Financial Strength for the Future

Great River Energy is an electric cooperative – or a private not-for-profit electric utility business. We are owned by our member cooperatives, which established Great River Energy to provide them at-cost electric service. As a result, Great River Energy does not sell shares of stock to outside investors.

2006 Great River Energy Financial Highlights

(Dollars in millions)

	2006	2005	Change
Operations
Revenues	$710.0	$713.0	$(3.0)
Purchased Power	$181.0	$192.6	$(11.6)
Fuel	$169.3	$176.6	$(7.3)
Other Operating Expenses	$199.5	$181.0	18.5
Depreciation and Amortization	$83.4	$80.7	$2.7
Interest Expense	$69.4	$70.8	$(1.4)
Other Income	$49.8	$10.3	$39.5
Non-Utility Operations Margin	$(1.2)	$12.0	$(13.2)
Net Margin	$56.0	$33.6	$22.4
Financial Position
Utility Plant	$2,480.3	$2,396.1	$84.2
Net Plant	$1,479.9	$1,400.4	$79.5
Deferred Charges	$36.2	$34.1	$2.1
Cash and Short-term Investments	$79.9	$27.7	$52.2
Total Assets	$1,980.9	$1,817.2	$163.7
Long-term Obligations	$1,376.4	$1,179.0	$197.4
Member and Patron Equities	$234.8	$178.5	$56.3
Equity Ratio	11.9%	9.8%	2.1%

View 2007 Consolidated Financial Statement

View 2006 Annual Report (4.36 MB PDF) (requires Acrobat Reader)

View 2005 Annual Report (5.66 MB PDF) (requires Acrobat Reader)

View 2004 Annual Report (573 kB PDF) (requires Acrobat Reader)

Financing and Ratings

Great River Energy maintains investment grade debt ratings with the following rating agencies:

Standard & Poors		BBB+/Stable
Fitch Ratings		A-/Stable
Moody’s		A3

Revenues are primarily derived from the sale of power to Great River Energy member systems and power sales to other utilities in the region under long-term contracts and spot-sale arrangements. We have long-term wholesale power contracts with all of our member cooperatives. Power is provided to members at rates determined by Great River Energy’s board of directors, on which each member cooperative has a voting member. Rates to members are designed to recover all costs and to provide margins sufficient to meet loan covenants.