Page 3 - AECI 2022 BALANCE AR copyright 2023

2022 financial and operational highlights
Operating revenue (dollars in millions)

Nonmembers $554
Increase % Increase
Financial (in thousands) 2022 2021 (Decrease) (Decrease)
Operating revenue $1,573,263 $1,484,439 $88,824 6.0
Operating expenses 1,491,164 1,375,686 115,478 8.4

Interest expense on long-term debt
Members $1,019 (less interest capitalized) 60,243 59,507 736 1.2
Net nonoperating income 3,091 2,704 387 14.3

Net margin 24,947 51,950 (27,003) (52.0)

Operational
Operating expenses (dollars in millions)
Energy sales (MWh)
Administrative & General, Taxes & Accretion $92 Members 20,809,048 19,454,686 1,354,362 7.0
Generation Maintenance $117
Nonmembers 8,853,204 8,571,278 281,926 3.3
Transmission $116
Member revenue (MWh) 48.95 55.97 (7.0) (12.5)
Depreciation & Amortization $102
Peak hour member demand (MW) 5,899 5,549 350 6.3
Power Purchased $199
Contracted Generation $45 Total capacity (MW) 5,626 5,584 42 0.75
Net generation (MWh) 24,554,809 22,690,024 1,864,785 8.2

Generation Operation $820

In 2022, myriad challenges tested the strength of Associated Electric Cooperative
and the three-tiered system. Never wavering, a balanced generation
strategy delivered solid results for members.

1