Vol75-6 June 2025
Member newsletter for Southern Maryland Electric Cooperative
About the cooperative • Rising costs, smart choices • Reliability you can count on • Investing in our people • Powering community, not just electricity • Powering forward • Financials • SOS tracker • Community calendar
FINANCIALS
Facts and Figures
Consolidated Balance Sheets
Consolidated Statements of Revenue and Expenses
Facts and Figures
Years Ended December 31, 2024 and 2023
| 2024 | 2023 | |
|---|---|---|
| Miles of Line in Service | 10,757 | 10,619 |
| Number of Meters in Place | 178,285 | 175,542 |
| Average Number of Meters per Mile | 16.6 | 16.5 |
| Average Number of New Connections per Month (net of retired service) |
228 | 179 |
| Total Megawatt-Hour Sales | ||
| Residential | 2,204,120 | 2,070,362 |
| Commercial | 1,194,808 | 1,166,412 |
| Street lights | 7,131 | 7,399 |
| Transmission | 35,195 | 24,621 |
| Total sold to members | 3,441,254 | 3,268,794 |
| Property Taxes ($000 omitted) | ||
| Calvert County | 1,898 | 2,121 |
| Charles County | 5,949 | 6,473 |
| Prince George’s County | 841 | 918 |
| St. Mary’s County | 2,692 | 2,787 |
| Total property tax expense | 11,380 | 12,299 |
| Loans to Date ($000 omitted) | ||
| Total amount drawn on loans | 1,313,326 | 1,313,326 |
| Less total amount repaid on loans | (632,487) | (602,610) |
| Total due to lenders | 680,839 | 710,716 |
| Payments Made ($000 omitted) | ||
| Principal | 29,877 | 29,531 |
| Interest and other fees | $26,194 | $27,221 |
Consolidated Balance Sheets
December 31, 2024 and 2023 ($000 omitted)
| 2024 | 2023 | Increase (Decrease) |
|
|---|---|---|---|
| Assets (What we own) | |||
| Cash and temporary investments | 7,348 | 5,359 | 1,989 |
| Accounts receivable, net | 68,140 | 57,697 | 10,443 |
| Materials and supplies inventory | 28,507 | 24,284 | 4,223 |
| Prepaid, deferred, regulatory and other assets | 149,735 | 139,631 | 10,104 |
| Investments in associated organizations and other | 26,083 | 26,769 | (686) |
| Net utility plant | 967,338 | 939,346 | 27,992 |
| Nonutility property | 3,176 | 2,688 | 488 |
| Total assets | 1,250,327 | 1,195,774 | 54,553 |
| Liabilities (What we owe) | |||
| Accounts payable and other accrued liabilities | 87,493 | 99,677 | (12,184) |
| Notes payable | 138,500 | 62,500 | 76,000 |
| Customer deposits | 6,836 | 6,751 | 85 |
| Deferred credits | 15,032 | 4,387 | 10,645 |
| Long-term debt | |||
| CFC | 189,993 | 198,708 | (8,715) |
| CoBank | 365,489 | 382,943 | (17,454) |
| Private Placement | 117,219 | 120,596 | (3,377) |
| FFB | 7,733 | 8,469 | (736) |
| Total liabilities | 928,295 | 884,031 | 44,264 |
| Members’ Equity (Net worth) | |||
| Capital and accumulated margins | 353,653 | 349,956 | 3,697 |
| Accumulated other comprehensive (loss) income | (31,621) | (38,213) | 6,592 |
| Total liabilities and members’ equity | 1,250,327 | 1,195,774 | 54,553 |
Consolidated Statements of Revenue and Expenses
December 31, 2024 and 2023 ($000 omitted)
| 2024 | 2023 | Increase (Decrease) |
|
|---|---|---|---|
| Operating Revenue | |||
| Sales of electricity | 477,941 | 421,216 | 56,725 |
| Other | 52,613 | 48,002 | 4,611 |
| Total operating revenue | 530,554 | 469,218 | 61,336 |
| Operating and Interest Expenses | |||
| Purchased power and power production | 290,116 | 254,004 | 36,112 |
| Transmission | 4,715 | 4,796 | (81) |
| Distribution – operation and maintenance | 39,523 | 37,823 | 1,700 |
| Customer accounts, service and information | 45,046 | 39,367 | 5,679 |
| Administrative and general | 49,920 | 45,908 | 4,012 |
| Depreciation and amortization | 50,714 | 48,088 | 2,626 |
| Taxes (property, sales, payroll, etc.) and other | 20,406 | 21,269 | (863) |
| Interest on long-term debt and other interest | 30,787 | 28,072 | 2,715 |
| Total operating and interest expenses | 531,227 | 479,327 | 51,900 |
| Net operating margins | (673) | (10,109) | 9,436 |
| Other patronage allocations and nonoperating margins | 5,381 | 7,763 | (2,382) |
| Net margins | 4,708 | (2,346) | 7,054 |
