ANN UAL REP ORT

SOUTHERN MARYLAND ELECTRIC COOPERATIVE, INC. 02 CONTENTS

BRINGING IT 03 ALL TOGETHER

YOUR COOPERATIVE 12 AT A GLANCE

BOARD OF 13 DIRECTORS 14 FINANCIALS 03

Bringing it all together For the past few years, SMECO has been implementing technological improvements to its many systems in order to increase reliability and provide better customer service for its members. In 2018, the cooperative was able to integrate its systems, combining meter data with rates and personalized housing data, to offer members a 360-degree view of energy usage and billing. Through SMECO’s online Account Manager, members can access usage and billing information that empowers them to take full control over their energy usage. The cooperative also redesigned its printed monthly bills and added a live chat to its website—all in an effort to give SMECO members easier access to the information they want and need from their electric cooperative. In addition, SMECO deepened its focus on risk mitigation opportunities. Through its Enterprise Risk Management program, SMECO continuously assesses more than 80 known risks that may potentially impact the cooperative. This work was done even as the employees managed day-to-day operations and faced one of Southern Maryland’s worst storms in six years. As we move forward, the cooperative will continue to anticipate the needs of its members and implement changes and features that will keep service levels at their highest. SMECO strives to put members first and to seek out ways to improve customer service, while providing reliable and competitively priced electricity and related services to its members. As an integral part of Southern Maryland, SMECO and its employees are invested in the success of the community where we live, because cooperatives work for members, not for profits.

P. Scott White, Austin J. Slater, Jr., Chairman of the Board President and CEO 04 In 2017, SMECO installed smart meters throughout its service area. The smart meter deployment put into place the groundwork that would provide the cooperative’s members with detailed electric usage data. Smart meters made it possible in 2018 to implement the tools that could present that information to members.

ACCOUNT MANAGER SMECO integrated the energy portal concept with its online Account Manager system and launched the new service on November 1. By viewing energy use data in SMECO’s online Account Manager, members can take more control over their electric bill. Account EMPLOYEE SPOTLIGHT: Manager now provides energy use and energy cost details that Sylvia Welch, Information enable customers to track and analyze their own data to determine Technology Managing Director, when they use the most electricity and how much it costs to run their started in SMECO’s new household every hour of every day. With energy use information at services department in 1988. their fingertips, members who want to save money by reducing their “The energy portal is a energy use can determine what energy-efficiency methods may work byproduct of the smart meter best for them. deployment and it was part of the overarching movement to Key features include energy use details, bill forecasting, bill provide members with as much comparisons, an energy use profile, and neighbor comparisons, information as possible under as well as tips on how to save. As the saying goes, “knowledge the umbrella of self-service. is power,” and with these tools, SMECO members will have the A lot of customers don’t knowledge to use less power and save money. want to speak to someone; they want to be able to go Energy Use Details. This section provides data based on energy online and perform whatever cost or energy use. Data can be shown monthly for a year, daily services they want to with for a month, or in 15-minute increments. Temperature data is also SMECO. We want to allow included to help members understand the relationship between people to do business in the weather and energy use. The data are shown in graphs to help manner in which they want. illustrate patterns. If members have a bill that seems higher than “The self-service platform normal, they can investigate the energy use details by clicking on initially let members log in, the graph to see which day the most energy was used. The data see their bill, and pay online. That was a long time ago. In order to expand, SMECO implemented Account Manager, which gave members a portal where they could do a number of things. Transitioning was a complex process and a huge step for us because now we have a platform where we can plug in additional pieces as they are available to add additional self-serve options to our members. Account Manager is more about the customer and their account than just energy conservation.” 05 can help members determine when they used the most electricity and how much energy was used, giving them the knowledge to implement changes in the home that can have lasting impacts on energy savings. If the usage details reflect an overall and consistent increase, the homeowner may be prompted to have their HVAC serviced since heating and cooling are typically the highest energy users CUSTOMER FEEDBACK: in the home. Providing weather data allows members to compare “The 15-minute data really consumption to outdoor temperatures during the same time period helps me see where my to help determine if the HVAC unit is operating properly. usage is happening.”

