First Quarter 2015
Highlights
Bison Herd at the Rawhide Energy Station
Financial Summary
Platte River reported first quarter operating income of $2.8 million compared with $3.6 million reported during
the first quarter of 2014. Operating revenues decreased $0.6 million from the same period last year mainly due to
a $1.0 million decrease in surplus sales as a result of a soft market. Offsetting some of the decrease was a $0.4
million increase in municipal sales. The increase was primarily the result of a 2.5% increase in wholesale rates.
Operating expenses were up $0.2 million. Administrative and general expenses increased $1.0 million due to
demand side management incentives and strategic planning initiatives. The demand side management incentive
increase is due to timing of completion of customer projects. Purchased power was also higher by $0.6 million
from an increase in wind purchases from the new Spring Canyon contracts. Offsetting the increases was a $1.4
million decrease in depreciation as many Rawhide and Craig assets reached the end of their depreciable life in
2014. Income before contributions for the first quarter was $1.0 million, down from the $1.8 million reported
during the same period last year. Total debt service coverage for the quarter was 1.24 times.
Power Production
During the first quarter, Rawhide Unit 1 reported a net plant capacity factor of 88.5%, up from the 87.9%
reported for the same period last year. The lower capacity factor in 2014 was due to a one-week scheduled
maintenance outage at Rawhide during the month of March. 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 78.1%, down from the 87.4% reported first quarter last year. The units experienced
maintenance issues and were also held back due to the soft surplus sales market. Other generation for the first
quarter included 84,337 MWh of wind.
Operating Statistics
Platte River supplied 774,474 MWh to its four municipal owners, down 0.7% from the first quarter last year.
The total monthly Municipal billing demand was also down 2.4% for the same period.
Municipal Peak Demand (kW)
3 Months Ended
March 31
2014
2015
510,668
469,967
Municipal Energy Sales (MWh)
Other Energy Sales (MWh)
774,474
259,772
780,301
237,148
12 Months Ended
March 31
2014
2015
648,709
625,517
3,148,450
792,928
3,199,068
709,764
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CONDENSED STATEMENTS OF NET POSITION
Unaudited
(In Thousands)
March 31
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
567,096
103,469
92,936
4,208
767,709
$
577,849
95,434
90,575
4,907
768,765
1,689
2,781
216,838
45,833
262,671
242,844
44,127
286,971
10,840
4,336
495,887
$
480,239
CONDENSED STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
Unaudited
(In Thousands)
3 Months Ended March 31
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
$
41,121
8,103
49,224
$
12 Months Ended March 31
2015
2014
40,779
9,073
49,852
$
170,115
29,124
199,239
$
170,472
26,964
197,436
39,666
6,729
46,395
38,122
8,107
46,229
148,156
26,996
175,152
143,654
33,139
176,793
2,829
3,623
24,087
20,643
467
(2,512)
195
(1,850)
859
(2,707)
7
(1,841)
1,619
(10,130)
227
(8,284)
516
(10,905)
(79)
(10,468)
979
1,782
15,803
10,175
-
-
979
$
1,782
(155)
(155)
$
15,648
$
10,020
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