2017 Annual Report

Financial Highlights

Download Financials
Three-Year Summary of Selected Financial and Operating Data
(Dollars in thousands)
2017 2016 2015
Total revenues $623,221 $661,382 $642,953
Total assets and deferred outflows of resources $8,995,122 $9,115,995 $9,441,898
Property, plant and equipment, net $5,070,174 $5,255,928 $4,913,961
Debt outstanding (excluding defeased bonds) $6,781,075 $7,146,111 $7,543,321
Weighted average interest cost (1) 4.11% 4.09% 4.13%
Total delivered energy to MEAG Power Participants (MWh) (2) 10,453,361 10,771,270 10,561,753
Cost to MEAG Power Participants (cents per kWh):
Total cost (2)(3) 6.76 6.63 6.68
Bulk power cost (3) 6.69 6.58 6.63
SEPA cost (2) 7.80 7.34 7.29
Peak demand (MW) 1,884 1,923 1,941
Total nominal generating capacity in service (MW) 2,069 2,069 2,069
  • (1) Excludes the impact of certain net non-operating expense components such as receipts and payments pertaining to interest rate swap agreements, amortization of debt discount and expense, investment income, the net change in the fair value of financial instruments and interest capitalized. The rate is net of subsidies on Build America Bonds.
  • (2) Participants purchase hydro energy directly from the Southeastern Power Administration (SEPA). Such energy is included in these calculations.
  • (3) Funds from the Municipal Competitive Trust were applied to lower the Participants’ annual generation billings.

Total Assets &
Deferred Outflows
(in billions of dollars)

Total assets and deferred outflows of resources decreased $121 million during 2017 due primarily to payoff of debt prior to maturity.

Total
Revenues
(in millions of dollars)

Total revenues decreased $38 million during 2017 due to certain timing factors, as well as lower Participant billings for debt service and certain operating costs. These items were partially offset by a planned reduction in Competitive Trust Funding and higher contract energy sales.

Peak
Demand
(in megawatts)

In 2017, peak demand decreased 2% due to milder summer weather compared to 2016.

Cost To
Participants
(cents/kWh)

Total cents per kWh was 6.76 in 2017 compared with 6.63 in 2016. The increase was due to decreases in energy delivered and Competitive Trust Funding, which were partially offset by reduced billings to Participants for certain operating expenses.