Bill Forecast. The Bill Forecast shows how much the current “Daily access to my bill is expected to be based on at least seven days’ usage. Actual usage will help me manage usage will be shown if the member is only a few days into the billing my consumption.” period. If members who are on the path to a high bill are given a warning, they may have the opportunity to make changes and prevent a high bill. “The hour by hour usage is really very informative!” Bill Comparison. This tab shows how the current bill compares to the previous month’s bill or the same month last year. Possible “I love the information at reasons for the differences in bills are also provided based on meter 15-minute intervals. It’s really and weather data. helpful when I’m trying to figure Energy Use Profile. This tab shows how much energy is used for out what’s causing a high bill.” different purposes: heating, cooling, water heating, lighting, etc. By answering questions about their specific home, members can get the “I like the forecasted bill—it most accurate information. gives me an idea of what my next bill may be.” Neighbor Comparison. The Neighbor Comparison tab shows how much energy a member used in comparison to homes with “Viewing my usage by day similar square footage and sources of heat. In order to make the is really helpful!” comparison more accurate, members can update the Energy Use Profile to align their homes with those that are most similar. “I like that it shows the Ways to Save. This section provides tips for saving energy. The average temperature in relation tips can be more personalized if the questionnaire about the home to how much energy I’m using is completed. so I can see how weather impacts my usage.” Since the launch of the smart energy tabs in Account Manager, many members have already recognized the benefits of having access to the detailed data about their usage. Some members have noticed increased usage patterns that prompted servicing of their HVAC systems. Others noticed spikes that prompted simple modifications which could have long-term impacts on their electric bill. The second phase of the Account Manager smart energy rollout included weekly energy use emails to customers for whom SMECO had email addresses on file. Members can also receive email or text messages alerting them to a possible “high bill.” The emails and alerts launched on February 21, 2019. 06 BILL REDESIGN The wealth of information available to customers through the Account Manager smart energy tabs is reflected in the redesigned SMECO bills. SMECO worked with its bill print vendor to develop a new look with improved capabilities for showing bill details. The redesign process included many members of the SMECO team who could provide insight into customer feedback about the previous bill design. The team worked together to determine ways to reduce confusion, simplify the bill, and add information that would give members more details about their electric use and monthly charges. EMPLOYEE SPOTLIGHT: On the new bills, information is presented in a hierarchy of Marsha Huffin joined SMECO importance. For members who simply wanted to know how much in 2012 as the Customer Care they owe and when the payment is due, that information is displayed Manager. The Customer Care prominently at the top of the bill. Those who owe a past due amount Department has been involved in many of the customer service get a note printed in red, while members who made a payment will upgrades implemented by the have a “thank you” note with a thumbs-up icon. cooperative, including the bill While most account holders have fairly straightforward bills redesign, web chat, and more. without much change from month to month, others have more “When we introduced speech account information that SMECO needed to capture. For example, analytics in the Customer Care more than 5,700 customers with solar panels have net metering Center in 2014, we did a call information included on their bills. Members who are on Budget study and it showed us ways Billing and members who receive financial assistance also have we could improve customer additional information displayed on their bills. service. The study focused on reducing the number of repeat On the new bills, account details are printed on the back along with calls and calls that included additional messages about energy efficiency. And for members who member confusion. One are purchasing power from an alternate supplier, a cost comparison observation was that many lets them know how much they saved or overpaid. of our longer and repeated calls were from members needing bill clarification. We WEBSITE CHAT FEATURE presented the results to our In July 2018, SMECO released another new technological feature Executive Team and other meant to add ease and convenience for members. The live chat SMECO departments including option on SMECO’s website enables visitors to reach out to a information on ways we could customer care center representative Monday through Friday from save money. As a result of the 8 a.m. to 4 p.m. without making a phone call. Within seven seconds study, one of the suggestions of landing on SMECO’s website, the live chat window will appear was to reformat the budget if a chat agent is logged in to answer questions. Since its launch, portion of the bill for easier interpretation for the member.” hundreds of successful chats have addressed inquiries ranging from account balance and billing questions to information on starting Providing self-service options new service. SMECO members want is a top goal for the cooperative. Most While there were many technological features added for SMECO’s people want to handle business members, some things at the cooperative do not change. SMECO’s when and how it is most mission remains: be responsive, reliable, and resourceful—the convenient to their schedules power you can count on. Nothing shows the mission more clearly and needs. SMECO’s team will continue to look for new ways to better serve our members. 07

