Annual Reports

Where the Revenue Comes From

Residential — 33.4%
Industrial — 58.1%
Commercial — 8.5%

Average Costs

(cents per KWH)

2022 — 0.1004
2021 — 0.0853
2020 — 0.0819
2019 — 0.0798
2018 — 0.0829
2017 — 0.0805

Where your Electric Dollar is Spent

Purchased Power – HE — 80%
Depreciation — 4%
Admin & General — 4%
Maintenance — 4%
Interest Paid — 2%
Operations — 2%
Consumer Accounts — 2%
Taxes — 1%
Operating Margins — 1%

Financial Reports

Condensed Income and Expense Statement

Income	2021	2022
Operating Revenues	$38,267,694	$45,759
Interest, Other Non-operating, Other Capital Credits	$406,577	$225,924
Total Income	$38,674,271	$36,577,896

Expenses	2021	2022
Cost of Power Purchased	$28,998,129	$36,577,896
Operations	1,047,434	1,097,926
Maintenance	1,723,710	2,169,180
Consumer Accounts	669,557	677,223
Administrative and General	1,371,087	1,515,208
Depreciation	2,058,051	2,171,056
Taxes	705,439	500,082
Interest Expense	753,510	839,547
Total Expenses	$37,326,377	$45,548,118

Margins	2021	2022
Operating Margins	$941,317	$211,174
Non-Operating Margins	406,577	225,924
Hoosier Energy Capital Credits	442,295	700,585
Total Margins	$1,554,838	$1,137,682

Condensed Statement of Assets & Liabilities

Assets (What We Own)	2021	2022
Cost Of Our Electric System	$63,808,862	$69,770,988
Accumulated Depreciation	(19,053,796)	(20,135,520)
Utility Plant In Service, Net	$44,755,066	$49,635,468
Investments (patronage capital)	15,133,524	15,082,306
Investments (other)	582,070	423,298
Cash and Cash Equivalents	4,636,932	5,684,969
Accounts Receivable	4,772,834	5,504,836
Materials & supplies	403,598	486,843
Prepaid Expenses & Interest Receivable	169,715	101,882
Total Assets	$70,453,739	$76,919,602

Liabilities (What We Owe)	2021	2022
Our Debt to RUS and CFC	$18,579,035	$23,792,106
Accounts Payable	4,496,274	5,110,245
Other Current & Accrued Liabilities	1,748,298	1,784,006
Total Liabilities	$24,823,607	$30,686,657

Member Equity (Net Worth to Members)	2021	2022
Balance of Net Gain For Prior Years	43,459,414	45,095,562
Net Gain For Current Year	1,554,838	1,137,683
Total Member Equity	43,562,064	46,233,245
Total Liabilities and Member Equity	$64,779,410	$76,919,602

2022 Annual Meeting Minutes

Financial Reports

Condensed Income and Expense Statement

Income	2020	2019
Operating Revenues	$34,024,165	$36,433,160
Interest, Other Non-operating, Other Capital Credits	$634,589	$798,482
Total Income$$	$34,658,754	$37,231,642

Expenses	2020	2019
Cost of Power Purchased	$26,065,296	$28,401,429
Operations	1,102,254	1,095,703
Maintenance	1,431,084	1,500,945
Consumer Accounts	584,728	654,944
Administrative and General	1,183,289	1,348,498
Depreciation	1,913,354	1,793,605
Taxes	477,536	520,055
Interest Expense	788,670	957,975
Total Expenses	$33,546,211	$36,273,154

Margins	2020	2019
Operating Margins	$477,954	$160,006
Non-Operating Margins	634,589	798,482
Hoosier Energy Capital Credits	442,295	721,969
Total Margins	$1,554,838	$1,680,457

Condensed Statement of Assets & Liabilities

As of December 31, 2020

Assets (What We Own)	2020	2019
Cost Of Our Electric System	$58,785,470	$54,422,957
Accumulated Depreciation	(17,775,330)	(15,736,753)
Utility Plant In Service, Net	$41,010,140	$37,627,123
Investments (patronage capital)	14,771,763	15,014,513
Investments (other)	740,842	927,021
Cash and Cash Equivalents	3,877,353	3,354,728
Accounts Receivable	3,828,829	3,601,034
Materials & supplies	293,651	308,687
Prepaid Expenses & Interest Receivable	256,832	360,623
Total Assets	$64,779,410	$61,193,729

Liabilities (What We Owe)	2020	2019
Our Debt to RUS and CFC	$14,916,820	$14,019,339
Accounts Payable	4,622,093	2,979,742
Other Current & Accrued Liabilities	1,678,433	1,776,765
Total Liabilities	$21,217,346	$18,775,846

<td$61,193,729$60,785,323

Member Equity (Net Worth to Members)	2020	2019
Balance of Net Gain For Prior Years	40,737,426	40,737,426
Net Gain For Current Year	42,417,883	42,417,883
Total Member Equity	43,562,064	42,417,883
Total Liabilities and Member Equity	$64,779,410	$18,775,846

Where the Revenue Comes From

Residential — 41.6%
Industrial — 48.9%
Commercial — 9.4%

Average Costs

(cents per KWH)

2020 — 0.0819
2019 — 0.0798
2018 — 0.0829
2017 — 0.0805
2016 — 0.0809
2015 — 0.0814

Where your Electric Dollar is Spent

Purchased Power – HE — 78%
Operations — 3%
Maintenance — 4%
Consumer Accounts — 2%
Admin & General — 4%
Depreciation — 5%
Taxes — 1%
Interest Paid — 3%
Operating Margins — 0.4%