government of puerto rico - aeepr.com · san juan, puerto rico 00936-4267 a 787.521.4666 8...

Government of Puerto Rico Puerto Rico Electric Power Authority

August 18, 2017

Ricardo L. Ramos Rodriguez Chief Executive Officer

OPERATIONS REPORT - JUNE 2017

Enclosed is the report on the operations of the Puerto Rico Electric Power Authority of June 2017.

Enclosure

Chief Executive Officer G.P.o. Box 364267 San Juan, Puerto Rico 00936-4267

a 787 .521.4666 8 787.521.4665

, I V~ are an equal opportullitv employer and :J'O not discriminate on the basIs of race, color. gende', ag6 nD!ic,f1Di til sOcial c.ngm social status. poMlca' !dE-a~ or affiliatIOn religion: for bell79 or pe"cell'eei to bE' a \fIC/lm Of dome~tic I"folence. S,:Aual aggression or HaraSs.m6nf

(egsrdless Of mamal status. sellJai onentatlon, gender loent,ro, or Immigrcl/!o,? STatus: for P'1.I'$lca 01 rrlentai Qisabihtv, for v6telsn sisrus 01 pe,'le,lc m~ormarion. '

MONTHLY REPORT TO THE GOVERNING BOARD

JUNE 2017

CONTENTS

Operation Highlights .............................................................................................................................. 1 - 12

Statement of Net Position ..................................................................................................................... 14 - 15

Statements of Revenues, Expenses and Change in Net Position .......................................................... 16 - 17

Statements of Revenues and Expenses for Revenue Fund Purposes Per Trnst Agreement ............................................................................................................. 18 - 19

Net Position ................................................................................................................................................. 20

Accounts Receivable (Exhibit A) ................................................................................................................ 21

Prepayments and Other (Exhibit B) ............................................................................................................ 22

Accounts Payable and Accrned Liabilities (Exhibit C) ............................................................................... 23

Sales of Electric Energy (Exhibit D) .................................................................................................... 24 - 25

PUERTO RICO ELECTRIC POWER AUTHOIUTY

J. OPERATIONS HIGHLIGHTS

A Production Increase

(Decrease)

2016-17 2015-16 % 1. Generation (kV{h in thousands)

Month: PREPA - Steam and gas 1,069,476 1,209,229 (11.6) PREP!\ - Hydro 5,207 4,251 , Purchased power - gas 284,950 235,824 20.8 Purchased power - coal 326,647 327,211 (0.2) Renewable Energy 44,673 30,490 46,5 Total 1,730,953 1,807,005 (4.2)

Fiscal year-ta-date: PREPA - Steam and gas 12,944,664 14,077,739 (8.0) PREPA - Hydro 87,223 54,626 59.7 Purchased power - gas 3,336,863 3,227,497 3.4 Purchased power - coal 3,451,580 3,214,859 7.4 Renewable Energy 379,555 325,621 16.6

Total 20,199,885 20,900,342 (3.4)

2. Maximum hourly peak load (in MW)

Month 3,087 2,958 4.4 Fiscal year-ta-date 3,087 3,080 0.2

3. Sales (k\Yh ill thousands)

Month: Billed 1,485,486 1,493,010 (0.5) Days billed 30.0 30.0 0.0

Fiscal year-ta-date:

Billed 17,075,787 17,273,377 (1.1 )

Days billed 365.0 364.0 0.3

4. System efficiency (%)

Month 86.1 84.9 1.4 Fiscal year-ta-date 84.1 83.0 1.4

5. Average cost per barrel ($)

Month 60.35 50.31 20.0 Fiscal year-to~date 57.62 52.17 10.4

6. kWh/Barrel

Month 615.35 624.11 (1.4) Fiscal ycar~1o~date 614.39 605.69 1.4

7. Heat rate (BTU/kWh) **

Month 10,513 10,660 (14)

Fiscal year-to-dalc 10,686 10,809 (1.1)

*100% or over ** Revised prior year

2 PUERTO RICO ELECTRIC POWER AUTHORITY

8. Fuel consumption Increase (in thousands) (Decrease)

2016-17 2015-16 % BBL Cost BBL Cost BEL ~

Month: StC3111 671 37,797 1,084 50,350 (38.1) (24.9)

G" 562 40,212 405 28,445 38.8 41.4

Natural Gas 505 26,907 467 19,599 8.1 37.3

Total ~ 104,916 1.956 98,394 (11.1) G.G

Fiscal year-te-date: Steam 10,353 566,268 12,050 566,480 (14.1) (0,0)

Gas 5,358 382,566 5,261 363,982 18 5.1 Natural Gas 5,358 265,059 5,891 280,045 (9,0) (5,4)

Total 21,069 1,2]3,893 23,202 1,210,507 (9.2) 0.3

Increase (Decrease)

2017 2016 % B. Client Service

1. Service complaints

per thousand clients 2.18 2.76 (21.0)

2. DiSCOlmcx;tiom; for nonpayment per thousand clients 7.03 8.01 (12.2)

C. Distribution System*

I Interruption frequency index

Total intemlptions per thollsand clients served 0.484 0.432 [1.9

Intemlption duration index

Average intemlption time

per clients served (minutes) 91.23 70.86 28.7

o. Clients per intcrl1lption 244 224 8.8

4. Time per interruption (minutes) 422 335 26.1

PUERTO RlCO ELECTRlC POWER AUTHORlTY 3

D. Personnel

Increase

2017 2016 (Decrease)

Management Reg. 1,786 1,908 (122)

Conf.! Carr.