than when there is a power outage; and in March 2018, Southern Maryland was with the biggest storm that year—and for many years prior.

WINTER STORM RILEY Beginning on the morning of Friday, March 2, Winter Storm Riley brought damaging winds to the Mid-Atlantic states and New England. This nor’easter caused more damage to SMECO’s electric system than any hurricane or winter storm Southern Maryland has experienced in the past six years—not since the derecho that hit in the summer of 2012. The damage to SMECO’s system was severe and widespread, affecting customers across the entire service area. In total, the cooperative experienced 114,000 customer interruptions. Sustained high winds knocked down trees and power lines across Southern Maryland.

SMECO had 114 line workers and more than 90 contractor personnel deployed throughout the weekend and field personnel began restoration efforts early Friday morning. Although there was no snow or rain, and the temperature was mild, crews were battered by the relentless wind gusts. Those high winds caused trees to continue to fall and damage power lines for three days. In total, 68 poles, 40 distribution transformers, and 803 fuses were replaced as a result of the storm. Damage also included 1,446 downed wire spans. Within three days, the SMECO team completed restoring service to members directly affected by the storm. 08 SENIOR VICE PRESIDENTS Powerful storms are one major risk the cooperative and Southern Maryland face. SMECO is constantly taking steps to mitigate the impact of storms on the power lines through clearing rights-of-way and updating equipment. Managing risk is a major component for keeping the cooperative safe and sound so it can continue to serve its members.

ENTERPRISE RISK MANAGEMENT Businesses have lots of risks to manage, from the everyday duties their employees perform to the once-in-a-lifetime crisis. In order Kenneth M. Capps, to manage risk across the entire organization, SMECO adopted Senior VP, Engineering enterprise risk management (ERM) as a strategic business discipline and Operations, and COO to monitor the full spectrum of risks the cooperative must address. SMECO began its ERM program by interviewing more than 40 stakeholders throughout the organization to discuss risks they deal with on a daily basis and to identify major areas of concern. As a result of the continual assessment, SMECO now has 81 risks that are being addressed through its risk management framework and each risk has been prioritized according to impact and likelihood.

