CUSTOMERS
Summary of Financial Results
Definitions:
Accounts: Active Accounts represents customer accounts of active customers served by CPA per Calpine Invoice Participation Rate %: Participation Rate represents active accounts divided by eligible CPA accounts YTD Sales Volume: Year-to-date sales volume represents the amount of energy (in gigawatt hours) sold to retail customers Revenues: Retail energy sales less allowance for doubtful accounts Cost of energy: Cost of energy includes direct costs incurred to serve CPA’s load Operating expenses: Operating expenditures include general, administrative, consulting, payroll, and other costs required to fund operations Net operating income represents the difference between revenues and expenditures before interest income and expense, and capital expenditures
Non-Operating Income: interest income arising from deposits and investments net of borrowing costs and fees Investments: liquid and high-quality securities with maturities of 91 days or more Cash and Cash Equivalents: Includes bank deposits and high quality and liquid securities with maturities of less than 90 days Year to date (YTD): Represents the fiscal period beginning July 1, 2024 YTD
October
2024
Financial Dashboard
Note: Numbers may not sum up due to rounding.
Active Accounts
1,044,116
Participation Rate
93%
YTD Sales Volume
4,185 GWh
Oct Volume
949 GWh
Oct Year-to-Date
in $000,000's Actual Budget Variance % Actual Budget Variance % Energy Revenues 126.6 127.4 -0.8 -1% 639.7 633.4 6.3 1% Cost of Energy 93.4 105.3 -11.9 -11% 646.6 688.9 -42.3 -6% Net Energy Revenue 33.3 22.1 11.1 50% -6.9 -55.6 48.6 -88% Operating Expenses 4.0 5.5 -1.5 -27% 15.7 20.7 -5.1 -24% Operating Income 29.3 16.6 12.6 76% -22.6 -76.3 53.7 -70% Non-Operating Income 1.8 0.8 0.9 110% 6.3 3.5 2.8 82%
Change in Net Position 31.0 17.5 13.5 77% -16.3 -72.8 56.5 -78% Agr/Oth
2%
Com-Lg
21%
Com-Sm
30%
Res
47%
In October 2024 CPA’s net position increased by $31 million, $13.5 million or 77% more than the budgeted increase in net position of $17.5 million. The October 2024 revenues were $126.6 million, $0.8 million or .6% less than FY 2024/25 budget. The October cost of energy was $93.4 million, $11.9 million or 11% lower than the FY 2024/25 budget primarily due to the non-utilization of contingencies.
For the year-to-date, CPA’s net position fell by $16.3 million, $56.5 million or 78% less than the budgeted reduction in net position of $72.8 million primarily due to the non-utilization of energy cost contingencies. Operating costs were $15.7 million or 24% less than budget due to lower than budgeted spending on general and administrative expenses, customer programs and other services, and the non-utilization of contingencies.
As of October 31st, 2024, CPA had unrestricted cash, cash equivalents, and investments of $477 million, and $154.4 million available in its bank line of credit representing 172 Days Liquidity on Hand. CPA is financially sound and in compliance with its bank and other credit covenants.
CUSTOMERS
Summary of Financial Results
Definitions:
Accounts: Active Accounts represents customer accounts of active customers served by CPA per Calpine Invoice Participation Rate %: Participation Rate represents active accounts divided by eligible CPA accounts YTD Sales Volume: Year-to-date sales volume represents the amount of energy (in gigawatt hours) sold to retail customers Revenues: Retail energy sales less allowance for doubtful accounts Cost of energy: Cost of energy includes direct costs incurred to serve CPA’s load Operating expenses: Operating expenditures include general, administrative, consulting, payroll, and other costs required to fund operations Net operating income represents the difference between revenues and expenditures before interest income and expense, and capital expenditures
Non-Operating Income: interest income arising from deposits and investments net of borrowing costs and fees Investments: liquid and high-quality securities with maturities of 91 days or more Cash and Cash Equivalents: Includes bank deposits and high quality and liquid securities with maturities of less than 90 days Year to date (YTD): Represents the fiscal period beginning July 1, 2024 YTD
November
2024
Financial Dashboard
Note: Numbers may not sum up due to rounding.
Active Accounts
1,044,114
Participation Rate
93%
YTD Sales Volume
4,994 GWh
Nov Volume
809 GWh
Nov Year-to-Date
in $000,000's Actual Budget Variance % Actual Budget Variance % Energy Revenues 104.2 115.0 -10.8 -9% 743.9 748.3 -4.5 -1% Cost of Energy 72.0 77.7 -5.7 -7% 718.6 766.6 -48.0 -6% Net Energy Revenue 32.2 37.3 -5.1 -14% 25.3 -18.3 43.5
Operating Expenses 3.9 5.4 -1.5 -28% 19.6 26.1 -6.5 -25% Operating Income 28.3 31.9 -3.6 -11% 5.7 -44.4 50.1
Non-Operating Income 2.2 0.7 1.5 195% 8.5 4.2 4.3 102%
Change in Net Position 30.5 32.6 -2.1 -7% 14.2 -40.2 54.4 Agr/Oth
3% Com-Lg
23%
Com-Sm
30%
Res
44%
In November 2024 CPA’s net position increased by $30.5 million, $2.1 million or 7% less than the budgeted increase in net position of $32.6 million. November 2024 revenues were $104.2 million, $10.8 million or 9% less than FY 2024/25 budget. The November cost of energy was $72 million, $5.7 million or 7% lower than the FY 2024/25 budget primarily due to the non-utilization of contingencies. Operating expenses were $1.5 million less than budget and non-operating income (largely composed of interest income) was $1.5 million above budget.
For the year-to-date, CPA’s net position increased by $14.2 million, $54.4 million more than the budgeted reduction in net position of $40.2 million primarily due to the non-utilization of energy cost contingencies. Operating expenses were $19.6 million or 25% less than budget due to lower than budgeted spending on general and administrative expenses, customer programs and other services, and the non-utilization of contingencies.
As of November 30th, 2024, CPA had unrestricted cash, cash equivalents, and investments of $476 million, and $154.4 million available in its bank line of credit representing 171 Days Liquidity on Hand. CPA is financially sound and in compliance with its bank and other credit covenants.