2005 Annual Report
Highlights
| 2005 | 2004 | % Change | |||
|---|---|---|---|---|---|
| Condensed Financial Data (1) | |||||
| Operating Revenues before Discretionary Rate Credits | $ | 480,531,985 | $ | 328,608,787 | 46.2 |
| Discretionary Rate Credits | $ | – | $ | 13,584,545 | -100 |
| Operating Revenues, net of Discretionary Rate Credits | $ | 480,531,985 | $ | 315,024,242 | 52.5 |
| Operating Expenses | $ | 427,880,730 | $ | 294,816,735 | 45.1 |
| Operating Margins, before Fixed Charges | $ | 52,651,255 | $ | 20,207,507 | 160.6 |
| Fixed Charges | $ | 8,807,729 | $ | 7,959,378 | 10.7 |
| Nonoperating Margins | $ | 3,400,813 | $ | 1,336,416 | 154.5 |
| Net Margins | $ | 47,244,339 | $ | 13,584,545 | 247.8 |
| Total Assets | $ | 356,023,079 | $ | 246,286,952 | 44.6 |
| Long-term Debt | $ | 152,787,376 | $ | 102,699,723 | 48.8 |
| Patronage Capital and Contributed Capital | $ | 109,623,962 | $ | 61,769,436 | 77.5 |
| Financial Ratios | |||||
| Total Equity (%) (2) | 28.32 | 20.2 | 40.2 | ||
| Current Ratio | 2.16 | 1.47 | 47.1 | ||
| Debt Service Coverage Ratio | 4.71 | 2.53 | 86.2 | ||
| Debt/Funds Available for Debt Service | 2.69 | 4.45 | -39.6 | ||
| Equity/Total Capitalization (%) (2) | 39.11 | 30.15 | 29.7 | ||
| Net Plant/Net Debt | 3.44 | 2.84 | 21.1 | ||
| Operating Statistics (1) | |||||
| Energy Sales (MWh) | 6,557,919 | 5,924,320 | 10.7 | ||
| Energy Sales to Members (MWh) | 3,751,491 | 3,056,724 | 22.7 | ||
| Energy Sales to Nonmembers (MWh) | 2,806,428 | 2,867,596 | -2.1 | ||
| Member Peak Demand (MW) | 941 | 872 | 7.9 | ||
| Member System Load Factor (%) | 45.51 | 39.91 | 14 | ||
| Energy Generated (MWh) | 1,464,805 | 1,429,765 | 2.5 | ||
| Energy Purchased (MWh) | 5,161,581 | 4,510,679 | 14.4 | ||
| Gas Purchased - GSEGC (MMBtu) | 11,044,339 | 10,775,951 | 2.5 | ||
(1) Power sales related to Golden Spread's ERCOT loads began on July 1, 2004.
(2) Total Equity includes accumulated comprehensive losses of $8,800,000 and $12,015,000 for 2005 and 2004, respectively, related to cash flow hedges.