Sonja M. Cox, Senior VP, Financial, Economic, and Employee Services, and CFO

Mark A. MacDougall, Senior VP, External Affairs, and General Counsel

Joseph Trentacosta, Senior VP, Customer and Enterprise Services, and CIO 09 All SMECO employees manage risk every day. Line workers meet and review a work plan before beginning a job, they have safety gear that they wear to protect themselves, and they follow certain procedures when working on power lines. Accounting personnel follow standardized business processes, they utilize a system of checks and balances, and they conduct an annual audit to make sure our processes comply with regulations. SMECO has a very strong organization: revenues are appropriate and expenses are under control; a good workforce and a solid foundation provide strength and stability. Through the ERM program, the cooperative is striving to consolidate monitoring of multiple factors across the organization: from those related to interest rates and power costs, to system reliability and cyber security. By EMPLOYEE SPOTLIGHT: monitoring these factors, the cooperative is taking the necessary Dave Viar is the Reliability, measures to understand and maintain its enterprise health. Compliance, and Security Managing Director for Decisions in a risk management culture are based on a 360-degree SMECO. Dave has been with view of risk at all levels. SMECO’s management team considers SMECO since 1994 when he trends, impacts, resources, industry best practices, effective controls, started out in member services. and the likelihood that a given risk will occur. After advancing through the IT department, Dave now leads • SMECO will actively monitor risk areas using quantitative metrics. the cooperative’s ERM effort. • The cooperative takes a more managed approach to identifying, “One way to look at ERM is assessing, and controlling risk. to ask ‘What does SMECO • SMECO prepares to mitigate and respond to risks more uniformly. value?’ and then ask ‘What • The cooperative educates, trains, communicates, and engages can get in the way of, impact, employees in risk management initiatives to create a culture of or erode what we value?’ SMECO values its members. risk awareness. Our members value low rates While SMECO has always practiced risk management to varying and reliable power. So, we degrees, the ERM program formalizes its approach. ask ‘What can impact reliable power? Once you determine those things, you take steps to manage risk.

“After performing formal risk assessments, we started to implement new processes to mitigate the known risks. In the process, we’re changing the culture of the organization. It’s rethinking how you look at risk because it’s not always about the most catastrophic thing that could happen; it also concerns how minor impacts in one area can ripple across SMECO and cause considerable impacts elsewhere. It’s taking the enterprise view.” 10 VICE PRESIDENTS LENDING A HAND A cooperative belongs to the community it serves, and our members can count on SMECO’s commitment to the community. Throughout the year, the employees of the cooperative donate their time and money to support a variety of charitable organizations that benefit members of Southern Maryland. Among the many ways SMECO employees give back, some stood out in 2018. In September, SMECO and its employees donated 2,300 pounds Eugene Bradford, Rates and of food to the Southern Maryland Food Bank. Over the course of Energy Procurement two weeks, SMECO employees brought in non-perishables, canned Vice President goods, and monetary donations for the Food Bank. The SOMD Food Bank has served the tri-county area for more than 35 years, working with pantries, shelters, group homes, and soup kitchens to provide direct service to isolated and resource- poor areas.

Arthur (Chip) Kingsley, Transmission and Substation Operations Vice President

Jeff Shaw, Distributed Energy and Sustainability Vice President

“It is good to participate in giving back to the community and makes SMECO feel more like family.” —Akiko Knowlton, Accounting

“Seeing everyone come together to have fun and raise money for a good cause is a rewarding experience.” —Denise Chalmers, Senior buyer 11 In December, SMECO presented a total of $55,650 to the Calvert, Charles, and St. Mary’s counties Hospice organizations. This “SMECO believes in giving back donation represented the combined proceeds of two fund-raisers to the community and I want to held each year—the SMECO 75 Bike Ride and the SMECO Annual do my part. Volunteering helps Charity Golf Outing. Every year, SMECO selects a new charitable improve our community, gives me organization. In six years, the SMECO employee fund-raisers have a sense of pride, and affords me contributed $270,650 to local organizations. the opportunity to get to know co- workers from other departments. SMECO employees have also contributed more than $40,000 to Volunteering lets us work together as a team. It’s also a chance to the March of Dimes since 2002. In addition, SMECO employees meet people from the community have contributed more than $200,000 to the United Way I would never meet otherwise. organizations of Southern Maryland since 1990. Volunteering, giving back and helping one another is the Whether it’s lending a hand in the community or working together to cooperative way, and I am glad restore power after a storm, SMECO’s employees are invested in the and honored to be part of it.” future of the cooperative and Southern Maryland. We will continue —Geneva Stewart, Capital Credits/ to put members first as we continue to seek out ways to improve Patronage Equity Manager customer service and provide reliable and competitively priced electricity and related services to our members.

