PEC is continuously experiencing growth in its service territory. Weather and member growth are primary drivers for increased kwh sales.
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1 Year System Value Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Comment BASE GROUP (RATIOS 1-5) RATIO AVERAGE TOTAL CONSUMERS SERVED ,676 13, , , , , ,664 13, , , , , ,074 13, , , , , ,266 13, , , , , ,450 13, , , , , RATIO TOTAL KWH SOLD (1,000) ,865, , , ,341, , , ,306, , , ,936, , , ,956, , , ,895, , , ,137, , , ,836, , , ,338, , , ,982, , , RATIO TOTAL UTILITY PLANT (1,000) ,312, , , , , , ,371, , , , , , ,392, , , , , , ,434, , , , , , ,497, , , , , , PEC is continuously experiencing growth in its service territory. Weather and member growth are primary drivers for increased kwh sales. PEC is continuously investing in its utility infrastructure for reliable service. RATIO TOTAL NUMBER OF EMPLOYEES (FULL TIME ONLY) Experienced natural employee attrition in 2014 while average meter count increased due to growth RATIO TOTAL MILES OF LINE Continuous expansion of the distribution system, both overhead and ,258 2, , , , , underground. Also, PEC started reporting service laterals in ,365 2, , , , , ,989 2, , , , , ,001 2, , , , , ,275 2, , , , , FINANCIAL (RATIOS 6-32) RATIO TIER RATIO TIER (2 OF 3 YEAR HIGH AVERAGE) RATIO OTIER
2 Year System Value Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Comment RATIO OTIER (2 OF 3 YEAR HIGH AVERAGE) RATIO MODIFIED DSC (MDSC) RATIO MDSC (2 OF 3 YEAR HIGH AVERAGE) RATIO DEBT SERVICE COVERAGE (DSC) Margins, as planned through rate reductions and LCRA fuel cost recovery payment management, decreased in 2014, impacted these ratios. RATIO DSC (2 OF 3 YEAR HIGH AVERAGE) RATIO ODSC RATIO ODSC (2 OF 3 YEAR HIGH AVERAGE) RATIO EQUITY AS A % OF ASSETS RATIO DISTRIBUTION EQUITY (EXCLUDES EQUITY IN ASSOC. ORG'S PATRONAGE CAPITAL)
3 RATIO EQUITY AS A % OF TOTAL CAPITALIZATION RATIO LONG TERM DEBT AS A % OF TOTAL ASSETS Total assets have increased but no new debt has been issued since 2008, resulting in a lower ratio RATIO LONG TERM DEBT PER KWH SOLD (MILLS) Long term debt is a slow steady decrease relative to increased energy sales. RATIO LONG TERM DEBT PER CONSUMER ($) Long term debt is a slow steady decrease relative to increased consumer , , , , , , growth , , , , , , , , , , , , , , , , , , , , , , , , RATIO NON-GOVERNMENT DEBT AS A % OF TOTAL LONG TERM DEBT RATIO BLENDED INTEREST RATE (%) RATIO ANNUAL CAPITAL CREDITS RETIRED PER TOTAL EQUITY (%) 2010 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A RATIO LONG-TERM INTEREST AS A % OF REVENUE All of PEC's debt is non-government. High interest bonds provide for a higher blended interest rate PEC continues the retirement of patronage capital back to its membership. Revenue increased in 2014 over 2013, $597M to $622.5M
4 RATIO CUMULATIVE PATRONAGE CAPITAL RETIRED AS A % OF TOTAL PATRONAGE CAPITAL PEC started discounting capital credits in 2011 and thus increased this ratio RATIO RATE OF RETURN ON EQUITY (%) RATIO RATE OF RETURN ON TOTAL CAPITALIZATION (%) RATIO CURRENT RATIO Margins, as planned through rate reductions and LCRA fuel cost recovery payment management, decreased in 2014, impacted these ratios. PEC's cash balance decreased significantly in 2014 ($63M to $37M). RATIO GENERAL FUNDS PER TUP (%) A measure of general funds available to meet the cash needs and construction activity of the cooperative at a point in