Vol74-6 June 2024

Member newsletter for Southern Maryland Electric Cooperative

	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

	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)

	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)