Units and price for Rawhide Unit 1. Generation was below budget as the Craig Units were held back due to the surplus sales market, as well as experiencing several maintenance issues. The coal prices at Trapper Mine for the Craig Units will be below budget for the remainder of the year as the price was revised to reflect recent estimates for operations of the mine for 216. Rawhide Unit 1's coal price was below budget as a result of favorable market and transportation prices. $ 531,98 Leases and Rents Leases and rents were below budget as a result of paying off the Windy Gap Project debt earlier than anticipated. $ 312,839 Salaries Salaries were below budget as a result of several vacant positions. $ 223,294 Yampa Operating Expenses Yampa operating expenses billed by Tri-State were less than anticipated. $ 141,829 O&M Materials and Supplies O&M materials and supplies were below budget due to rail car repair parts and routine maintenance at Rawhide not being required. $ 111,469 Contracted Services Contracted services were above budget due to the catch-up of expenses for tower maintenance, vegetation management, and non-routine Rawhide engineering projects. A prior year transmission rate true-up from Xcel Energy, the reliability compliance risk assessment, and the mountain west regional market study were not anticipated. Lastly, additional environmental consulting services, as a result of the Coal Combustion Residuals rule, also contributed to the above-budget variance. $ (45,259) Page 8 of 13

Platte River Power Authority Capital Addition Variances - Year-end Estimates as of 216 Capital expenditures, at this time, are expected to be $8. million below budget at the end of the year; however, an estimate of $9. million is planned to be requested to be carried over into 217. With the contingency transfer request made at the December Board of Directors Meeting, the budget for capital projects will be sufficient to accommodate the carryover into 217. The projects listed below are projected to end the year with a budget variance of more than $1,. In addition, the amounts below are costs for 216 and may not represent the total cost of the project. Project ($ in Thousands) Estimate (Unfavorable) POWER PRODUCTION Rail Cars - Aluminum - This project has been delayed due to a study required to determine dumper modifications required to unload the new aluminum cars. The below-budget funds will be requested to be carried over into 217. $ 3,434 $ 17 $ 3,327 Yampa Work Orders - These projects will be below budget due to recent estimates received from Tri-State. A portion of the below-budget funds will be requested to be carried over into 217. $ 15,332 $ 13,694 $ 1,638 Coal Dust Pneumatic Conveying System - This project has been delayed due to staffing constraints. The below-budget funds will be requested to be carried over into 217. $ 1,233 $ 217 $ 1,16 Conveyor Belt Fall Protection Guard Rails - This project has been delayed due to staffing constraints. The below-budget funds will be requested to be carried over into 217. $ 243 $ 2 $ 241 CAT Loader Replacement - This project is below budget due to a higher trade-in value than expected along with a more favorable price for the new loader. $ 496 $ 288 $ 28 Soldier Canyon 1" Line Modifications with New Raw Water Tank - This project will be below budget due to a scheduling delay with the asphalt plant being shut down for the season. The below-budget funds will be requested to be carried over into 217. $ 542 $ 414 $ 128 Soot Blower Replacement - This project will be below budget due to lower than anticipated installation costs. $ 369 $ 252 $ 117 Rawhide Unit 1 DCS Replacement and Expansion - This project will be above budget due to interest expense charged during construction. The project excluding these additional expenses will be below budget by approximately $72K. A portion of the below-budget funds will be requested to be carried over into 217. $ 718 $ 1,119 $ (41) Generator Stator Rewind - Rawhide Unit 1 - This out-of-budget project for $546K is to begin the engineering design and to make the initial payment for the stator, which will be installed during the 218 planned maintenance outage. The remaining $5K will be requested to be carried over into 217. $ - $ 541 $ (541) Page 9 of 13