Temp. 26 6 20

U:r.I.E.R. Reg. 3,501 3,680 (179)

Temp. 13 9 4

Em'erg.

U.I.T.I.C.E. Reg. 603 642 (39)

Temp.

U.E.P.I. Reg. 301 313 (12)

Temp.

U.P.A.E.E. Reg. 4 4 o

Temp. o Total 6,235 6,563 (328)


II. FINANCIAL IIJGIUJGHTS

A. Revenue data

1. Sales of electric energy per classes (including unbil1ed adjustment) (in thousands)

2017

kWh sales·

Residential 593,015

Commercial 680,505 Industrial 184,901 Others 32,662

Total 1,491,083

Basic revenues·

Residential 32,650 Commercial 45,903 Industrial 8,810

Others 5,344 Tolal 92,707

Provisional rate: Residential 7,176 Commercial 8,929 Industrial 2,463

Olhers 415 Total 18,983

fuel adjustment Residential 47,464 Commercial 53,909 Industrial 13,556 Olhers 2,666

Total 117,595

Purchased power: Residential 29,051 Commercial 32,497 Industrial 8,296

Others 1,402 Total 71,246

Total revenues·

Residential 116,341 Commercial 141,238 Industrial 33,125 Others 9,827

Total 300,531

* I 00% or over

2016

592,688 712,878 200,455

28,346 1,534,367

33,154 49.224

9,143 4,220

95,741

° ° ° ° °

42,258 53,612 13,046 2,198

111,114

26,874 30,700

8,117 993

66,684

102,286 133,536 30,306

7,411 273,539

(Decrease) %

0.1 (4.5) (7.8) 15.2 (2.8)

(1.5) (6.7) (3.6) 26.6 (3.2)

12.3 0.6 3.9

21.3 58

81 5.9 2.2

41.2 6.8

13.7 5.8 9.3

32.6 9.9

2016-17

6,392,324 8,036,683 2,187,519

379,312 16,995,838

354,455 537,196 102,157 62,216

1,056,024

72,510 95,806 25,960

--~-198,800

521,008 652,407 163,651 31,737

1,368,803

307,349 386,483

97,258 19,113

810,203

1,255,322 1,671,892

389,026

J 17,590 3,433,830

2015-\6

6,439,012 8,187,002 2,347,455

375,597 17,349,066

367,093 548,119 106,405 61,351

1,082,968

0 0 0 0 0

508,335 660, \75 167,143 30,324

1,365,977

289,749 361,728

95,428 17,110

764,015

1,165,177 1,570,022

368,976 108,785

3,212,960

Increase (Decrease)

%

(0.7) (1.8) (6.8) 1.0

(2.0)

(3.4) (2.0) (4.0) 1.4

(2.5)

2.5

(1.2) (2.1 ) 4.7 02

6.1 6.8 1.9

11.7 6.0

7.7 6.5 5.4 8.1 6.9

2017

2 Cents per kWh Basic revenues

Residential 5.51 Commercial 6.75 Industrial 4.76 Others 16.36

Total 6.22

Provisional rate: Residential 1.21 Commercial 1.31 Industrial lJ3 Others 1.27

Total 1.27

Fuel adjustment: Residential 8.00 Commercial 7.91 Industrial 733 Others 8.17

Total 7.89

Purchased power: Residential 4.90 Commercial 4.78 Industrial 4.49 Others 429

Total 4.78

Total revenues: Residential 19.62 Commercial 20.75 Industrial 17.91 Others 30.09

Total 20.16

3. Clients: Residential 1,339,358 Commercial 123,769 Industrial 615 Others 3,349

Total 1,467,091

4. Average k\Vh per client: Residential 443 Commercial 5,498 Industrial 300,652

Others 9,753 Total 1,016

*100% or over

PUERTO RICO ELECTRIC POWER AUTHORITY

2016

5.59 6.90 4.56

14,89 6.24

0.00 0.00 0.00 0.00 0.00

7.14 7.52 6.51 7.75 7.24

4.53 4.31 4.05 3.50 4.35

17.26 18.73 15.12 26.14 17.83

1,332,712 123,924

634 3,235

1,460,505

445 5,753

316,175 8,762 1,051

(Decrease)

%

(1.4) (22) 4.4 9.9

(0.3)

