Dawson Public Power District announced its 2022 financial performance review, highlighting that $8 million was invested into its distribution system without issuing new debt.
The publicly-owned electric utility grew its cash reserves by $8.5 million, reduced long-term debt by $4.4 million and invested $8 million into its distribution system. The District remains dedicated to providing safe, reliable and affordable energy to its valued customers, and its current strong financial position reinforces its ability to fulfill these commitments well into the future.
Dawson PPD strengthened its cash reserves through a combination of strong irrigation sales, a power cost adjustment from its wholesale provider, Nebraska Public Power District, and management of operating expenses. A rate stabilization fund, established in 2020, also assists in keeping rates as low as possible despite the impact of inflation or any other unforeseen circumstances.
By refinancing three bonds in 2020 to capitalize on low interest rates, paying down principal since that time, and using current operating revenue to fund improvements, Dawson PPD’s total interest expense is down 17 percent over the past two years.
Over the past decade, the company has invested $102 million into its infrastructure. Notably, in 2021 and 2022, Dawson PPD allocated $5.6 million and $8 million, respectively, to bolster its electrical grid. These recent investments were made possible without the need for new debt issuance, thanks to the company’s strong financial position.
Dawson PPD experienced exceptional success in irrigation sales, with a 30 percent increase in the sale of 216 million irrigation kilowatt hours compared to 2021. The District’s total revenue in 2022 was $70.9 million, or 632.1 million kilowatt hours across all rate classes.
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