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Condensed statements of revenues, expenses, and changes in net position highlights are as follows:
<br />• Operating revenues — power sales increased by approximately $17.2 million between 2022 and 2021,
<br />primarily the result of increased energy sales and higher average rates in 2022 compared to 202 1. Operating
<br />revenues — power sales consist primarily of member power sales revenue, power sales to nonmembers, and
<br />transmission revenue.
<br />• Other nonoperating revenues increased by approximately $0.7 million between 2022 and 2021, primarily
<br />related to higher investment income of $1.1 million because of higher interest rates earned on cash and cash
<br />equivalents in 2022. This was partially offset by a net decrease of $0.6 million in the fair value of
<br />investments in 2022.
<br />• Operating expenses increased by approximately $24.1 million between 2022 and 2021, primarily the result
<br />of a $21.8 million increase in power acquisition expense, and a $2.3 million increase in transmission
<br />expense. These increases are primarily attributable to higher energy market prices in 2022.
<br />• Other nonoperating expenses decreased by approximately $0.4 million between 2022 and 2021, related to
<br />$0.4 million lower interest expense in 2022.
<br />• Future recoverable costs increased by approximately $0.5 million between 2022 and 2021, primarily the
<br />result of the application of the Agency's policy regarding the levelization of costs for generating assets
<br />financed by debt and the application of the Agency's policy of not recognizing the change in value of
<br />investments for ratemaking purposes. In 2021, the Agency began amortizing its remaining deferred cost
<br />balance of approximately $50 million over a seven-year period.
<br />The following table summarizes the changes in financial position of the Agency for the years ended
<br />December 31, 2021 and 2020:
<br />Condensed Statements of Revenues, Expenses, and Changes in Net Position
<br />Dollar
<br />Percentage
<br />2021
<br />2020*
<br />Change
<br />Change
<br />Operating revenues, power sales
<br />$ 164,036,101
<br />$ 136,821,879
<br />$ 27,214,222
<br />19.9 %
<br />Other nonoperating revenues
<br />298,991
<br />4,772,085
<br />(4,473,094)
<br />(93.7)
<br />Total revenues
<br />164,335,092
<br />141,593,964
<br />22,741,128
<br />16.1
<br />Operating expenses
<br />137,453,638
<br />103,048,593
<br />34,405,045
<br />33.4
<br />Other nonoperating expenses
<br />7,350,704
<br />11,950,760
<br />(4,600,056)
<br />(38.5)
<br />Total expenses
<br />144,804,342
<br />114,999,353
<br />29,804,989
<br />25.9
<br />Future recoverable costs
<br />(7,204,535)
<br />3,952,859
<br />(11,157,394)
<br />(282.3)
<br />Change in net position
<br />12,326,215
<br />30,547,470
<br />(18,221,255)
<br />(59.6)
<br />Beginning net position
<br />171,146,786
<br />140,599,316
<br />30,547,470
<br />21.7
<br />Ending net position
<br />$ 183,473,001
<br />$ 171,146,786
<br />$ 12,326,215
<br />7.2
<br />*Amounts have not been restated due to the adoption of GASB 87.
<br />H.
<br />146
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