time. General funds levels can fluctuate during the year. Cash decreases and payments for the fuel cost recovery e to LCRA RATIO PLANT REVENUE RATIO (PRR) ONE YEAR A measure of the relative productivity of the cooperative s plant. PRR indicates a cooperative s ability to generate revenues relative to the physical plant investment that it has made RATIO INVESTMENT IN SUBSIDIARIES TO TOTAL ASSETS (%) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2013 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2014 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A PEC doesn't hold investments in subsidiaries. REVENUE & MARGINS (RATIOS 33-59) RATIO TOTAL OPERATING REVENUE PER KWH SOLD (MILLS) PEC's revenue has been consistent in relation to kwh sold. RATIO TOTAL OPERATING REVENUE PER TUP INVESTMENT (CENTS)
5 Year System Value Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Comment RATIO TOTAL OPERATING REVENUE PER CONSUMER ($) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , RATIO ELECTRIC REVENUE PER KWH SOLD (MILLS) RATIO ELECTRIC REVENUE PER CONSUMER ($) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , RATIO RESIDENTIAL REVENUE PER KWH SOLD (MILLS) PEC's territory continues to experience some of the highest growth in the country. Weather, such as RATIO NON-RESIDENTIAL REVENUE PER KWH SOLD (MILLS) dry, hot conditions, have also contributed to RATIO SMALL COMMERCIAL REVENUE PER KWH SOLD (MILLS) RATIO LARGE COMMERCIAL REVENUE PER KWH SOLD (MILLS) RATIO OTHER SALES TO PUBLIC AUTHORITIES REVENUE PER KWH SOLD (MILLS)
6 Year System Value Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Comment RATIO OPERATING MARGINS PER KWH SOLD (MILLS) RATIO OPERATING MARGINS PER CONSUMER ($) RATIO NON-OPERATING MARGINS PER KWH SOLD (MILLS) RATIO NON-OPERATING MARGINS PER CONSUMER ($) Both Ratio 49 and 50 measure non operating margins resulting from non operating interest and other margins, margins from equity investments and extraordinary items. Because PEC generates little revenue other than electricity sales, this ratio RATIO TOTAL MARGINS LESS ALLOCATIONS PER KWH SOLD (MILLS) RATIO TOTAL MARGINS LESS ALLOCATIONS PER CONSUMER ($) RATIO INCOME (LOSS) FROM EQUITY INVESTMENTS PER CONSUMER ($) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2014 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A PEC doesn't hold equity investments. A measurement of total operating margins resulting from the sale of electricity to the members. These ratios indicate the margins generated on, respectively, a per kwh sold basis (Ratio 51) and per consumer (Ratio 52), without the effects of G&T and other patronage capital credits. This is a measure of real cash to the RATIO ASSOCIATED ORGANIZATION'S CAPITAL CREDITS PER KWH SOLD (MILLS) RATIO ASSOCIATED ORGANIZATION'S CAPITAL CREDITS PER CONSUMER ($) These ratios measure the portion of a system s costs that is supporting equity contributions to associated organization(s) shown, respectively, on a per kwh sold basis (Ratio 54) and per consumer (Ratio 55). These allocations generally include CFC, the utility s G&T, and statewide and other cooperative provided