, , , , ,

12.0 5.2

126 5.4 9.0

8.2 10.9 10.9 22.6

9.9

13.7 10.8 18.5 15.1 13.1

0.5 (0.1) (3.0) 3.5 0.5

(OA) (4.4) (4.9) 11.3 (3.3)

2016-17

5.55 6.68 4.67

16.40 6.21

1.13 1.19 1.19 1.19 1.17

8.15 8.12 7.47 8.37 8.05

4.81 4.81 4.45 5.04 477

19.64 20.80 17.78 31.00 2020

1,335,643 123,816

624 3,360

1,463,443

4,786 64,908

3,505,639 112,890

11,614

2015-16

5.70 6.69 4.53

16.33 6.24

0.00 0.00 0.00 0.00 0.00

7.90 8.07 7.12 8.07 7.88

4.50 4.42 407 4.56 4AO

18.10 19.18 15.72 28.96 18.52

1,328,193 123,824

640 3,360

1,456,017

4,848 66,118

3,667,898 111,785

11,915

Increase (Decrease)

%

(2.6) (0.1 ) 3 I OA

(0.5)

, , , , ,

32 0.6 4.9 3.7 22

6.9 8.8 9.3

10.5 8.4

85 8.4

13.1

7.0 9.1

0.6 (0.0) (2.5) 0.0 0.5

(1.3) (1.8) (4.4) 1.0

(2.5)

5

6

* 1 00% or over


II. FINANCIAL HIGHLIGHTS

A Revenue data

1. Sales of electric energy per government classes

(in thousands)

2017 2016

kWh sales: Residential 12 10 Commercial 206,731 210,059 Industrial Others 29,557 27,776

Total 236,300 237,845

Basic revenues Residential 0 Commercial 14,570 15,082

Industrial Others 5,079 4,498

Total 19,650 19,580

Provisional rate: Residential 0 0 Commercial 2,679 0 Industrial Others 384 0

Total 3,063 0

Fuel adjustment: Residential

Commercial 17,078 14,977 Industrial Others 2,562 1,687

Total 19,641 16,665

Purchased power: Residential

Commercial 10,784 11,247 Industrial Others 1,612 1,592

Total 12,397 12,840

Total revenues:

Residential 2 Commercial 45,111 41,306 Industrial Others 9,637 7,777

Total 54,751 49,085

2. Clients' Residential 14 14 Commercial 21,386 24,065 Industrial Others 2,916 24,144

Total 24,316 48,223

Increase (Decrease)

% 2016-17

20.0 136 (1.6) 2,463,146

6.4 35l,824 (0.6) 2,815,106

7 (3.4) 160,377

12.9 60,206 0.4 220,590

2 29,414

" 4,155 , 33,571

0.0 12 14.0 195,190

51.9 29,464 17.9 224,666

7 (4.1) 113,831

1.3 17,188 (3.5) 131,026

50.0 28 9.2 498,812

23.9 111,013 11.5 609,853

0.0 IS (ILl) 23,438

(87.9) 3,151 (49.6) 26,604

2015-16

124 2,514,970

348,914 2,864,008

6 160,633

59,786 220,425

0 0

0 0

10 214,815

28,495 243,320

6 108,245

16,363 124,614

22 483,693

104,644 588,359

14 24,688

6,782 31,484

Statistical and financial data from the Government sector is segregated from the original sales reports

(CC&B) prepared by the Client Service Directorate.

Increase (Decrease)

%

9.7 (2.1)

0.8 (17)

16.7 (0.2)

0.7 0.1

,

20.0 (9.1)

34 (7.7)

16,7 5.2

5.0 5.1

27.3 3.1

6.1 3.7

7.1 (5.1)

(53.5) (15.5)

PUERTO RlCO ELECTRlC POWER AUTHORITY 7

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8 PUERTO RlCO EI,ECTRIC POWER AUTHORlTY

B. Result of operations-budget comparison (in million dollars)

Basic charges

Fuel adjustment

Purchased power

Provisional rate

Revenues from sales

Other

Total revenues

Fuel

Purchased pO\ver

Other expenses

Total current expenses

1974 - sinking fund appropriations

Reserve Acconnt

Rate Stabilization Fund

Interest on notes

Internal funds

Contribution to municipalities

Other appropriations

Total

Budget

92.3

90.5

83.7

11.8

278.3

(20)

276.3

68.4

74.5

52.2

195.1

17.7

3.3

35.2

4.5

20.5

276.3

Increase

(Decrease) AchJaI %

92.7 OA

117.6 29.9

71.2 (14.9)

19.0 61.0

300.5 8.0

(3.0) 50.0

297.5 7.7

104.9 53.4

66.1 (11.3)

52.3 0.2

223.3 14.5

55.7

4.3 30.3

0.0 (100.0)

3.2 (289)

11.0 (46.3)

297.5 7.7

EXPLANA nON OF MAJOR VARIA nONS

1. The increase in the fuel adjustment and expense for the fiscal year-to~datc was due to higher cost of fuel than budgeted.

