Chugach Outlet
July/August 2001, Number 193

Complete Board Report

Chugach sold 151.3 million kilowatt-hours of electric power in May, about 38.4 million kwh less than projected by the budget. Wholesale power sales accounted for 59.8 million kwh, retail sales for 84.6 million kwh and economy energy sales for about 6.9 million kwh. Year-to-date sales stood at approximately 925.6 million kwh, about 144.6 million kwh less than projected by the budget.

Chugach finished May with operating revenues of $12.5 million, about $943,000 less than anticipated by the budget. Year-to-date operating revenues stood at $71.3 million, about $2 million less than anticipated by the budget.

May expenses were $12.9 million, about $967,500 less than projected by the budget. Year-to-date expenses stood at $68.8 million, about $457,000 less than projected by the budget.

At May's end, Chugach's equity-to-total-capitalization ratio was 26 percent.

By comparison, Chugach's year-to-date May 2000 power sales totaled 1.1 billion kwh, while operating revenues were $65.3 million and expenses were $59.9 million. Chugach's equity-to-total-capitalization ratio at the end of May 2000 was 29.08 percent.

The Chugach Board took the following actions at the May, June and July meetings:

• Authorized the general manager to request approval from the Regulatory Commission of Alaska for interim and final rate increases consistent with the 2000 test year general rate case filing
• Authorized the general manager to execute an agreement not to exceed $1.8 million to purchase approximately 13.6 acres of land for the South Anchorage Bulk Substation
• Voted to adopt and execute the certified copy of the corporation resolution to update new officer information for signing and endorsing checks and signature cards for Chugach's bank accounts
• Accepted the final report from election contractor Bob Sramek of Sramek-Hightower CPAs on Chugach's 2001 election
• Approved directors' expenses