Financial Highlights
Three-Year Summary of Selected Financial and Operating Data | |||
---|---|---|---|
(Dollars in thousands) | 2018 | 2017 | 2016 |
Total revenues | $681,328 | $623,574 | $661,382 |
Total assets and deferred outflows of resources | $9,024,019 | $8,996,764 | $9,115,995 |
Property, plant and equipment, net | $5,690,057 | $4,910,870 | $5,255,928 |
Debt outstanding (excluding defeased bonds) | $6,662,341 | $6,781,075 | $7,146,111 |
Weighted average interest cost(1) | 4.22% | 4.11% | 4.09% |
Total delivered energy to MEAG Power Participants (MWh)(2) | 10,806,130 | 10,453,361 | 10,771,270 |
Cost to MEAG Power Participants (cents per kWh): | |||
Total cost(2)(3) | 6.76 | 6.76 | 6.63 |
Bulk power cost(3) | 6.80 | 6.69 | 6.58 |
SEPA cost(2) | 6.24 | 7.80 | 7.34 |
Peak demand (MW) | 1,904 | 1,884 | 1,923 |
Total nominal generating capacity in service (MW)(4) | 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.
(4)Excludes SEPA capacity which is purchased by the Participants and capacity purchased by MEAG Power from others.
Selected Highlights
- Nuclear Generation 61%
- Gas Generation 16%
- Coal Generation 12%
- Hydro 7%
- Net Purchases 4%
- Fixed-Rate Debt 86.9%
- Variable-Rate Debt 10%
- Variable-Rate Debt Synthetically
Converted to Fixed 3.1%
Because total debt service on our operating projects is expected to continue to decline, we have put MEAG Power in a favorable position to take on the debt related to the expansion at Plant Vogtle.