“I participate in various charitable endeavors at SMECO because it allows me to be part of something bigger than myself. When a group decides collectively to volunteer for a cause, there is a greater impact. Besides, SMECO makes it very easy to volunteer.” —Marsha Huffin, Customer Care Manager 12 Your cooperative at a glance* CUSTOMERS PER COUNTY PEAK DEMAND (Per thousand) ALL-TIME SYSTEM PEAK

1,010.7Occurred on January MW 7, 2018

PEAK DEMAND HOURS

Summer 2 p.m. to 7 p.m.

Winter Calvert County: 32,762 7 to 11 a.m. and Charles County: 69,629 4 to 8 p.m. St. Mary’s County: 53,186 Prince George’s County: 10,698 COOLSENTRY PARTICIPANTS MEMBERS HELPING MEMBERS DONATIONS Switches that cycle at 1,277 participants donate $1 a total of $15,324 per year. 50%: 641 participants donate a total of $38,460 per year. $96,984per year donated to eligible SMECO members Members receive $15 per month from $5 45,655June to October for participating. 360 participants donate who need a hand. a total of $43,200 per year. $10 Switches that cycle at TOTAL MILES OF LINE: 10,345.4 75%:

Overhead lines: Underground lines: 3,367 miles 6,486 miles Members receive $10 per month from June to932 October for participating. Distribution: 9,853 miles Customers per mile of distribution line: 16.88 Transmission: *All information as of 492.4 miles December 31, 2018. 13

CALVERTBoard COUNTY of Directors BOARD OFFICERS Chairman P. Scott White Vice Chairman W. Michael Phipps

Secretary-Treasurer Kenneth L. Dyson Assistant Secretary-Treasurer Samuel J. Hammett W. Michael Phipps Nancy W. Zinn Fern G. Brown CHARLES COUNTY

Gilbert O. Bowling Fern G. Brown Kenneth L. Dyson William L. Purnell Richard A. Winkler

ST. MARY’S COUNTY

W. Rayner Blair, III William R. Cullins, III J. Douglas Frederick Joseph . Stone, Jr. P. Scott White

PRINCE GEORGE’S COUNTY BOARD ATTORNEY

Daniel W. Dyer James A. Richards Joseph R. Densford 14

SOUTHERNFinancials MARYLAND ELECTRIC COOPERATIVE, INC. AND SMECO SOLAR LLC CONSOLIDATED BALANCE SHEETS December 31, 2018 and 2017 2018 2017 Assets Utility Plant, at Original Cost $ 1,184,861,313 $ 1,155,927,068 Less: Accumulated Depreciation and Amortization (388,154,783) (372,260,155) Net utility plant 796,706,530 783,666,913 Nonutility Property (net) 3,006,832 3,054,969 Investments: Investments in associated organizations, at cost 17,189,276 15,455,842 Investment in an unconsolidated entity 1,240,734 1,231,722 Other investments 2,704,328 2,826,115 Total investments 21,134,338 19,513,679 Current Assets: Cash and cash equivalents 6,413,762 5,518,627 Accounts receivable, net of allowance for doubtful accounts of $800,000 and $900,000, respectively 55,623,091 48,094,720 Materials and supplies inventory 13,373,765 14,064,554 Prepaid expenses 22,932,598 24,504,430 Other current assets 13,283,017 15,074,816 Total current assets 111,626,233 107,257,147 Regulatory Assets 77,557,715 79,780,675 Deferred Charges and Other 33,426,783 32,989,409 Derivative Assets 333,893 283,079 Total assets $ 1,043,792,324 $ 1,026,545,871

