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MESSAGE FROM THE GENERAL MANAGER
Solid Financial Strength
We had another successful year from a financial standpoint, despite some unprecedented challenges in material and equipment costs. We ended the year with sales of just under 200 million KWHs of energy, with operating revenue exceeding $15.87 million. Year-ending margins (the total revenue less expenses) to be allocated back to the membership amounted to approximately $769,000. This was after a $300,000 excess revenue rebate was processed at the end of the year. We added 291 new services in 2022, which although was not a record, was higher than normal by about 40%, and we now have a total of 11,089 services in place. At the end of 2022, we had over $62.5 million in total utility plant assets and had a debt-to-equity level of approximately 46%. We have over 2,811 miles of powerlines serving the membership. Our 50% ownership in Montana Energy Alliance, a propane sales and distribution company, contributed $925,758 to our financials.
As a not-for-profit entity, we allocate our excess margins back to members in relation to their patronage. We use those excess margins for several years to offset costs and then return them to the members in what is often referred to as a retirement of capital credits. We are happy to report that we retired $858,427 of capital credits to the membership in 2022, and $5.2 million has been retired in the last six years.
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