Financial Highlights

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Selected Financial and Operating Data

  2016 2015 2014
(Dollars in thousands)
Total revenues $661,382 $642,953 $748,571
Total assets and deferred outflows of resources $9,115,995 $9,441,898 $7,975,332
Property, plant and equipment, net $5,255,928 $4,913,961 $4,575,586
 
Debt outstanding (excluding defeased bonds)   $7,146,111  $7,543,321 $6,340,120
Weighted average interest cost (1) 4.09% 4.13% 4.31%
 
Total delivered energy to MEAG Power Participants (MWh)(2) 10,771,270 10,561,753 10,572,781
 
Cost to MEAG Power Participants (cents per kWh):
Total cost (2) (3) 6.63 6.68 6.89
Bulk power cost (3) 6.58 6.63 6.90
SEPA cost (2) 7.34 7.29 6.84
 
Peak demand (MW) 1,923 1,941 1,926
 
Total nominal generating capacity in service (MW) 2,069 2,069 2,069

(1) Excludes the impact of other net interest expense components such as receipts and payments pertaining to interest rate swap agreements, amortization of debt discount and expense, investment income, the net change in the fair value of financial instruments, and interest capitalized. The rate is net of subsidies on Build America Bonds.

(2)  Participants purchase hydro energy directly from the Southeastern Power Administration (SEPA). Such energy is included in these calculations.
 
(3) Funds from the Municipal Competitive Trust were applied to lower the Participants' annual generation billings. 

 

Ratings and Outlook Table

Project
Lien

Fitch

Moody's

Standard
& Poor's

Project One

Senior

A+

A1

  A+

Project One Subordinated

A+

A2

A

General Resolution Projects Senior

A+

A1

  A+

General Resolution Projects Subordinated

A+

A2

A

Combined Cycle Project Senior

A+

A1

A

Vogtle Units 3&4 Projects:      

 

    Project M Senior

A+

A2

 A+

    Project J Senior

A+

A2

 A+

    Project P Senior

A-

Baa2

 A-


Fitch Ratings' outlook on all project bonds is negative except for Project P bonds, which is stable. Moody's Investors Service (Moody's) and Standard and Poor's (S&P) had a stable outlook on all project bonds at December 31, 2016. On March 21, 2017, Moody's affirmed its ratings on the Vogtle Units 3&4 bonds and changed the rating outlook to negative from stable. On March 23, 2017, S&P affirmed its ratings on all project bonds and changed the rating outlook to negative from stable.