Page 19 - AECI 2022 BALANCE AR copyright 2023

Diverse generation and financial strength help keep rates competitive

Associated’s balanced generation strategy pays off for members and helps keep rates among the most affordable of any

G&T in the country. As fuel costs and other variables change, Associated dispatches its lower-cost generation resources
first to maximize value to members. A strong, stable and flexible financial position benefits members across the three-
tiered system.

Associated Electric U.S. G&Ts Financial strength affirmed
Cooperative
Critical to ensuring affordability is the cooperative’s annual credit rating review process. Strong credit
ratings are key to Associated’s ability to access the lowest cost loans and for its work with counterpar-
ties, in turn keeping rates affordable for members.
Following meetings with S&P Global Ratings, Fitch Ratings and Moody’s Investors Service in 2022,
all three agencies affirmed Associated Electric Cooperative’s strong credit rating, once again ranking
Associated among the highest-rated G&Ts in the nation.

11th lowest G&T G&T member revenue
member revenue national average
in the nation

Source: G&T Accounting and Finance Association’s June 2022 directory

“By having a diverse generation mix, it gives us the
flexibility to move between the lowest-cost fuel sources

as prices change to keep our rates affordable.”

– Roger Clark, senior vice president & chief commercial officer

“S&P, Fitch and Moody’s affirming the strength of our ratings is a testament
to the overall health of our business, as well as our board and leadership.”
– Barb Economon, vice president, finance

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