Budget

1,087.3

858.1

930.7

94.6

2,970.7

(23.8)

2,946.9

647.5

828.4

626.3

2,102.2

212.3

39.7

366.8

51.8

174.1

2,946.9

2. Purchased power revcnuc and expenses decreased for the fiscal year-to· date due to a lower availability ii·om cogenerators than budgeted

3. On July 24, 2016, the Energy Com.ission approved theprovisonal rate. 4 The other revenues for the fiscal year-to-date increased due to a higher non operating income than budgeted. 5. The 1974 Sinking Fund appropriation have been accmed but not paid nor transferred. 6. intemal funds have been accrued but not paid nor transfelTed 10 the Construction Fund. Actual amounts are maintained as part ofthe General

Fund, to provide a reserve for current expenses.

Actual

1,056.0

1,368.8

810.2

198.8

3,433.8

(307)

3,403.1

1,213.9

727.4

637.9

2,579.2

652.9

52.7

1.3

(20.3)

137.3

3,403.1

7. Contribution to municipalities for the fiscal year-to-date decreased due to the application of ceiling limits and tlle annual saving of 5% in accordance will1 Act 4-2016.

* 100% or Over

Increase (Decrease)

%

(2.9)

59.5

(12.9)

15.6

29.0

15.5

87.5

(12.2)

1.9

22.7

32.7

(99.6)

(21.1 )

15.5

jadrover10737

Highlight


C Result of operations-as compared to last year (in million dollars)

2017

Basic charges 92.7

Fuel adjustment 117.6

Purchased po\ver 71.2

Provisional rate 190

Revenues from sales 300.5

Other ~

Tolal revenucs 297.5

ruel 104.9

Purchased power 66.1

Other expenses 52.3

Total current expenses 223.3

1974 - sinking fund appropriations 55.7

Reserve Account

Rate Stabilization Fund

Interest 011 notes 43

Internal funds 00

Contribution to municipalities 3.2

Other appropriations 11.0

Total 297.5

Increase (Decrease)

2016 %

95.7 (3.1)

111.1 5.9

66.7 6.7

273.5 9.9

~

272.8 9.1

98.4 6.6

59.5 11.5

59.3 (11.8)

217.2 2.8

53.7 3.7

4.3 0.0

(11,4)

9.0 22.2

272.8 9.1

EXPLANATION Of MAJOR VARIATIONS

2016-17

1,056.0

1,368.8

810.2

198.8

3,433.8

(30.7)

3,403.1

1,213.9

727,4

637.9

2,579.2

652.9

52.7

1.3

(20.3)

137.3 ----

3,403.1

1 The decrease in the fuel adjustment and expense for the fiscal year-to-date was due to lower cost offue1than prior year

2015-16

1,083.0

1,366.0

764.0

3,213.0

23.2

3,236.2

1,210.5

682.2

662.0

2,554.7

641.6

53.6

(60.3)

46.6

3,236.2

2 Purchased power revenue and expenses increased tor the fiscal year-to-date due 10 a higher availability [rom cogenerators than prior year.

3. On July 24, 2016, the Energy Comission approved the provisonal rate, which it is an increase to all classes o[clients by 1.299 cents per kWh

4 The other revenues for the fiscal year-to-date decreased due to a lower non operating income than prior year

5. The 1974 Sinking Fund appropriation for current fiscal year have been accrued but not paid nor transferred.

6. Internal funds have been acemed but not paid nor transferred to the Construction Fund. Actual amounts are maintained as part o[tlle General

Fund, to provide a reserve for current expenses

Increase (Decrease)

%

(2.5)

0.2

6.0

6.9

5.2

0.3

6.6

(3.6)

1.0

1.8

( 1.7)

(663)

,

5.2

7. Contribution to municipalities for the fiscal year-to-date decreased due to the application of ceiling limits and the annual saving o[ 5% in accordance with

Aet4-2016.

8 Other appropriations for the fi~eal year-to-date increased due a reclass of public lighting form Contribution to municipalities to other appropriation

(subsidies) per Act 4-2016.

* 100% or Over

9


D Notes Payable (in thousand dollars)

C{fnstructi(lu,Financiug

Rehabilitation lsabela D~m (GDB) Line of credit Amount received Available balance

Debt outstanding balance

Maturity Date

Slate Revolving Fund Program Aguirre & San Juan Plant (AFICA) r~ine of credit Amount received

Available balance


Maturity Dale

25,354 25,354

-.--?!L ----2!L 24,641 24,641

713 713

JundO,2018

27,023 27,023

4,939 ° 22,0~4 27,023

4,939

June 30, 2033

On~rational lIinandng

1. Municipalities Settlemcnt Agreement Line of credit Amount received Available balance


Maturity Date

Fuel Financing (Scotiahank) Line of credit Amount received Avail~ble balance


Maturity Date

Fuel Financing (Citibank) Line of credit Amount received Available amount


Maturity Date

4 Collateral SWAP -(GDB) Line of credit Amount received Available balance


Maturity Date

2017 ~

64,208 64,208 64,208 ~

0

0

June 30, 2014

550,000 550,000 549,950 549,950

50 50

549,950 549,950

August 14, 2014

150,000 150,000 146,042 146,042

3,958 3,958

146,042 146,042

January 10,2014

100,000 \00,000 35,133 35,133 64,867 64,867

35,133 35,133

December 31, 2014

PUERTO RICO ELECTRIC POWTIR AUTHORlTY

E Capital Improvements Prob'Tam

(io thousand dollars)