Platte River Power Authority Capital Addition Variances - Year-end Estimates as of 216 Project ($ in Thousands) (Unfavorable) Generator Rotor Replacement - Rawhide Unit 1 - This out-of-budget project is to begin the engineering design and to make the initial payment for the rotor, which will be installed during the 218 planned maintenance outage. $ - $ 789 $ (789) POWER DELIVERY Boyd 115/23kV Substation Transformer T2 Addition - This project will be below budget primarily due to staffing constraints. In addition, the inability to take an outage on the transmission line as scheduled will delay construction activities. The below-budget funds will be requested to be carried over into 217. $ 5,846 $ 3,597 $ 2,249 Oil Breaker (362/462) Replacements and Relay Upgrades - Richard Lake Substation - This project has been delayed due to staffing constraints. The below-budget funds will be requested to be carried over into 217. $ 284 $ 134 $ 15 Annual Meter, Relay or Annuniciator Additions, Replacements or Upgrades - This project will be below budget due to a reduction in scope caused by staffing constraints. $ 15 $ 2 $ 13 Patch Panel Replacement - Headquarters Comm Room and Microwave Room - This project has been cancelled due to the new Headquarters campus plan. $ 111 $ - $ 111 Breaker Replacements - Boyd Breakers 262, 362, 3166 - This project has been delayed primarily due to staffing constraints. In addition, the inability to take an outage on the transmission line as scheduled will delay construction activities. This project is being done in conjunction with the Boyd 115/23kV Substation Transformer T2 Addition project. The belowbudget funds will be requested to be carried over into 217. $ 28 $ 174 $ 16 Transformer Replacement - Ault KU1A 345/23kV - WAPA Joint Facilities - This is a joint facilities project to be completed by Western Area Power Administration (WAPA), which will be above budget due to an under estimation of expenses by WAPA. Additional funds of $126K are required to complete the project. $ 2,72 $ 2,198 $ (126) LaPorte Substation - 23kV Expansion - This project will be above budget due to the interest expense charged during construction, which is partially offset by an over estimation of expenses for the control cable. $ 2,54 $ 2,33 $ (249) Fiber Optic Route to Estes Park - This project will be above budget due to advancing the schedule in order to ensure completion in 217. Additional funds of $266K are required to complete the 216 portion of the project. $ 597 $ 863 $ (266) Page 1 of 13

Platte River Power Authority Capital Addition Variances - Year-end Estimates as of 216 Project ($ in Thousands) Estimate (Unfavorable) CORPORATE SERVICES Grading and Drainage Improvements - Rawhide - The scope of this project has been expanded to holistically evaluate and handle the drainage issues and upgrades from the coal silos to the transfer building. As a result, additional design and construction will carry into 217. The below-budget funds will be requested to be carried over into 217. $ 269 $ 75 $ 194 Headquarters Campus - This project will be above budget due to the acquisition of an adjoining piece of land with the current campus that will provide access to the north. The original budget for 216 was for design. Some design will occur in 216 with the majority taking place in 217. Additional funds of $35K were requested to facilitate the purchase of the land. A portion of those funds will be requested to be carried over into 217. $ 2,547 $ 2,699 $ (152) Page 11 of 13

