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Associated Electric Cooperative, Inc.
Consolidated Statements of Revenues and Expenses
Years Ended December 31, 2022 and 2021
(In Thousands of Dollars)
2022 2021
Operating Revenues
Members $ 1,018,560 $ 1,088,786
Nonmembers 554,703 395,653
Total operating revenues 1,573,263 1,484,439
Operating Expenses
Generation operation 820,177 760,688
Generation maintenance 116,941 99,800
Power purchased 198,670 186,930
Transmission 116,244 104,745
Depreciation and amortization 101,554 97,458
Contracted generation 44,747 42,742
Administrative and general 83,900 75,898
Taxes 7,054 5,758
Accretion of asset retirement obligations 1,877 1,667
Total operating expenses 1,491,164 1,375,686
Operating Margin Before Interest Expense 82,099 108,753
Interest on Long-Term Debt 61,646 62,613
Less interest capitalized (1,403) (3,106)
60,243 59,507
Operating Margin 21,856 49,246
Nonoperating
Interest and dividend income 5,589 3,570
Other nonoperating income 1,359 1,948
Postretirement benefit expense (2,161) (2,560)
Interest expense (1,696) (254)
Total nonoperating 3,091 2,704
Net Margin $ 24,947 $ 51,950
See Notes to Consolidated Financial Statements 4