Month ** Increase

(Decrease)

Budget Actual %

Production 6,936 8,060 16.2

Tnmsmission 6,772 4,416 (34,8)

Distribution 6,161 3,657 (40,6)

Other 8,177 4,317 (47.2)

Total 28,046 20,450 (27.1)

Internal funds 35,220 0 (100.0)

Percentage of Intemal Funds

to Investment in Capital

Improvements Programs* 126% 0%

Contribution AID [or ConstTuction 77

2017 2016

F. Highest debt coverage as of June 30 1.21 1.03

G. REA Projccts

Month Fiscal Year-la-Dale

Total investment $0 $56,641

fmnilics served 18

* A minimum in the internal funds contribution of25% has been recollunended by the Consulting Engineers.

**Monthly figures may vary significantly dne to flnctuations in the availability of funds. For more accm-ate results,

please refer 10 fiscal year-to-date figures

***Includes monthly overhead allocation.

Budget

83,235

81,269

73,935

98,119

336,558

366.779

109%

11

Fiscal Year-to-Date***

Increase

(Decrease)

Actual %

70,036 (lB)

36,912 (54.6)

45.376 (38.6)

17,968 (81.7)

170,292 (49.4)

1,330 (99.6)

1%

2,212


STATISTICS OF ACCOUNTS RECElV ABLE FROM SALES OJ' ELECTRlC ENERGY

General clients

Government (State and federal agencies and

public corporations) Total Accounts Receivable

Uncollectibles Reserve

Accounts Receivable after Reserve

Sales of electric energy ( 12 months)

Revenues from sales

IndIcators:

AIR to Sales

Sales Days in AIR

Ratio of collections to sales:

General clients:

Sales Collections %Collection to Sales

Govenunent:

Total:

Sales net ofmunicipali1ies,

public lightning and exclusions

Collections

% Collection to Sales

Sales net of munidpalities, public lightning and exclusions

Collections %Collcction to Sales

(in thousand dollars)

2017

883,002

215,795

1,098,797

(523,718)

575,079

3,237,235

17.8%

65

2,826,595 2,745,580

97.1

410,640 465,400

113.34

3,237,235

3,210,980

99.2

2016

824,235

271,221

1,095,456

(492,316)

603,140

3,137,411

19.2%

70

2,624,703 2,675,114

101.9

512,708

399,420

77.90

3,137,411

3,074,534

98.0

Increase (Decrease)

%

7.1

(20.4)

0.3

6.4

(4.7)

3.2

(7.6)

(7.6)

7.7 2.6

(4.7)

(19.9) 16.5

45.5

3.2 4.4 1.2

13


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14

Current assets: Cash and cash equivalents

General fund Reserve for current expenses Revenue fund Working funds

Total cash and cash equivalents

Accounts receivable (Exhibit A) Fuel oil inventory Materials and supplies inventory Prepayments and other (Exhibit 13)

Tolal current assets

Non Cllrrent receivables (Exhibit i\)

Restricted Assets Cash held by tmstees rnvestments held by trustees

Sinking funds - Interest Non current restricted deposits held bytmstees

Total investment held by trustees

Construction fund and other Construction fund Investment held by REA Reserve maintenance fund Other restricted fund

Total constmction fund and other

Total restricted assets

Utility Plant Electric plant in service Less: accumulated depreciation Net electric plant in service Construction work in progress, inchiding preliminary surveys of 17,133 eod

Total utility plant

Deferred debits: Unamortized debt expense Other

Total deferred debits

Total assets

Deferred outflows ofresOllrees

Total Assets and Deferred Outflows


16,876

STATEMENT OF NET PosmON ASSETS AND DEFERRED OUTFLOWS

(in thousands)

$ 60,558 $ 455,578

13 1,170

517,319

2,012,952 104,887 171,099 26,394

2,832,651

132,588

2

30

8,028 8,058

21,969 1,113

16,150 5,128

44,360

52,420

12,851,524 7,436,782 5,414,742

852,626 6,267,368

(1,668) 38,737 37,069

9,322,096

113,075

$ 9,435,171 $

60,558 235,221

13 1,033

296,825

1,845,977 71,473

172,431 26,306

2,413,012

132,588

(1,908)

1,934

8,024 9,958

96,712 1,108

16,083 5,116

119,019

127,069

12,750,472 7,076,126 5,674,346

776,948 6,451,294

(310) 37,273 36,963

9,160,926

120,648

9,281,574

PUERTO RICO ELECTRIC POWER AUTHORITY 15

Liabilities and nct position

Current Liabilities Notes payable to banks Accounts payable and accrued liabilities (Exhibit C) Customer deposits, including accrued interest

