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
January
2025
Financial Dashboard
Note: Numbers may not sum up due to rounding.
Active Accounts
1,046,432
Participation Rate
93.3%
YTD Sales Volume
6,744 GWh
Jan Volume
871 GWh
Agr/Oth
3% Com-Lg
19%
Com-Sm
29%
Res
49%
Jan Year-to-Date
in $000,000's Actual Budget Variance % Actual Budget Variance % Energy Revenues 110.1 124.3 -14.2 -11% 974.2 997.1 -22.8 -2% Cost of Energy 100.5 112.6 -12.2 -11% 902.3 980.0 -77.7 -8% Net Energy Revenue 9.7 11.7 -2.0 -17% 71.9 17.0 54.9 322% Operating Expenses 3.8 6.7 -2.9 -43% 27.1 38.1 -11.0 -29% Operating Income 5.8 5.0 0.9 18% 44.8 -21.1 65.9
Non-Operating Income 2.1 0.8 1.4 183% 12.7 5.7 6.9 121% Change in Net Position 8.0 5.7 2.2 39% 57.4 -15.4 72.8
In January 2025 CPA’s net position increased by $8.0 million, $2.2 million or 39% more than the budgeted increase in net position of $5.7 million. January 2025 results were positively impacted by lower than budgeted energy and operating costs and higher than budgeted interest income.
For the year-to-date, CPA’s net position increased by $57.4 million, $72.8 million more than the budgeted reduction in net position of $15.4 million. YTD revenues were $974.2 million, $22.8 million or 2% less than budgeted revenues primarily due to generally cooler weather in the second quarter and lower energy consumption than budgeted. YTD energy cost was $902.3 million, $77.7 million or 8% less than budget primarily due to the non-utilization of contingencies. Absent contingencies, energy costs were $21.6 million or 2.3% less than budget primarily due to lower than budgeted renewable energy costs and capacity purchases. Operating expenses were $27.1 million, $11.0 million or 29% less than budget primarily due to lower than budgeted spending on customer programs, communications, and administrative expenses. Non-operating income, primarily made up of interest income, was $12.7 million, $6.9 million or 121% higher than budget.
As of January 31st, 2025, CPA had unrestricted cash, cash equivalents, and investments of $544.2 million, and $154.4 million available in its bank line of credit representing 190 Days Liquidity on Hand. In January 2025, the Los Angeles area experienced a series of devastating wildfires which impacted communities in CPA’s service area. Based on information available to CPA at this time, management do not believe destruction caused by the wildfires will have a material financial or operational impact in CPA. CPA is financially sound and in compliance with its bank and other credit covenants.