08-09-2021 BPU RPT 18 - Laserfiche WebLink

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W A T E R I E N E R G Y L I F E RPU FINANCIAL RESULTS SULMI PUBLIC UTILITIES Unaudited FY 2020/21 through May 31, 2021 ELECTRIC Due to the COVID-19 pandemic and the Governor's declaration of the State of Emergency on March 4, 2020 and Stay at Home Order issued on March 19, 2020, RPU recognizes that there will be impacts to the financial results of the Electric Utility, which staff will continue to monitor. On January 5, 2021, the City Council delayed the implementation of the third year of the Electric Rate Plan through March 31, 2021, which is approximately one year from the date the City declared the state of emergency. On March 23, 2021, with the City still under a declared state of emergency, the City Council delayed the third year of the Electric Rate Plan with direction to the Board of Public Utilities to review the third year of the rate plan and make recommendations back to City Council. On April 19th, the Board of Public Utilities recommended that City Council delay the implementation of the third year of the Electric Rate Plan to no later than July 1, 2021. On June 15, 2021, the Board's recommendation was presented to the City Council. The City Council approved the implementation of the third year of the Electric Rate Plan effective July 1, 2021. The fiscal impact of the delay to the third year of the Electric Rate Plan from the previously approved implementation date of January 1, 2021, to June 30, 2021, is an estimated $4.4M reduction to revenues. Retail Sales Revenue $40 - — $35 $30 $25 $20 — $15 — $10 $5 — $0 Jul -20 Aug -20 Sep -20 Oct -20 Nov -20 Dec -20 Jan -21 Feb -21 Mar -21 Apr -21 May -21 Jun -21 FACTUAL � BUDGET PRIOR YEAR Year-to-date retail sales of $295.2M are $9M (3.0%) lower than budget due to lower than anticipated consumption and the delay in the rate increase. Current year actual retail sales are $11.7M (4.1%) higher than prior year, due to an increase in consumption as a result of warmer temperatures compared to the prior year and rate plan increases. Retail kWh sales reflect 3.8% lower than budget due to lower than anticipated consumption and 0.9% higher than prior year due to an increase in consumption. OPERATING EXPENDITURES Personnel Expense $2 $6 $5 $3 $1 I I I I Jul -20 Aug -20 Sep -20 Oct -20 Nov -20 Dec -20 Jan -21 Feb -21 Mar -21 Apr -21 May -21 Jun -21 ■ Regular Overtime Benefits Total Operating Expense c $35 0 g $30 $25 - $20 $15 $10 $5 am <m am <m am am <m am am <m am <m Jul -20 Aug -20 Sep -20 Oct -20 Nov -20 Dec -20 Jan -21 Feb -21 Mar -21 Apr -21 May -21 Jun -21 ❑ Personnel ❑ Power Supply Other Operating $30 Retail KWh Sales Total - YTD 1.938 11.956 22,032 2,500 0 $20 2,000 20-8 1,500 879.7 959.3 1,000 $1D 383.6 13.4 500 1 657.9 638IF .8 0 May -20 May -21 Budget -21 a m ■ Residential ■ Commercial ■ Industrial ■ Other Year-to-date retail sales of $295.2M are $9M (3.0%) lower than budget due to lower than anticipated consumption and the delay in the rate increase. Current year actual retail sales are $11.7M (4.1%) higher than prior year, due to an increase in consumption as a result of warmer temperatures compared to the prior year and rate plan increases. Retail kWh sales reflect 3.8% lower than budget due to lower than anticipated consumption and 0.9% higher than prior year due to an increase in consumption. OPERATING EXPENDITURES Personnel Expense $2 $6 $5 $3 $1 I I I I Jul -20 Aug -20 Sep -20 Oct -20 Nov -20 Dec -20 Jan -21 Feb -21 Mar -21 Apr -21 May -21 Jun -21 ■ Regular Overtime Benefits Total Operating Expense c $35 0 g $30 $25 - $20 $15 $10 $5 am <m am <m am am <m am am <m am <m Jul -20 Aug -20 Sep -20 Oct -20 Nov -20 Dec -20 Jan -21 Feb -21 Mar -21 Apr -21 May -21 Jun -21 ❑ Personnel ❑ Power Supply Other Operating $30 Power Supply Expense $25 $20 $15 $1D $- 1 a" m a m a" m a m a m a m a" m a m a m a" m a" m a m Jul -20 Aug -20 Sep -20 0c120 Nov -20 Dec -20 Jan -21 Feb -21 Mar -21 Apr -21 May -21 Jun -21 ■Transmission Generation Personnel Expense: Year-to-date personnel costs of $48.91M are $12.71M (20.6%) lower than budget due to various vacancies and attrition. Power Supply Expense: Year-to-date power supply costs of $2041M are $13.91M (6.4%) lower than budget due to lower than anticipated costs related to capacity projects and RPU's firm transmission service contracts. Other Operating Expense: Year-to-date other operating expenses of $6.41M are $10.51M (62.0%) below budget due to timing of expenses and savings in other general operating expenses.