Third Quarter 2015
Highlights
LaPorte Substation
Financial Summary
Platte River reported operating income of $18.6 million for the first nine months, compared with $22.5 million
reported during the same period in 2014. Operating revenues increased $0.8 million from the same period last
year mainly due to a $5.3 million increase in Municipal sales partially offset by a $4.5 million decrease in surplus
sales as a result of a soft market. The increase in Municipal sales was primarily the result of a 2.5% increase in
wholesale rates. Total operating expenses were up $4.6 million. Operation and maintenance expenses were up
$5.9 million primarily due to purchased power and transmission expenses associated with new wind resources, as
well as increases in demand side management incentives, and personnel expenses. Depreciation decreased $1.3
million as many Rawhide and Craig assets reached the end of their depreciable life in 2014. Income before
contributions was $13.0 million, down from the $16.2 million reported during the same period last year. Total
debt service coverage for the first nine months was 1.81 times.
Power Production
During the first nine months of 2015, Rawhide Unit 1 reported a net plant capacity factor of 92.7%, up slightly
from the 91.5% reported for the same period last year. Craig Units 1 and 2 reported a combined plant capacity
factor of 72.2%, down from the 86.9% reported last year. The units experienced maintenance issues and were
also held back due to the soft surplus sales market. Other generation included 195,873 MWh of wind, 436,760
MWh of hydro-power, and Platte River’s peaking units produced 41,248 MWh.
Operating Statistics
Platte River supplied 2,414,557 MWh to its four municipal owners, up 2% from the first nine months last year.
The total monthly municipal billing demand was up 0.1% from the same period last year.
Municipal Peak Demand (kW)
Municipal Energy Sales (MWh)
Other Energy Sales (MWh)
9 Months Ended
September 30
2014
2015
625,517
639,092
2,414,557
612,611
2,367,132
646,215
12 Months Ended
September 30
2014
2015
625,517
639,092
3,201,702
736,700
3,147,030
804,785
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CONDENSED STATEMENTS OF NET POSITION
Unaudited
(In Thousands)
September 30
2015
ASSETS
Electric utility plant, net
Special funds and investments
Current assets
Non-current assets
Total assets
$
DEFERRED OUTFLOWS OF RESOURCES
LIABILITIES
Non-current liabilities
Current liabilities
Total liabilities
DEFERRED INFLOWS OF RESOURCES
NET POSITION
$
2014
569,575
85,761
97,967
3,792
757,095
$
574,906
92,071
82,862
4,631
754,470
1,251
2,199
199,504
36,100
235,604
220,222
34,649
254,871
15,038
7,290
507,704
$
494,508
CONDENSED STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
Unaudited
(In Thousands)
9 Months Ended September 30
2015
2014
OPERATING REVENUES:
Sales to municipalities
Sales for resale and other
Total operating revenues
$
OPERATING EXPENSES:
Operations and maintenance
Depreciation
Total operating expenses
135,556
19,946
155,502
$
130,199
24,480
154,679
12 Months Ended September 30
2015
2014
$
175,129
25,560
200,689
$
168,649
30,641
199,290
116,679
20,189
136,868
110,747
21,475
132,222
152,541
27,089
179,630
147,908
29,793
177,701
OPERATING INCOME
18,634
22,457
21,059
21,589
NONOPERATING REVENUES AND
EXPENSES:
Interest and other income
Interest expense, net
Net increase/(decrease) in fair value of investments
Total nonoperating revenues and expenses
1,270
(7,187)
234
(5,683)
1,592
(7,820)
(23)
(6,251)
1,687
(9,691)
296
(7,708)
573
(10,501)
(9,928)
INCOME BEFORE CONTRIBUTIONS
12,951
16,206
13,351
11,661
Contribution of assets to municipalities
CHANGE IN NET POSITION
(155)
$
12,796
(155)
$
16,051
(155)
$
13,196
(155)
$
11,506
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