Total current liabilities

Current liabilities payable from restricted assets Current portion of long-term debt Accrued interest payable on bonds and notes Other current liabilities (Exhibit C)

Total current liabililics from restricted assets

Non current liabilities Power revenue bonds, net of unamortized debt discount of (43,306) and (46,259)

Net pension liability Non current portion, accounts payable and accrued sick leave Accrued unfunded OPEB

Customer deposits - noncurrent

Total noncurrent liabilities

Total liabilities

Deferred inflows ofrcsourccs: Deferred gain on pension valuation

Total net position (Deficit)

Total Liabilities and Net Position

STATEMENT OF NET POSITION

LIABILITIES AND NET POSITION

(in thousands)

$

$

737,587

1,940,350 46,516

2,724,453

247,724 220,223 42,552

510,499

8,178,379 1,704,640

114,518 134,857 171,396

10,303,790

13,538,742

65,946

(4,169,517)

9,435,171

$

$

731,838

1,775,067 31,830

2,538,735

234,394 11,881 44,203

290,478

8,202,235 1,704,640

114,518 134,857 171,396

10,327,646

13,156,859

65,946

(3,941,231)

9,281,574

16

Operating revenues: Sales of electric energy

Total operating revenues

Other income

Total revenues

Expenses: Fuel cost Purchased power

Other production Transmission and distribution

Maintenance

Customer accounting and collection Administrative and general

Subtotal expenses by function

Other post - employment benefits

Depreciation Interest on bonds, capital improvement

notes, general obligation notes, less allowance for fuods used during

construction Contribution to municipalities

Other appropriations Bond discount and defeasance amortization

Total expenses

Contributed capital

Changes in net position


STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION

(in thousands)

$ 278,323 $ 304,218

278,323 304,218

(1,897) (3,119)

276,426 301,099

68,426 104,915 74,493 66,069

3,531 3,908 10,978 10,864

14,298 11,362 8,342 7,798

15,050 18,392

195,118 223,308

29,742 30,478

11,858 40,194 4,512 7,823

20,495 10,974

136

261,725 312,913

792 77

$ 15,493 $ (11,737)

$ 273,539

273,539

(708)

272,83 !

~.

98,394

59,517 5,328

12,394

13,514 8,608

19,411

217,166

658 30,764

39,337 6,091

9,053 128

303,197

514

$ (29,852)


STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION

(in thousands)

Operating revenues:

Sales of electric energy $ 2,970,682 $

Total operating revenues 2,970,682 Other income (22,759)

Total revenues 2,947,923

Expenses: Fuel cost 647,482

Purchased power 828,393

Other production 42,376

Transmission and distribution 131,74[

Mainlcnance 171,572 Customer accounting and collection 100,103 Administrative and general 180,604

Subtotal expenses by function 2,102,271

Other post - employment benefits Depreciation 356,900 Interest on bonds, capital improvement

notes, general obligation notes, less allowance for funds used during

construction 142,301 Contribution to municipalities 51,784 Other appropriations 174,113 Bond discount and defeasance amortization

Total expenses 2,827,369

Contributed capital 9,500

Changes in net position $ 130,054 $

3,437,517

3,437,517

(30,259)

3,407,258

[,213,893

727,390

54,745 143,575

153,123

93,633 [92,842

2,579,20[

367,822

483,386

74,037

137,297

1,176

3,642,919

7,317

(228,344)

17

$ 3,2[2,960

3,212,960

24,083

3,237,043

[,2[0,507

682,232

57,570

148,352 161,8[0

93,338

200,945

2,554,754

7,841

369,249

466,277

172,332

46,604

5,723

3,622,780

8,179

$ (377,558)

jadrover10737

Highlight


STATEMENTS OF REVENUES AND EXPENSES FOR REVENUE FUND PURPOSES PER TRUST AGREEMENT

(in thousands)

Revenues: Sales of electric energy (Exhibit D) $ 278,323 $ 304,218 $

Total operating revenues 278,323 304,218

Other income (1,897) (3,119) Total revenues 276,426 301,099

Less: 1974 construction fund investment income and gain on sale of properties 84 (51) Revenues - net 276,342 301,150

Current expenses:

Fuel cost 68,426 104,915 Purchased power 74,493 66,069 Other production 3,531 3,908 Transmission and distribution 10,978 10,864 Maintenance 14,298 11,362 Customer accounting and collection 8,342 7,798 Administrative and general 15,050 18,392

T ota\ current expenses 195,118 223,308

Net revenues (as defined) 81,224 77,842

Contractual obligations: Sinking fund appropriations -

Interest on power revenue bonds (1) 8,552 35,888

Bond redemption accoun (1) 9,139 19,780 Interest on notes 3,306 4,306 Capital Improvements fund 35,220

Total contractual obligations 56,217 59,974

Balance 25,007 17,868 Provision for Contribution in Lieu of Taxes and

other appropriations Contribution to municipalities 4,512 6,894 Other 20,495 10,974

Total provision for contribution and other 25,007 17,868

Remainder $ $ $

Footnotes

(I) The 1974 Sinking Fund appropriation have been accrued but not transiened.

