Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: OPERATING REV - MEMBER

  total $1,033,076,520 · related or exempt $1,033,076,520

• 2b · Program service revenue: OP. REV. - NON-MEMBER

  total $49,127,295 · related or exempt $49,127,295

• 3 · Investment income

  total $9,287,935 · excluded $9,287,935

• 7a · Gross sales of assets other than inventory

  other assets $3,100

• 7b · Less cost or other basis and sales expenses

  other assets $93

• 7c · Gain or loss

  other assets $3,007

• 7d · Net gain or loss

  total $3,007 · excluded $3,007

• 11a · Other revenue: MISC. NON-OPERATING INC

  total $75,406 · related or exempt $75,406

• 11b · Other revenue: ACES

  total -$11,011 · excluded -$11,011

• 11e · Other revenue, total

  $64,395

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $269,083

• 4 · Benefits paid to or for members

  total $12,552,962

• 5 · Compensation of officers, directors and key employees

  total $5,251,178

• 7 · Other salaries and wages

  total $10,664,536

• 8 · Pension plan contributions

  total $1,138,055

• 9 · Other employee benefits

  total $1,464,554

• 10 · Payroll taxes

  total $1,702,653

• 11b · Fees: legal

  total $1,440,598

• 11c · Fees: accounting

  total $395,000

• 11d · Fees: lobbying

  total $167,250

• 11g · Fees: other

  total $5,840,278

• 13 · Office expenses

  total $1,275,491

• 16 · Occupancy

  total $463,248

• 17 · Travel

  total $193,681

• 19 · Conferences, conventions and meetings

  total $479,988

• 20 · Interest

  total $61,331,924

• 22 · Depreciation, depletion and amortization

  total $72,410,110

• 23 · Insurance

  total $1,024,223

• 24a · Other expenses: POWER COSTS

  total $600,821,730

• 24b · Other expenses: PROD & MAINT - FOSSIL F

  total $182,899,441

• 24c · Other expenses: PROD & MAINT - MAINTENA

  total $70,013,369

• 24d · Other expenses: PROD & MAINT - NOX ALLO

  total $25,194,211

• 24e · All other expenses

  total $29,145,489

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $367,935 · end of year $5,793,848

• 2 · Savings and temporary cash investments

  beginning of year $8,572,022 · end of year $18,902,798

• 4 · Accounts receivable

  beginning of year $148,389,791 · end of year $111,542,720

• 8 · Inventories for sale or use

  beginning of year $100,964,364 · end of year $135,444,564

• 9 · Prepaid expenses and deferred charges

  beginning of year $204,547,405 · end of year $201,814,577

• 10a · Land, buildings and equipment: cost or other basis

  $2,800,730,679

• 10b · Land, buildings and equipment: accumulated depreciation

  $1,311,846,967

• 10c · Land, buildings and equipment, net

  beginning of year $1,507,936,327 · end of year $1,488,883,712

• 12 · Investments: other securities

  beginning of year $227,699,893 · end of year $262,921,449

• 17 · Accounts payable and accrued expenses

  beginning of year $282,206,718 · end of year $125,852,499

• 23 · Secured mortgages and notes payable

  beginning of year $1,021,207,638 · end of year $972,586,235

• 24 · Unsecured notes and loans payable

  beginning of year $50,000,000 · end of year $191,000,000

• 25 · Other liabilities

  beginning of year $368,980,940 · end of year $447,229,528

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $476,082,441 · end of year $488,635,406

The filer's explanations (Part III)

PART I, LINE 4B

IN 2018, IN CONNECTION WITH THE EXECUTION OF THE EMPLOYMENT AGREEMENT WITH MR. HARRIS, WE ADOPTED THE DEFERRED COMPENSATION PLAN FOR THE PURPOSE OF PROVIDING SUPPLEMENTAL DEFERRED COMPENSATION TO MR. HARRIS IN AN AMOUNT WITHIN THE STATUTORY MAXIMUMS PERMITTED UNDER IRC SECTION 457. THE DEFERRED COMPENSATION PLAN IS RESTRICTED TO THOSE EXECUTIVE EMPLOYEES DESIGNATED BY OUR BOARD OF DIRECTORS WHO ARE GENERALLY RESPONSIBLE FOR ONGOING OPERATIONS, RESPONSIBLE FOR AND HAVE GENERAL SUPERVISION OVER THE OVERALL FINANCIAL CONDITION, RESPONSIBLE FOR SETTING AND EXECUTING OVERALL CORPORATE POLICIES AND PRACTICES, AND RESPONSIBLE FOR SUPERVISING LARGE NUMBERS OF EMPLOYEES AND WHO ELECT TO PARTICIPATE IN THE DEFERRED COMPENSATION PLAN BY AGREEING TO A DEFERRAL OF A PORTION OF THEIR CURRENT COMPENSATION. CURRENTLY, MR. HARRIS, MR. ROGERS AND MR. COSBY ARE THE ONLY PARTICIPANTS IN THE DEFERRED COMPENSATION PLAN. CONTRIBUTIONS OF $22,500, $13,295 AND $17,308 WERE MADE TO THE PLAN IN 2023, RESPECTIVELY.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• TEC TRADING INC

  C · ELEC POWER DISTRIBUTION · VA · share of income $374,285 · share of assets $6,598,876