Member newsletter for Southern Maryland Electric Cooperative

Facts and Figures

Years Ended December 31, 2023 and 2022

  2023 2022
Miles of Line in Service 10,619 10,542
Number of Meters in Place 175,542 173,390
Average Number of Meters per Mile 16.5 16.4
Average Number of New Connections per Month
(net of retired service)
179 189
Total Megawatt-Hour Sales
Residential 2,070,362 2,236,761
Commercial 1,166,412 1,193,672
Street lights 7,399 8,614
Transmission 24,621 52,097
Total sold to members 3,268,794 3,491,144
Property Taxes ($000 omitted)
Calvert County 2,121 2,170
Charles County 6,473 6,478
Prince George’s County 918 974
St. Mary’s County 2,787 2,730
Total property tax expense 12,299 12,352
Loans to Date ($000 omitted)
Total amount drawn on loans 1,313,326 1,313,326
Less total amount repaid on loans (602,610) (573,079)
Total due to lenders 710,716 740,247
Payments Made ($000 omitted)
Principal 29,531 27,292
Interest and other fees $27,221 $24,308

Consolidated Balance Sheets

December 31, 2023 and 2022
($000 omitted)

  2023 2022 Increase
(Decrease)
Assets (What we own)
Cash and temporary investments 5,359 4,331 1,028
Accounts receivable, net 57,697 84,046 (26,349)
Materials and supplies inventory 24,284 18,961 5,323
Prepaid, deferred, regulatory and other assets 139,631 210,188 (70,557)
Investments in associated organizations and other 26,769 23,695 3,074
Net utility plant 939,346 878,049 61,297
Nonutility property 2,688 2,811 (123)
Total assets 1,195,774 1,222,081 (26,307)
Liabilities (What we owe)
Accounts payable and other accrued liabilities 99,677 70,594 29,083
Notes payable 62,500 48,000 14,500
Customer deposits 6,751 6,761 (10)
Deferred credits 4,387 39,260 (34,873)
Long-term debt
CFC 198,708 207,537 (8,829)
CoBank 382,943 400,073 (17,130)
Private Placement 120,596 123,454 (2,858)
FFB 8,469 9,183 (714)
Total liabilities 884,031 904,862 (20,831)
Members’ Equity (Net worth)
Capital and accumulated margins 349,956 355,452 (5,496)
Accumulated other comprehensive (loss) income (38,213) (38,233) 20
Total liabilities and members’ equity 1,195,774 1,222,081 (26,307)

Consolidated Statements of Revenue and Expenses

December 31, 2023 and 2022
($000 omitted)

  2023 2022 Increase
(Decrease)
Operating Revenue
Sales of electricity 421,216 499,136 (77,920)
Other 48,002 46,433 1,569
Total operating revenue 469,218 545,569 (76,351)
Operating and Interest Expenses
Purchased power and power production 254,004 327,651 (73,647)
Transmission 4,796 4,785 11
Distribution – operation and maintenance 37,823 37,400 423
Customer accounts, service and information 39,367 36,997 2,370
Administrative and general 45,908 41,353 4,555
Depreciation and amortization 48,088 44,922 3,166
Taxes (property, sales, payroll, etc.) and other 21,269 20,824 445
Interest on long-term debt and other interest 28,072 25,277 2,795
Total operating and interest expenses 479,327 539,209 (59,882)
Net operating margins (10,109) 6,360 (16,469)
Other patronage allocations and nonoperating margins 7,763 6,349 1,414
Net margins (2,346) 12,709 (15,055)