APPA Financial Performance Comparison
An annual financial report from the American Public Power Association indicates PWC continues achieving its commitment to having the “Lowest Responsible Rates and Most Financially Sound Utility in NC.” In its November 2018, “Selected Financial and Operating Ratios of Public Power Systems, 2019 Data,” the APPA indicated that PWC is performing very well in financial comparison to other public power systems. Compared to the median and other utilities in our region and of similar size, PWC operated at a lower cost than most.
An example of the information reported is PWC’s Total Operation & Maintenance expense (excluding Power Supply) per Retail Customer. In 2018, PWC cost was $379, which fell well below the median cost of $544, $473 among utilities in the SE and $586 among utilities with 50,000-100,000 customers. Below are cost comparisons in other areas of operation:
PWC
Median
Southeast Public Power Utilities
Utilities with 50,000-100,000 Customers
Debt to Total Assets
0.054
.286
.373
.459
Operating Ratio
0.834
.846
.814
.770
Current Ratio
9.04
2.98
4.24
3.59
Total Operation & Maintenance expense (excluding Power Supply) per Retail Customer
$432
$554
$588
$556
Customer Accounting, Service and Sale Expense per Retail Customer
$37
$67
$59
$81
Administrative and General Expense per Retail Customer
$175
$200
$184
$212
Labor Expense per Work Hour
$54.96
$42.33
$37.40
$48.87
Energy Loss Percentage
4.76%
3.17%
3.09%
3.36%
System Load Factor
58.49%
56.6%
55.2%
60.3%
Capital Expenditures to Depreciation Expenses
$1.91
$1.30
$1.25
$1.52