202306articlefivejump

Vol73-6 June 2023

Member newsletter for Southern Maryland Electric Cooperative

Years Ended December 31, 2022 and 2021
($000 omitted)

	2022	2021	Increase (Decrease)
Operating Revenue
Sales of electricity	$499,136	$393,541	$105,595
Other	46,433	48,267	(1,834)
Total operating revenue	545,569	441,808	103,761
Operating and Interest Expenses
Purchased power and power production	327,651	229,380	98,271
Transmission	4,785	4,635	150
Distribution – operation and maintenance	37,400	33,805	3,595
Customer accounts, service and information	36,997	38,354	(1,357)
Administrative and general	41,353	38,859	2,494
Depreciation and amortization	44,922	42,695	2,227
Taxes (property, sales, payroll, etc.)and other	20,824	19,530	1,294
Interest on long-term debt and other interest	25,277	24,388	889
Total operating and interest expenses	539,209	431,646	107,563
Net operating margins	6,360	10,162	(3,802)
Other patronage allocations and nonoperating margins	6,349	13,983	(7,634)
Net margins	$12,709	$24,145	$ (11,436)

December 31, 2022 and 2021
($000 omitted)

	2022	2021	Increase (Decrease)
Assets (What we own)
Cash and temporary investments	$4,331	$5,277	$(946)
Accounts receivable, net	84,046	57,571	26,475
Materials and supplies inventory	18,961	14,992	3,969
Prepaid, deferred, regulatory and other assets	210,188	160,494	49,694
Investments in associated organizations and other	23,695	25,941	(2,246)
Net utility plant	878,049	857,633	20,416
Nonutility property	2,811	2,934	(123)
Total assets	$1,222,081	$1,124,842	$97,239
Liabilities (What we owe)
Accounts payable and other accrued liabilities	$70,594	$101,241	$(30,647)
Notes payable	48,000	92,200	(44,200)
Customer deposits	6,761	6,799	(38)
Deferred credits	39,260	12,019	27,241
Long-term debt
CFC	207,537	216,064	(8,527)
CoBank	400,073	264,944	135,129
Private Placement	123,454	126,200	(2,746)
FFB	9,183	9,875	(692)
Total liabilities	904,862	829,342	75,520
Members’ Equity (Net worth)
Capital and accumulated margins	355,452	348,333	7,119
Accumulated other comprehensive (loss) income	(38,233)	(52,833)	14,600
Total liabilities and members’ equity	$1,222,081	$1,124,842	$97,239

Years Ended December 31, 2022 and 2021

	2022	2021
Miles of Line in Service	10,542	10,473
Number of Meters in Place	173,390	171,122
Average Number of Meters per Mile	16.4	16.3
Average Number of New Connections per Month (net of retired service)	189	178
Total Megawatt-Hour Sales
Residential	2,236,761	2,225,670
Commercial	1,193,672	1,193,555
Street lights	8,614	9,244
Transmission	52,097	50,389
Total sold to members	3,491,144	3,478,858
Property Taxes ($000 omitted)
Calvert County	$2,170	$2,103
Charles County	6,478	6,091
Prince George’s County	974	794
St. Mary’s County	2,730	2,492
Total property tax expense	$12,352	$11,480
Loans to Date ($000 omitted)
Total amount drawn on loans	$1,313,326	$1,163,326
Less total amount repaid on loans	(573,079)	(545,787)
Total due to lenders	$740,247	$617,539
Payments Made ($000 omitted)
Principal	$27,292	$25,299
Interest and other fees	$24,308	$23,261