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Serving our members with sound finances Great River Energy is an electric cooperative – or a private not-for-profit electric utility business. We are owned by our member cooperatives, which established Great River Energy to provide them at-cost electric service. As a result, Great River Energy does not sell shares of stock to outside investors. |
Our revenues are primarily derived from the sale of power to Great River Energy member systems and power sales to other utilities in the region under long-term contracts and spot-sale arrangements.
We have long-term wholesale power contracts with all of our member cooperatives. Power is provided to members at rates determined by Great River Energy’s board of directors. Our board of directors consists of representatives from our member cooperatives. Rates to members are designed to recover all costs and to provide margins sufficient to meet established financial goals.
2008 Great River Energy financial highlights
(Dollars in millions) |
2008 |
2007 |
Change |
| Operations |
|||
Revenues |
$829.9 |
$775.8 |
$54.1 |
Purchased power |
$240.4 |
$198.6 |
$41.8 |
Fuel |
$173.5 |
$196.5 |
$(23.0) |
Other operating expenses |
$229.2 |
$213.4 |
$15.8 |
Depreciation and amortization |
$88.2 |
$86.1 |
$2.1 |
Interest expense |
$91.1 |
$82.4 |
$8.7 |
Other income |
$22.4 |
$37.2 |
$(14.8) |
Non-utility operations margin |
$1.2 |
$0.5 |
$0.7 |
Net margin |
$31.1 |
$36.5 |
$(5.4) |
|
|
| |
| Financial position |
|
|
|
Utility plant |
$2,844.7 |
$2,576.7 |
$268.0 |
Net plant |
$2,081.3 |
$1,688.1 |
$393.2 |
Deferred charges |
$163.6 |
$67.1 |
$96.5 |
Cash and short-term investments |
$233.9 |
$244.7 |
$(10.8) |
Total assets |
$2,801.6 |
$2,308.3 |
$493.3 |
Long-term obligations |
$1,987.5 |
$1,607.6 |
$379.9 |
Member and patron equities |
$309.2 |
$278.8 |
$30.4 |
Equity to capitalization ratio |
13.1% |
14.2% |
-1.1% |
Great River Energy maintains investment grade debt ratings with the following rating agencies:
Standard & Poors |
BBB+/Positive |
Fitch Ratings |
A-/Stable |
Moody’s |
A3 |
