Second Quarter 2015
Highlights
Rawhide Energy Station
Financial Summary
Platte River reported operating income of $7.2 million for the first six months, compared with $10.5 million
reported during the same period in 2014. Operating revenues decreased $0.8 million from the same period last
year mainly due to a $2.7 million decrease in surplus sales as a result of a soft market. Offsetting some of the
decrease was a $1.9 million increase in municipal sales. The increase was primarily the result of a 2.5% increase
in wholesale rates. Total operating expenses were up $2.5 million. Operation and maintenance expenses were up
$3.9 million due to demand side management incentives, strategic planning initiatives, and purchased power and
transmission expenses for new wind resources. Depreciation decreased $1.4 million as many Rawhide and Craig
assets reached the end of their depreciable life in 2014. Income before contributions was $3.2 million, down
from the $6.4 million reported during the same period last year. Total debt service coverage for the first six
months was 1.37 times.
Power Production
During the first half of 2015, Rawhide Unit 1 reported a net plant capacity factor of 91%, down slightly from the
92% reported for the same period last year. In 2015, the unit was held back to build coal inventory levels and in
response to the soft surplus sales market. Craig Units 1 and 2 reported a combined plant capacity factor of 75%,
down from the 85% reported last year. The units experienced maintenance issues and were also held back due to
the soft surplus sales market. Other generation included 141,340 MWh of wind, 299,627 MWh of hydro-power,
and Platte River’s peaking units produced 12,775 MWh.
Operating Statistics
Platte River supplied 1,537,621 MWh to its four municipal owners, up 0.8% from the first six months last year.
The total monthly municipal billing demand was down 2.4% from the same period last year.
Municipal Peak Demand (kW)
Municipal Energy Sales (MWh)
Other Energy Sales (MWh)
6 Months Ended
June 30
2014
2015
545,252
596,049
1,537,621
476,235
1,525,403
482,948
12 Months Ended
June 30
2014
2015
648,709
625,517
3,166,494
763,591
3,174,630
792,066
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CONDENSED STATEMENTS OF NET POSITION
Unaudited
(In Thousands)
June 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
568,047
82,044
89,486
4,001
743,578
$
575,448
76,914
88,214
4,847
745,423
1,470
2,490
199,865
34,292
234,157
220,581
36,844
257,425
12,924
5,807
497,967
$
484,681
CONDENSED STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
Unaudited
(In Thousands)
6 Months Ended June 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
OPERATING INCOME
NONOPERATING REVENUES AND
EXPENSES:
Interest and other income
Interest expense, net
Net increase/(decrease) in fair value of investments
Total nonoperating revenues and expenses
INCOME BEFORE CONTRIBUTIONS
Contribution of assets to municipalities
CHANGE IN NET POSITION
83,011
15,178
98,189
$
$
171,693
27,329
199,022
$
169,403
30,017
199,420
77,558
13,457
91,015
73,714
14,851
88,565
150,455
26,981
177,436
145,689
31,492
177,181
7,174
10,470
21,586
22,239
826
(4,936)
150
(3,960)
1,166
(5,332)
75
(4,091)
1,670
(9,928)
113
(8,145)
545
(10,714)
182
(9,987)
3,214
6,379
13,441
12,252
(155)
(155)
$
81,091
17,944
99,035
12 Months Ended June 30
2015
2014
3,059
$
6,224
(155)
(155)
$
13,286
$
12,097
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