Annual Report 2017 w w w. f a l l r iver ele c t r ic.c om 1
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1 Annual Report 2017 w w w. f a l l r i v e r e l e c t r i c. c o m 1
2 Fall River Rural Electric Cooperative Your Energy Partner Powering the Future In 1879, Thomas Edison demonstrated his incandescent lamp in New Jersey. From this small beginning, the electrification of the United States commenced. The first for-profit electric utilities began providing electricity to large cities in the late 1800s and early 1900s. The rural communities, however, were not yet able to enjoy this new phenomenon. The cost of offering power to rural communities was too great, and for-profit utilities did not see any financial advantage or gain to servicing them. For Fall River members, this all changed when enterprising local individuals acted on the opportunity to create their own nonprofit cooperative and provide electrical service to their families and friends. The original nine members of Fall River Rural Electric Cooperative and the people responsible for the Herculean effort of organizing and taking power into their own hands are: George Amen Francis Bratt W.F. Griffel Alex Hill Glan Sharp Glen Baird Elmer D. George Rudolph Habikost George Marotz These mavericks started Fall River Rural Electric Cooperative, a nonprofit electric utility, with the dream to electrify our rural communities. This vision of what could be has transformed the lives and improved the standard of living for all within Fall River Electric s current membership ranks. Fall River s Board and Staff continue to build on this proud history. First-Ever Owner Rebate of $500,000. Fall River s board decided to provide an instant owner rebate to Fall River members because the Cooperative had a very good year. Net margins for 2017 exceeded budget expectations for the following reasons: 1. Staff continued to increase efficiencies and manage costs. For example, actual controllable costs came in 2.3 percent or $171,271 under budget. 2. Due to a great water year and the addition of the Felt hydro facility, Fall River experienced a record year of hydro generation, 39,597,527 kwh. 3. The colder than normal weather in early 2017 resulted in selling more power than we anticipated. Financial Equity Ratio Reached. The Cooperative s financial strength had been used to make investments to improve the Cooperative s system reliability. Once that was accomplished, the Fall River Board and staff focused on rebuilding our financial strength and set a ten-year goal to reach a financial equity ratio of 38 percent. The team had to tighten the proverbial belt, invest in technology to improve efficiencies, and make some creative changes to our business processes but the goal was reached a year early. Absorbed Wholesale Rate Increase. Because of the progress on financial goals, the Cooperative was able to absorb the latest round of wholesale rate increases from Bonneville Power Administration. We are seeing some growth in new customers, which is encouraging and helps spread some of the increased costs. The Fall River board desires to keep your electric rates as low as possible. Propane Expanse Continues. Fall River Propane is the number-one propane provider in Fall River s service territory with 48 percent market share. The next closest competitor has only 21 percent of the market. There is a reason your propane company is doing so well: safety, service, and price. We are the best at all three. Propane s motto is Experience the Difference. Once people experience our low prices and fantastic service, they tell their neighbors. Our expansion of the propane system into Swan and Star Valleys and Jackson Hole is going well, and we are gaining more customers and selling more propane than we projected. While acting as stewards over the last eighty years, Fall River s board and management have taken great care of your Cooperative s assets by carefully maintaining electrical facilities, building new facilities to meet members growing needs, and responding to emergencies on a 24/7 basis, all while keeping the Cooperative s electric rates low and competitive. As your Cooperative, we are still engaged in building a new and brighter future. Investments in infrastructure and technology, coupled with an eye to new demands, have positioned Fall River Electric strategically to embrace and thrive in an ever-changing future. It is a pleasure to serve you. We look forward to another eighty years of innovations and opportunities to be your energy partner. Doug Schmier Board President Bryan Case CEO/General Manager 2 FALL RIVER RURAL ELECTRIC COOPERATIVE Annual Report 2017