PLATTE RIVER POWER AUTHORITY MONTHLY STATISTICS 216 12 Months Rolling (Unfavorable) (Unfavorable) Resources (MWh) Net generation Rawhide 189,897 193,894 3,997 2,39,496 2,26,476 (13,2) Craig 85,42 78,76 (7,326) 1,7,777 81,283 (26,494) Peaking units - 384 384 9,579 39,16 29,437 Purchases WAPA LAP 9,556 9,556-19,536 19,536 - WAPA CRSP 47,891 47,891-52,467 52,467 - Wind 26,273 28,69 1,796 295,984 313,737 17,753 Solar - Fort Collins program - 54 54-5,56 5,56 Solar 3,433 3,56 73 14,242 8,796 (5,446) Other purchases - 644 644 21,787 64,238 42,451 Joint dispatch agreement purchases - 1,42 1,42-1,449 1,449 Forced outage exchange - 35 35-13,9 13,9 Interchange - (2,89) (2,89) - (7,691) (7,691) Total receipts 362,452 361,89 (562) 4,27,868 4,58,767 (212,11) Deliveries (MWh) Municipal sales Estes Park 11,877 1,731 (1,146) 132,888 13,746 (2,142) Fort Collins 118,714 118,717 3 1,516,71 1,538,397 21,687 Longmont 62,815 62,3 (785) 818,92 81,679 (8,241) Loveland 58,762 54,879 (3,883) 754,35 73,829 (23,26) Total municipal sales 252,168 246,357 (5,811) 3,222,553 3,21,651 (11,92) Solar - Fort Collins program - 54 54-5,56 5,56 Surplus sales Short-term surplus sales 14,989 18,353 3,364 981,77 688,551 (293,219) Joint dispatch agreement sales - 53 53-73 73 Total surplus sales 14,989 18,46 3,417 981,77 688,624 (293,146) Forced outage exchange - - - - 66,389 66,389 Losses and other 5,295 6,623 1,328 66,545 87,543 2,998 Total deliveries 362,452 361,89 (562) 4,27,868 4,58,767 (212,11) 12 Months Rolling (Unfavorable) (Unfavorable) Coincidental demand (kw) Estes Park 22,928 21,912 (1,16) 221,18 212,531 (8,577) Fort Collins 214,75 22,172 5,467 2,851,59 2,826,558 (24,51) Longmont 112,773 113,793 1,2 1,61,593 1,55,13 (51,58) Loveland 16,831 12,673 (4,158) 1,471,39 1,412,29 (58,83) Total coincidental demand 457,237 458,55 1,313 6,144,799 6,1,311 (143,488) Noncoincidental demand (kw) Estes Park 22,95 242,989 Fort Collins 22,298 2,833,79 Longmont 113,793 1,556,878 Loveland 12,673 1,418,121 458,859 6,51,778 Page 12 of 13

Platte River Power Authority 216 - Payments of $5, or More Vendor Description Payment Amount Operations and Maintenance Payments Non-Recurring O&M Payments Mitsubishi Electric Power Products Inc Dead tank circuit breakers $1,42,4 Non-Recurring O&M Payments Total $1,42,4 Regular Recurring O&M Payments BNSF Railway Company Coal delivery $926,678 Trapper Mining, Inc. Coal delivery 92,56 Cloud Peak Energy Resources LLC Coal delivery 711,362 Colowyo Coal Company Coal delivery 514,896 Spring Canyon Energy II LLC Spring Canyon wind energy 556,991 Duke Energy Retail Sales LLC Silver Sage wind energy 19,275 NJR Clean Energy Ventures Medicine Bow wind energy 69,2 Mieco, Inc. Natural gas 1,986 Graymont Western US Inc. Lime 124,796 Tri-State G&T Yampa O&M 2,512,96 Western Area Pwr Adm-DOE Purchased power (CRSP and LAP) 1,655,677 Xcel Energy Ancillary services 37,71 Wells Fargo Pension contribution 242, Western States Power Corporation Project E 174,6 Brink Constructors, Inc. Transmission line maintenance 182,97 Exponential Engineering Company Electrical engineering services 54,113 Adler Energy, Inc. DSM, energy efficiency 5, City of Fort Collins 3rd quarter fiber payment 86,36 City of Fort Collins Utility payments 56,313 Western Area Pwr Adm-DOE Substation maintenance 62,862 First Bankcard Center Platte River's credit card payment 91,611 Regular Recurring O&M Payments Total $9,637,416 Total O&M Payments $11,39,816 Capital Payments Electrical Power Products, Inc. Substation control building and relay panels $1,228,226 Siemens Energy, Inc. RH Unit 1 generator rotor (218 outage) 716,63 Terex Utilities, Inc. Boom truck 216,4 Addison Construction Co. Substation construction 195,79 Rexel, Inc. CT gas yard communications conversion to ethernet 5,679 Total Capital Payments $2,47,77 GRAND TOTAL: PAYMENTS OF $5, OR MORE $13,446,893 Page 13 of 13