7 RATIO TOTAL MARGINS PER KWH SOLD (MILLS) RATIO TOTAL MARGINS PER CONSUMER ($) Margins, as planned through rate reductions and LCRA fuel cost recovery payment management, RATIO A/R OVER 60 DAYS AS A % OF OPERATING REVENUE RATIO AMOUNT WRITTEN OFF AS A % OF OPERATING REVENUE PEC continues to experience low accounts receivable SALES (RATIOS 60-76) RATIO TOTAL MWH SOLD PER MILE OF LINE RATIO AVERAGE RESIDENTIAL USAGE KWH PER MONTH , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , RATIO AVERAGE SMALL COMMERCIAL KWH USAGE PER MONTH , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Ratios are helpful in showing usage patterns of different ratepayer classes. Residential usage could be expected to be lower in northern or mountainous service areas, where cooler summer weather is normal and where electric heat saturation is low. PEC experienced dry and hot conditions in its service RATIO AVERAGE LARGE COMMERCIAL KWH USAGE PER MONTH , , , , , , , , , , , , , , , , , , , , , , , ,
8 , , , , , , RATIO AVERAGE SALES TO PUBLIC AUTHORITIES KWH USAGE PER MONTH , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , RATIO RESIDENTIAL KWH SOLD PER TOTAL KWH SOLD (%) RATIO SMALL COMMERCIAL KWH SOLD PER TOTAL KWH SOLD (%) RATIO LARGE COMMERCIAL KWH SOLD PER TOTAL KWH SOLD (%) Ratios measure kwh sales by rate class to total energy sales for the year. PEC's service territory continues to experience some of the highest RATIO SALES TO PUBLIC AUTHORITIES PER TOTAL KWH SOLD (%) CONTROLLABLE EXPENSES (RATIOS 77-87) RATIO O & M EXPENSES PER TOTAL KWH SOLD (MILLS) RATIO O & M EXPENSES PER DOLLARS OF TUP (MILLS) RATIO O & M EXPENSES PER CONSUMER ($)
9 RATIO CONSUMER ACCOUNTING EXPENSES PER TOTAL KWH SOLD (MILLS) RATIO CONSUMER ACCOUNTING EXPENSES PER CONSUMER ($) RATIO CUSTOMER SALES AND SERVICE PER TOTAL KWH SOLD (MILLS) RATIO CUSTOMER SALES AND SERVICE PER CONSUMER ($) PEC continues the trend of lowering controllable expenses by lowering headcount, investing in new technologies, strategic decision making, utilizing procurement practices as well as budget development. Expense reduction is occurring while meter count grows over 6,400 annually RATIO A & G EXPENSES PER TOTAL KWH SOLD (MILLS) RATIO A & G EXPENSES PER CONSUMER ($) RATIO TOTAL CONTROLLABLE EXPENSES PER TOTAL KWH SOLD (MILLS) (SAME AS RATIO #103) RATIO TOTAL CONTROLLABLE EXPENSES PER CONSUMER ($) (SAME AS RATIO #104) FIXED EXPENSES (RATIOS ) RATIO POWER COST PER KWH PURCHASED (MILLS)
10 RATIO POWER COST PER TOTAL KWH SOLD (MILLS) These ratios show the average cost of each kwh, respectively, the system purchased and actually sold. Power costs can vary significantly from one power supplier to the next causing a wide variance in power RATIO POWER COST AS A % OF REVENUE This ratio shows the portion of the system s total revenue that goes toward the purchase of energy for resale. A typical distribution system in the United States spends about 60 percent of its revenues on wholesale power purchases, which is the largest single expense to the RATIO LONG-TERM INTEREST COST PER TOTAL KWH SOLD (MILLS) RATIO LONG-TERM INTEREST COST AS A % OF TUP RATIO LONG-TERM INTEREST COST PER CONSUMER ($) Ratio 91 shows the cost of long term debt on each kwh sold. Ratio 92 provides a method of measuring the system long term debt cost per dollar of total utility plant. Different capital management plans and the average age of outstanding debt influence this value. Ratio 93 shows the cost of long term dbf debt for each RATIO DEPRECIATION EXPENSE PER TOTAL KWH SOLD (MILLS) RATIO DEPRECIATION EXPENSE AS A % OF TUP Total depreciation expense is dependent on the useful life of the various types of facilities and equipment included in total utility plant. This ratio is a gauge to evaluate overall depreciation rates. A strong deviation from the median would generally indicate the system should reevaluate its depreciation schedules to more accurately RATIO DEPRECIATION EXPENSE PER CONSUMER ($)
