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PROFIT AND LOSS NARRATIVE <br /> February 2015 <br /> Electric P&L <br /> February's electric kwh sales (for January usage) are up slightly from the prior year by <br /> 1.2% overall: <br /> • Residential usage is up 3.6% <br /> • Small Commercial usage is up 18% <br /> • Large Commercial usage is down 3% from the prior year. <br /> February Operating Revenue is over the prior year by 4%, over year-to-date numbers by <br /> 9%, and over year-to-date budgeted numbers by 4%. <br /> Other Revenue is down 9% from the prior year but year-to-date only down 3%. Penalty <br /> fees are increased and security income is decreased close to the same amounts, however, <br /> Miscellaneous Revenue is decreased 125% as MISO revenues were re-allocated to <br /> applicable months (this will correct itself next month). <br /> Overall,Revenues are ahead of the prior year by 3%, and year-to-date are ahead by 8%. <br /> Purchased Power is down from the prior year 9%. If you will recall, last year there were <br /> significant PCA charges being passed along. This year we have seen PCA credits so far <br /> of approximately$90,000 and will be receiving additional PCA credits of approximately <br /> $100,000. <br /> The PCAs (Power Cost Adjustments)are a tool for power providers to recoup <br /> extraordinary costs incurred in delivering the power that would not be covered by the <br /> regular rate. When ERMU is charged a PCA from our power provider, it increases our <br /> expense for our purchased power. If we choose to pass on the PCA, our power cost is not <br /> reduced - we simply make it back in our revenues charged to our customers (much like <br /> the power provider did to us.) Conversely, if we receive a credit PCA from our power <br /> provider, it reduces our power cost, and if we choose to pass it on to our customers, our <br /> revenues are reduced as we credit our customers. <br /> For other expenses,most are consistent with the prior year. The biggest impact is the <br /> insurance premium for January through July. This will be distributed in future months. <br /> Total expenses were $2,373,678,under the previous year by 7% and under year-to-date <br /> numbers by 6%. <br /> For February,the Electric Department has a Net Income of$173,296, compared to the <br /> prior year Net Loss of($82,649). <br /> 29 <br />