273,539

273,539

(708) 272,831

29

272,802

98,394

59,517 5,328

12,394 13,514

8,608

19,411 217,166

55,636

35,055

18,670 4,282

58,007

(2,371)

(11,424)

9,053

(2,371 )

(2) Internal fimds have been accmed but not paid, nor transferred to Constmction Fund. Actual amounts are maintained as part of General hmd, to provide a Reserve for

Cllrrent Expenses.

Revenues Sales of electric energy (Exhibit D)

Total operating revenues Other income

Total revenues Less: 1974 construction fund investment income and gain on sale of properties Revcnues - nct

Cunent expenses' Fuel cost Purchased power Other production Transmission and di3tribution Maintenance Customer accounting and collection Administrative and general

Total cunent expenses

Ket rcvenuc~ (a~ dcfined)

Contractual obligations Sinking fund appropriations-

Interest on power revenue bonds (I) Bond redemption account (1)

Intcrest on notes Capital Improvements fund

Total contractual obligations

Balance Provision for Contribution in Lieu of Taxes and

other appropriations Contribution to municipalities

Oth"

Total provislOn for contribution and other

Remainder

Footnotes:

PUERTO RICO ELECTRIC POWER AUTHORIfY

STATEMENTS OF REVENUES AND EXPENSES FOR REVENUE FUND PURPOSES PER TRUST AGREEMENT

(in thousands)

2,970,682 3,437,517 , 2,970,682 3,437,517

(22,759) (30,259) 2,947,923 3,407,258

1,007 453 2,946,916 3,406,805

647,482 1,213,893 828,393 727,390 42,376 54,745

131,741 143,575 171,571 153,123 100,103 93,633 180,604 192,842

2,102,270 2,579,201

844,646 827,604

102,626 430,652 109,669 222,274

39,675 52,733 366,779 1,330 618,749 706,989

225,897 120,615

51,784 (16,682) 174,113 ___ 137,297

225,897 120,615

, $

3,212,960 3,212,960

24,083 3,237,043

837 3,236,206

1,210,507 682,232

57,570 148,352 161,810

93,338 200,945

2,554,754

681,452

392,329 249,233

53,562

695,124

(13,672)

(60,276) 46,604

(13,672)

if

Budget June2017

(I)The 1974 Sinking Fund Appropriation have been acclllcd but not transferred

SAl'vIE AS FISCAL YEAR

(2) Internal funds have been acclllcd but not paid, nor transferred to Construction Fund_ Actual amOlmts are maintained as part of General I'tmd, to providc a Rcservc for (:Ull'ent Expenses

19


Net Position

Invested in utility plant, net related debt $

Restricted for capita! activity and debt service

Unrestricted

Total net position $

NET POSITION (in thousands)

(1,052,398)

(811,022)

(2,306,097)

(4,169,517)

$ (686,162)

(721,159)

(2,533,910)

$ (3,941,231)


Exhibit A

Electric and related services:

General clients

Recoveries under fuel adjustment and purchase power clause under or (over) billed

Unbilled services

Allowance tor uncollectible accounts- General Client

Total General Clients

Government, including current and non current

Allowance for uncollectible acoounts- Govcmcni

Total Government

Claims Receivable from Insurance Companies & Other

Advances to Irrigation Systems - net

Accmed interest

Other

Total Accounts Receivable

Less: Govcmmcnt Account Receivable, non current portion

Total Accounts Receivable, current portion

(1) Excludes CTLT set a,ide during fiscal year 2016·2017 and 2015·2016

ACCOUNTS RECEIVABLE (in thousands)

$ 883,002

4,480

168,767

(465,221)

591,028

1,568,932 UJ

(58,497)

1,510,435

30,400

5,534

2,082

6,061

2,145,540

132,588

$ 2,012,952

$

$

829,406

(14,191)

167,574

(434,755)

548,034

1,418,851

(58,497)

1,360,354

29,964

9,098

2,052

29,063

1,978,565

132,588

1,845,977


Exhibit B

PREPAYMENTS AND OTHER (in thousands)

Claims Outstanding Related to Property Damages $

Prepayments and other

Total $

353

26,041

26,394

22

$ 353

25,953

$ 26,306


ACCOUNTS PAYABLE AND ACCRUED LlABILlTIES

Exhibit C Accounts payable - fuel oil and other Accrued annual leave Accrued sick !cave Accrued salaries and fringe benefits Accrued Contribution in Lieu of Taxes Accrued Actuarial Retirement Reserve for injuries and damages Accrued Contributions Federal Social Security Income tax withheld at source I Iealth plan Pension & Benefits Delhred Employer Contribution Other

Sub total current liabilities

Other current payabJes from restricted assets Retention on Contract Work Vouchercd AlP construction Contribution aid to construction

Total other current payabJes from restricted assets

Total current Liabilities

NON-CURRENT LIABILITIES

Net Pension Liability Accrued sick leave Accrued Unfunded OPEB

Total non current liabilities

Total accounts payabJes and non current liabilities

(1) Excludes CILT set aside during fiscal year 2016-2017 and 2015-2016.

