Chugach Outlet
November/December 2001, Number 195
Complete Board Report
Chugach sold 183.5 million kilowatt-hours of electric power in September,
about 8.6 million kwh less than projected by the budget. Wholesale power sales
accounted for 89.1 million kwh, retail sales for 85.9 million kwh and economy
energy sales for about 8.5 million kwh. Year-to-date sales stood at approximately
1.6 billion kwh, about 173.4 million kwh less than projected by the budget.
Chugach finished September with operating revenues of $14.5 million, about
$941,000 more than anticipated by the budget. Year-to-date operating revenues
stood at $126.4 million, about $635,000 more than anticipated by the budget.
September expenses were $13.8 million, about $99,600 more than projected by
the budget. Year-to-date expenses stood at $124.2 million, about $470,000 less
than projected by the budget.
At September's end, Chugach's equity-to-total-capitalization ratio was 26.22 percent.
By comparison, Chugach's year-to-date September 2000 power sales totaled
1.8 billion kwh, while operating revenues were $114.3 million and expenses
were $108.4 million. Chugach's equity-to-total-capitalization ratio at the
end of September 2000 was 29.20 percent.
The Chugach Board took the following actions at the October and November meetings:
- Approved retiring $3 million in retail capital credits (see related story).
- Authorized the general manager to execute a $3.1 million sole-source contract
to General Electric for turbine components for Unit Nos. 3 and 5 at the Beluga Power Plant.
- Appointed Gerald Covey to a two-year term, and Jason Brune and Ron Lance to
three-year terms on Chugach's 2002 Bylaws Committee.
- Adopted the amended Board Policy 110 to provide that the Finance Committee
is the audit committee, and approved a new Board Policy 127 to establish the
Audit Committee.
- Approved holiday gift certificates to employees as a token of the board's
appreciation for a successful year.
- Approved Director Boucher's request for an excused absence.
- Approved directors' expenses.
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