September 10, 2014 Associated Electric Cooperative 1

Associated Electric Cooperative

Joe WilkinsonDirector, Member Services & Corporate Communications

September 10, 2014 Associated Electric Cooperative 2

112,000,...

12,500,...

13,000,...

13,500,...

14,000,...

233,900 MWh

2014 Loads 1.8% Above Budget

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep Oct

Nov

Dec

1,000,000.0

1,200,000.0

1,400,000.0

1,600,000.0

1,800,000.0

2,000,000.0

2,200,000.0

2,400,000.0

2,600,000.0

Actual Budget

Mem

ber

Load

+ L

osse

s (G

Wh)

September 10, 2014 Associated Electric Cooperative 3

chart

New Madrid and Thomas Hill YTD Availability

88%

September 10, 2014 Associated Electric Cooperative 4

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

$6.00

$6.50

$7.00

$7.50

$8.00

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Budget

Actuals

2014 Futures on8/12

2014 Henry Hub Gas Prices

4.60

4.394.32

4.10 4.11 4.144.38

5.864.77

4.61

4.564.55

4.02

4.17 4.19

3.92

September 10, 2014 Associated Electric Cooperative 5

chart

Sales Margins – Budget vs. Actual$2

.6 $3

.0

$4

.4

$3

.8 $4

.5

$4

.0

$5

.7

$4

.5

$4

.1

$2

.7

$2

.5 $3

.4

$1

1.6

$3

.1 $3

.8

$3

.1

$8

.6

$4

.8

$2

.4

$0M

$2M

$4M

$6M

$8M

$10M

$12M

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Budget

ActualJuly Margin $3.4M

Below Budget

$2

.6

$5

.6

$1

0.0 $1

3.8 $1

8.2 $2

2.2 $

28.0 $3

2.5 $3

6.6

$3

9.2

$4

1.7

$4

5.0

$1

1.6

$1

4.6 $1

8.4

$2

1.5

$3

0.1 $3

4.9

$3

7.3

$0M

$5M

$10M

$15M

$20M

$25M

$30M

$35M

$40M

$45M

$50M

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

YTD Margins Through July $9.3M Above Budget

$1 .8

$3

9.1

August Margins$2.7 million below budget

YTD Margins Through August$6.6 million above budget

September 10, 2014 Associated Electric Cooperative 6

September 10, 2014 Associated Electric Cooperative 7

chart

New Madrid Coal Stockpile

September 10, 2014 Associated Electric Cooperative 8

chart

Thomas Hill Coal Stockpile

September 10, 2014 Associated Electric Cooperative 9

March AprilMay

JuneJuly

August

September

October

November

December

January

February

March AprilMay

JuneJuly

August4

4.5

5

5.5

6

6.5

7

7.5

8

Cycle Times – Thomas Hill 2013-2014

September 10, 2014 Associated Electric Cooperative 10

January February March April May June July August 4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

New Madrid Cycle Times

Thomas Hill Cycle Times

YTD AvgNew Madrid 10.55 DaysThomas Hill 6.91 Days

2014 Year-To-Date Cycle Times

September 10, 2014 Associated Electric Cooperative 11

Key Upcoming Dates

• September 23-24 – Board’s first review of Cost of Service, Long Range Financial Forecast

• November 4-5 – Board’s review of final Cost of Service, Long Range Financial Forecast

September 10, 2014 Associated Electric Cooperative 12

Questions?