$

$

530,702 47,001

3,538 1,324,976

2,193 2,070

408 122

12,510 9,342 7,488

1,940,350

5,914 2,550

34,088

42,552

1,982,902

1,704,640 114,518 134,857

1,954,015

3,936,917

$

$

23

530,136 50,302 4,681 3,867

1,146,973 2,193

258

20,060 9,342 7,255

1,775,067

5,672 5,548

32,983

44,203

1,819,270

1,704,640 114,518 134,857

1,954,015

3,773,285

24 PliERTO RICO ELECTRIC Po\VER AIITHORITY

SA[,ES OF EI,HCTRICENERGY

JUNE 2017

Exhibit D

Cla,,,O[SCWLCC Billed rllla] Unhilled Adillstment* ~

Rdde"tial 1,339_35~ 1,339,35H 575,9S0 352,85) (3J5,816) 593,015

C(]mmcm;at 123,769 113,769 (,87,381 410,800 (.117,676) 680,505

Industrial 615 '" 190,139 115,941 (l2U79) 184,901

Public lighting 2,15(' 2,156 26,516 8,599 (~,167) 26,9~8

Other pUblic alltlWl1ILe< 3,235 1,5~~ (l,'()()) '\,473

AgJioultuwl 1,191 l,191 2,235 1,302 (1,'96) ~ S"u(ol"1 1467,091 lA67,091 1,4~5,4g() 891,091 (885,-19.1) 1,491,083

Fuel oil "djuslmen!

PUl'cilo,"" pow",

-----Subtotal 1,'167,091 1,467,0')] 1,4~5 4~o H91,O~1 (RR5AN) 1.491.083

UIll'"""vc]'cd fuel oil CGst-net

Ullreco,.red j1\lfchn,od power ous!-uel

----Towl 1:167,091 1.'167,091 1,~~5,~S6 891,1l9] (Sg5,494) 1.491.083

FiSCAL YEAR·'! ()·f)I\TF

C~'Il!' AY"rage Kwhls Revenue Kwhr, pel p~"1"K\\'IL1

CI"ssofSelVloe Chem, (tiwus.nncis) (!ho"",u,d $) Chen! SolJ

ReSldential )J35,G43 6)92.32·1 426,965 4)86 6.6~

Couunercwl 123,816 8,036.6~3 633,002 M,WS m

Industnal 62,1 2,187,519 ]28,II7 3,50%39 5 gr,

PllbiJohghting 2,166 318,9~6 62,872 j.17,251 1971

Otller pubhc flUlIJOliUes 34,518 1,942 17,259,000 563

AJ',1'Cllltlll"1 U92 25,8~8 1,926 21,685 7,45

Subtotal !/163.4·13 16.995,838 1,254.824 11,611 73S

Fuel oil ndJmlmenl 1,367.774 K()7

PUlchased Power 7%,249 ~

Subtotal 1,463,443 16,995,~38 3,4IS,R47 11.614 2012

Um.cOI'ered fuel ull co,t-ne( 2,222

UorccQ\=d purch",cd Power co,j·nCI 16,~,!8

Tatal 1,463,443 16,995,838 3,437,517 !1,614 20.23

t'1"sufSe[,l'ioe

InduSl1ioi

Public lighting

Other puhlic .1ulho[1lic;

Agricultural

:;ubl0lal

Fud oil adju"mcnl

PlllcilosoJ power

Subtot,,1

Umco'-"'C'I'dfueiOll cost-n.t

Unrecovorod pnrch,_,od POI1-<1'OOSI-l1ot

Total

Uubilled

38,88-1 J.l,6il3

55,575 26,,)73

1)'415 5,270

5,313 1,524

'" m

1[,(, m

111533 '18_007

123,495 74,096

77,825 '\6,663

312,853 1(8)6G

PUERTO RleO ELECTRlC POWER AUTHORITY

SALES OF ELECTRIC ENERGY

JUNE 2017

Acljustrnenl'

(13,661) J~_H21i

(27,216) 54,K12

(5.'112) ll,n}

(IA3()) 5,407

(Gil

~ (47,350) 111,690

(72,1i55) 124,930

(,W,722) 8J,706

(161.227) 320,3n

(6,[48)

(10,(126)

30~_218

Knhn;, per

Client

J{)(),652

I,7J6,46~

1,882

)'OIG

1,{116

1,1116

25

ExhibitD

C<1Lt;

G,09

20.1)6

5.3(,

'" 749

797

'1.95

20 ~O

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