Equities and Liabilities Equities: Patronage capital $ 243,236,445 $ 223,088,775 Other equities 32,961,439 29,934,440 Accumulated other comprehensive (loss) (70,874,231) (69,798,831) Total equities 205,323,653 183,224,384 Long-Term Debt, Less Current Maturities 668,478,111 562,241,053 Current Liabilities: Accounts payable 23,610,665 29,285,273 Current maturities of long-term debt 27,065,709 23,774,847 Notes payable 15,000,000 122,000,000 Current portion of accrued pension and postretirement benefits 1,568,991 819,774 Current portion of obligations under capital lease 1,032,664 1,391,318 Customer deposits 7,804,053 6,935,672 Other current liabilities 16,780,006 16,806,131 Total current liabilities 92,862,088 201,013,015 Accrued Pension and Postretirement Benefits 62,431,796 61,882,809 Noncurrent Portion of Obligations Under Capital Lease 2,284,274 3,278,059 Deferred Credits 3,078,810 2,764,224 Derivative Liabilities 9,333,592 12,142,327 Commitments and Contingencies — — Total equities and liabilities $ 1,043,792,324 $ 1,026,545,871

The full financial report is available at smeco.coop/annualreport. 15

Electric Revenue

$276,362,221Residential: 66.5%

$133,724,466Commercial: 32.2%

$3,007,314Transmission: 0.7%

$2,549,742Street Lights: 0.6% 16

Electric Expenses Purchased Power: 56.4%

Operations: 25.9%

Depreciation: 8.6%

Interest: 5.5%

Taxes: 3.6% 17

SOUTHERN MARYLAND ELECTRIC COOPERATIVE, INC. AND SMECO SOLAR LLC CONSOLIDATED STATEMENTS OF REVENUE AND EXPENSES Years Ended December 31, 2018 and 2017 2018 2017 Operating Revenue: Sales of electricity $ 415,643,743 $ 393,776,031 Other 46,640,560 26,119,875 Total operating revenue 462,284,303 419,895,906 Operating Expenses: Purchased power 249,706,813 225,242,729 Power production 250,774 240,069 Transmission 3,827,626 3,662,300 Distribution—operations 11,445,363 10,616,908 Distribution—maintenance 20,718,862 18,797,371 Customer accounts 11,131,675 11,359,580 Customer service and information 26,390,181 22,505,156 Administrative and general 39,344,135 35,496,638 Depreciation and amortization 38,021,212 35,671,034 Taxes 15,715,740 14,941,871 Other 1,763,861 1,618,609 Total operating expenses 418,316,242 380,152,265 Operating margins 43,968,061 39,743,641 Interest Expense: Interest on long-term debt 24,206,522 22,069,422 Other interest — 1,423,887 Total interest expenses 24,206,522 23,493,309 Net Operating Margins 19,761,539 16,250,332 Other Patronage Allocations 4,619,298 4,494,232 Total operating margins 24,380,837 20,744,564 Nonoperating Margins 2,855,271 2,638,158 Net margins $ 27,236,108 $ 23,382,722

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Years Ended December 31, 2018 and 2017 2018 2017 Net Margins $ 27,236,108 $ 23,382,722 Other Comprehensive (Loss) Income: Postretirement benefit plans actuarial (loss) gain, net (4,299,388) 9,690,851 Amortization of net loss and prior service costs 3,223,988 1,755,397 Other comprehensive (loss) income (1,075,400) 11,446,248 Comprehensive Income $ 26,160,708 $ 34,828,970 18

MEMBERS’ EQUITY* CUSTOMER SERVICES (METERS) IN PLACE (In thousands)

$276,198 $253,023 $232,058 165,178 $219,953 $212,395 163,182 161,153 159,142 156,960

2018 2017 2016 2015 2014 2018 2017 2016 2015 2014

*Excludes Accumulated Other Comprehensive Income (Loss)

DEBT OUTSTANDING NET MARGINS (In thousands) (In thousands)

$27,236 $695,544 $610,097 $23,383 $586,016

$432,925 $435,849

$11,803 $9,601 $8,428

2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 19

SOUTHERN MARYLAND ELECTRIC COOPERATIVE, INC. AND SMECO SOLAR LLC CONSOLIDATED COMPARATIVE SUMMARY OF OPERATIONS Years Ended December 31, 2018–2014

