2023 in review
The District recognized adequate margin to cover expenses and fund planned investments in the power system that reliably serves our customers. We reduced long-term debt by $4.6 million and invested $9 million in system assets. The District is dedicated to providing reliable, dependable and affordable energy to its customers. Our strong financial position today will support these goals into the future.
Dawson PPD continued a trend of robust financial performance in 2023. A specific notable achievement was the upgrade of our bond rating by Standard & Poor’s, which has improved from an A to A+. This upgrade reflects confidence in the district’s finances, marked by consistent improvements in several key financial focus areas.
Service territory and revenue
We served an average of 23,400 customers, up from 23,279 in 2022. The irrigation segment recognized the largest percentage increase in customers served.
Irrigation sales were strong in 2023. The sale of 180 million irrigation kilowatt hours was the second highest of the last ten years. The residential segment contributed the highest percentage to total revenue at 43%. Total revenue among all rate classes was $68.4 million on the sale of 595.4 million kWh.
Cost of Power and Operating Expenses
The cost of purchased power accounted for 51% of total revenue. We continued to receive a power cost adjustment (PCA) which has helped to keep this number relatively consistent since 2020. Operating and maintenance expenses (non-purchased power) of $15,282,000 accounted for 22% of total revenue. This percentage is unchanged from the previous two years.
Electric Power Distribution System Investment
Dawson PPD is committed to the quality and reliability of our electric power system. We maintain a working plan of investment several years into the future. Over the last decade we have invested $97 million back into our system. We invested $8 million and $9 million in 2022 and 2023 respectively. Our strong financial position allowed us to make these recent investments without issuing new debt. In addition, we were able to invest cash reserves to take advantage of higher market interest rates.
Carmen Ackerman
Manager of Finance & Administration
OTHER NEWS
Ask the board: A conversation with Dan Muhlbach
Dan Muhlbach Dawson PPD Vice President Area served: Buffalo Subdivision Years of service: 27 years Certifications: National Rural Electric Cooperative Association Credentialed Cooperative Director National Rural Electric Cooperative Association Board Leadership...
Low income home energy assistance program
LIHEAP helps low income households stay safe and healthy by providing financial assistance to offset the costs of heating and cooling. What it does Heating assistance Cooling assistance Deposit/Reconnect fee assistance Year round crisis assistance Emergency furnace...
Keep food safe when the power goes out
Severe winds, lightning and even squirrels can temporarily cause the power to go out. We understand power outages of any length can be frustrating, especially when your fridge is stocked with perishable foods.
Extended power outages are rare, but when they occur, it’s important to understand food safety measures to take to avoid illness.
Here are a few food safety tips to keep in mind before, during and after a power outage.