3 Island Park Hydro Buffalo Hydro Chester Hydro Felt Hydro The largest source of clean power in the United States is hydropower. Hydropower is fueled by rain and snow, making it a clean fuel and renewable source. Hydropower accounts for 90 percent of renewable energy in Fall River Electric s service territory as well as throughout the Pacific Northwest. Because it s fueled by water, the Northwest s hydro base does not produce air pollution, avoiding the equivalent greenhouse gas emissions of more than 10 million cars on the road. Hydro is also a constant supply of energy to meet the energy demands of our owner-members and millions of others in the Northwest while seamlessly integrating other renewables such as wind and solar. Hydroelectric generators can respond to increased power demands at any time of the day or night, and in any given weather condition regardless of wind or sunshine and can dispatch power to the grid instantly. They provide essential back-up power during major electricity disruptions. Hydro-power clean, renewable, dependable and affordable! w w w. f a l l r i v e r e l e c t r i c. c o m 3
4 2017 By the Revenues, Expenses & Patronage Capital years ended 2017 and 2016 Numbers ,380 owner-members 17,045 meters connected 2,390 miles of power lines 39,547,527 Fall River Hydro s generated KWH in ,879,176 Chester Hydro generated a record KWH in 2017 $186,668 reimbursed to members for energy-conservation efforts $72,000 awarded in scholarships to 30 children of members 43,045 member services staff responded to calls from members 98 families received energy assistance from Helping Hands Crews experienced NO lost time accidents! OPERATING REVENUE Electricity sales $30,528,359 $29,417,656 Propane sales 3,900,742 2,542,780 Other operating revenue 700, ,985 Total operating revenue 35,129,407 32,578,421 OPERATING EXPENSES Power production expense 1,168,202 1,018,432 Cost of purchased power 11,335,535 11,210,320 Cost of propane 2,353,593 1,293,810 Cost of propane installation and delivery 1,084,849 1,061,518 Transmission expense 46,630 27,895 Distribution - operations 2,407,430 2,051,963 Distribution - maintenance 1,190,068 1,161,008 Member accounts 1,023,554 1,036,130 Member service and information 101,153 89,637 Sales expense 166,198 98,314 Administration and general expense 3,322,154 2,942,325 Depreciation and amortization expense 4,053,086 3,944,858 Taxes 750, ,066 Interest on long-term debt 2,921,261 2,925,885 Other interest charges 5,129 4,976 Total operating expenses 31,929,104 29,572,137 NET OPERATING MARGINS 3,200,303 3,006,284 Non-operating margins Interest income 50,607 50,895 Provision for Boardman decommissioning and site restoration costs - (70,533) Gain or (loss) on disposal of general plant (6,647) 10,388 Other non-operating income (expense), net 115, ,222 Total non-operating margins 159,319 94,972 Capital credits from associated organizations 406, ,469 Net margins 3,766,504 3,492,725 Patronage capital, beginning of year 42,201,542 39,801,929 Retirement of capital credits (1,082,389) (1,093,112) Patronage capital, end of year $44,885,657 $42,201,542 4 FALL RIVER RURAL ELECTRIC COOPERATIVE Annual Report 2017
5 Consolidated Balance Sheets as of December 31, 2017 and Highlights ASSETS Noncurrent Assets Utility plant, net 96,834,725 $97,744,142 Investments 5,379,274 5,145,767 Note receivable 96,822 98,505 Non-utility property, net 3,694,653 3,656,750 Total noncurrent assets 106,005, ,645,164 Current Assets Cash and cash equivalents 2,214, ,350 Accounts receivable, net 4,088,530 4,545,611 Materials and supplies inventory 1,644,257 1,382,818 Other current assets 81,236 95,375 Total current assets 8,028,930 6,787,154 Deferred charges 6,525,288 2,789,796 Total assets $120,559,692 $116,222,114 MEMBERS EQUITY AND LIABILITIES Members Equity Patronage capital $44,885,657 $42,201,542 Other equities 645, ,295 Total members equity 45,531,486 42,772,837 NONCURRENT Liabilities Long-term debt, due after one year 66,321,955 66,139,195 Total noncurrent liabilities 66,321,955 66,139,195 CURRENT Liabilities Long-term debt, due within one year 3,609,327 2,485,780 Accounts payable 1,790,817 1,746,070 Member deposits 319, ,834 Deferred revenue 195, ,158 Other current liabilities 2,067,618 1,898,181 Total current liabilities 7,982,905 6,595,023 Deferred credits 723, ,059 Total members equity and liabilities $120,559,692 $116,222,114 First-ever Owner- Member Rebate of $500,000 A total of $1,082,389 in Patronage Capital was paid out to members in The total Patronage Capital paid out todate to our members is $22,082,607. Net margins exceeded budget expectations in 2017 with a net margin of $3.8M. Long-term debt has been paid down from a high of $74M to currently $66M. The System Index, measuring minutes of outages per Fall River member (SAIDI) was only 48 percent of the Idaho State average, demonstrating Fall River s highly reliable system. In 2017 Fall River invested $3.2M in infrastructure, facilities and equipment to ensure the continuation of its reliable power system. 5
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