2018 2017 2016 2015 2014 Operating Revenue: Sales of electricity $ 415,643,743 $ 393,776,031 $ 412,091,512 $ 405,399,569 $ 460,931,055 Lease income — — — — 621,144 Other 46,640,560 26,119,875 24,996,383 22,959,601 21,625,695 Total operating revenue 462,284,303 419,895,906 437,087,895 428,359,170 483,177,894 Operating Expenses: Purchased power 249,706,813 225,242,729 250,313,710 268,004,220 321,683,773 Power production 250,774 240,069 251,502 241,473 216,386 Transmission 3,827,626 3,662,300 3,640,137 3,294,460 4,016,843 Distribution—operations 11,445,363 10,616,908 10,614,462 10,335,018 10,227,779 Distribution—maintenance 20,718,862 18,797,371 20,203,136 19,678,200 18,794,091 Customer accounts 11,131,675 11,359,580 12,108,719 11,657,223 10,970,143 Customer service and information 26,390,181 22,505,156 21,942,948 19,337,758 17,929,786 Administrative and general 39,344,135 35,496,638 38,655,415 38,048,920 33,219,602 Depreciation and amortization 38,021,212 35,671,034 35,221,311 32,506,510 29,450,913 Taxes 15,715,740 14,941,871 15,104,610 15,991,502 13,860,042 Other 1,763,861 1,618,609 1,592,419 1,350,253 361,564 Total operating expenses 418,316,242 380,152,265 409,648,369 420,445,537 460,730,922 Operating margins 43,968,061 39,743,641 27,439,526 7,913,633 22,446,972 Interest Expense: Interest on long-term debt 24,206,522 22,069,422 21,875,522 15,491,096 17,535,136 Other interest — 1,423,887 911,570 3,850,643 1,877,250 Total interest expense 24,206,522 23,493,309 22,787,092 19,341,739 19,412,386 Net Operating Margins (Loss) 19,761,539 16,250,332 4,652,434 (11,428,106) 3,034,586 Other Patronage Allocations 4,619,298 4,494,232 4,618,308 3,802,958 2,372,848 Total operating margins (loss) 24,380,837 20,744,564 9,270,742 (7,625,148) 5,407,434 Nonoperating Margins 2,855,271 2,638,158 2,532,617 17,226,561 3,020,993 Net margins $ 27,236,108 $ 23,382,722 $ 11,803,359 $ 9,601,413 $ 8,428,427 Electric Revenue: Residential $ 276,362,221 $ 260,056,564 $ 272,862,159 $ 265,841,379 $ 302,538,996 General service 119,617,634 113,694,912 117,276,689 117,095,551 134,650,211 Large power 14,064,413 14,626,870 16,397,550 16,856,334 17,543,851 Street lights 2,549,742 2,573,565 2,509,594 2,425,368 2,414,335 Transmission 3,007,314 2,709,271 2,896,767 3,146,893 3,762,725 Solar facility service, station power 42,419 114,849 148,753 34,044 20,937 Total $ 415,643,743 $ 393,776,031 $ 412,091,512 $ 405,399,569 $ 460,931,055 Megawatt-Hour Sales: Residential 2,276,786 2,056,626 2,112,651 2,172,605 2,159,553 General service 1,121,423 1,105,691 1,123,191 1,134,242 1,127,834 Large power 164,101 162,842 166,623 153,589 151,599 Street lights 8,367 8,052 7,856 7,303 6,986 Transmission 51,072 40,675 28,444 38,562 41,329 Solar facility service, station power 155 1,888 2,933 147 60 Total 3,621,904 3,375,774 3,441,698 3,506,448 3,487,361 Customers at Year End (Billings) 166,275 165,196 162,823 163,303 160,213