11 Year System Value Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Median NBR Rank Comment RATIO ACCUMULATIVE DEPRECIATION AS A % OF PLANT IN SERVICE RATIO TOTAL TAX EXPENSE PER TOTAL KWH SOLD (MILLS) RATIO TOTAL TAX EXPENSE AS A % OF TUP Ratio 98 measures taxes paid per kwh sold. This is an uncontrollable expense in the short term. Variations exist from state to state in the amount of taxes paid. Systems pay local and state property and sales taxes. Most are exempt from federal income taxes. Ratio 99 is a measurement of total tax expense per RATIO TOTAL TAX EXPENSE PER CONSUMER RATIO TOTAL FIXED EXPENSES PER TOTAL KWH SOLD (MILLS) RATIO TOTAL FIXED EXPENSES PER CONSUMER ($) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Ratios 101 and 102 measure, respectively, the total fixed expenses per kwh sold and per consumer. The cooperative has little ability to affect this expense in the TOTAL EXPENSES (RATIOS ) RATIO TOTAL OPERATING EXPENSES PER TOTAL KWH SOLD (MILLS) RATIO TOTAL OPERATING EXPENSES PER CONSUMER ($) Operating expenses include O&M, A&G, consumer accounts and service and information expenses, and sales expense. PEC continues the trend of lowering controllable expenses by lowering headcount, investing in new technologies, strategic decision making, utilizing procurement practices as well as budget development. Expense reduction is occurring while meter count grows RATIO TOTAL COST OF SERVICE (MINUS POWER COSTS) PER TOTAL KWH SOLD (MILLS)
12 RATIO TOTAL COST OF ELECTRIC SERVICE PER TOTAL KWH SOLD (MILLS) RATIO TOTAL COST OF ELECTRIC SERVICE PER CONSUMER ($) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Ratios 106 and 107 measure the total cost of providing electricity on a, respectively, per kwh sold and perconsumer basis. A high value could indicate higher thannormal expenses or lower than normal kwh sales for the year. PEC's electricity cost per kwh increased from.0603 EMPLOYEES (RATIOS ) RATIO AVERAGE WAGE RATE PER HOUR ($) RATIO TOTAL WAGES PER TOTAL KWH SOLD (MILLS) RATIO TOTAL WAGES PER CONSUMER ($) RATIO OVERTIME HOURS/TOTAL HOURS (%) PEC continues to balance the right number of employees while offering competitive wages to attract highly qualified people in an effort to build and maintain a RATIO CAPITALIZED PAYROLL / TOTAL PAYROLL (%) RATIO AVERAGE CONSUMERS PER EMPLOYEE
13 GROWTH (RATIOS ) RATIO ANNUAL GROWTH IN KWH SOLD (%) RATIO ANNUAL GROWTH IN NUMBER OF CONSUMERS (%) RATIO ANNUAL GROWTH IN TUP DOLLARS (%) PEC's territory continues to experience some of the highest growth in the country. Weather, such as dry, hot conditions, have also PEC continues to invest in Total Utility Plant thus increasing this ratio. RATIO CONST. W.I.P. TO PLANT ADDITIONS (%) CWIP increased in 2014 by $15M related to long-term construction projects in response to service territory growth RATIO NET NEW SERVICES TO TOTAL SERVICES (%) PEC's territory continues to experience some of the highest growth in the country RATIO ANNUAL GROWTH IN TOTAL CAPITALIZATION (%) RATIO YR. COMPOUND GROWTH IN TOTAL CAPITALIZATION (%) Margins, as planned through rate reductions and LCRA fuel cost recovery payment management, RATIO YR. COMPOUND GROWTH IN TOTAL CAPITALIZATION (%)
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