Tue, May 14, 5:46 PM (73 days ago)
Old Dominion Electric Cooperative's (ODEC) quarterly report for the period ending March 31, 2024, highlights several key financial metrics and performance indicators. Total operating revenues decreased slightly to $271.5 million from $275.9 million in the same period last year. The decline was primarily driven by a reduction in formula rate energy revenues, which dropped 7.8% due to lower total energy rates, despite a 16.5% increase in energy sales volume. However, demand revenues increased by 11.6% due to higher PJM charges for network transmission services. Operating expenses decreased marginally by 1.5% to $254.7 million, mainly due to a 12.6% reduction in fuel expenses, attributed to a 30.9% decrease in generation from owned facilities, partially offset by a 26.5% increase in the average cost of fuel. Transmission expenses rose by 18.5%, reflecting changes in PJM charges. Net margin attributable to ODEC remained stable at $3.2 million. Cash provided by operating activities was $73.1 million, a significant improvement from the $79.8 million used in the same quarter last year. The revolving credit facility balance decreased to $135.0 million from $191.0 million at year-end 2023, reflecting higher cash flows from operations. ODEC anticipates that cash from operations, existing credit facilities, and potential new debt issuances will be sufficient to meet future operational and capital requirements.