The System
Perennial’s transmission and distribution system consists of 1,949 miles of line, providing power to approximately 7,809 meters in York and Fillmore counties in Nebraska. Perennial employs 33 people and the District headquarters is located in York, Nebraska.
Energy Sales
The District has several revenue classes that make up energy sales. The industrial and irrigation classes typically make up the largest portion of sales revenue. In 2024 the industrial class accounted for 43.6 percent of total sales revenue. Industrial load is more consistent, whereas irrigation is dependent on weather conditions and can vary year to year. Irrigation revenue was 24.8 percent of total revenue in 2024. Revenue from energy sales in 2024 totaled $29,900,304, compared to $31,783,270 in 2023, a decrease of $1,882,966. The main reason for the decrease in revenue was the weather. In 2023, we had a historically dry year, that led to significantly higher irrigation revenue in 2023.
The largest component of sales revenue is derived from selling kilowatt-hours (kWh). Total kWh sold in 2024 was 358.036 million, compared to 382.852 million kWh in 2023. In 2024, irrigation kWh sold was 25.571 million less than in 2023. The industrial class had a minor increase of 3.531 million kWh in 2024.
Power Cost
The District does not have any generating facilities. They purchase 92 percent of their power requirements from Nebraska Public Power District. The other 8 percent is purchased from Bluestem Energy Solutions, which provides power from three wind turbines. Power costs were 69.8 percent of the total cost of electric service in 2024. This means for every dollar spent seventy cents goes to purchased power cost.
The District purchased 377.814 million kWh, at a cost of $20.781 million in 2024. Power purchased from NPPD amounted to 347.894 million kWh at a cost of $19.054 million. Power received from Bluestem was 29.920 million kWh at a cost of $1.727 million. In 2023, total kWh purchased was 396.016 million at a cost of $21.549 million.
Operation & Maintenance Expenses (Excluding Power Cost)
In addition to purchased power costs, the District spends dollars to keep the electric system reliable and efficient. Operation and maintenance expenses (less power cost) was $5.486 million in 2024, compared to $5.454 million in 2023. Depreciation Depreciation of system and capital assets is the largest non-operating expense. In 2024 depreciation expense was $2.606 million, compared to $2.473 million in 2023.
Long Term Debt
In 2024 the District did not incur any new debt. There are currently 3 outstanding bond issues, leaving total bond debt at $6.53 million.
Non-Operating Revenue
With the high in interest rate environment, the District earned a good amount of interest from investing some of its reserves. Interest income in 2024 was $680,060 compared to $605,801 in 2023.
Utility Plant
Each year the District plans for building and rebuilding areas of the system that need to be added or replaced. The District’s total utility plant increased $2.507 million to $85.819 million in 2024. Total utility plant in 2023 was $83.312 million. At the end of 2024, the District’s equity in relation to assets was 86 percent.
Cash And Investments
As of December 31, 2024, cash and investments totaled $13.646 million. Of that, $3.128 million is restricted funds that are kept for rate stabilization and held in capital membership accounts.
In Summary
Perennial ended 2024 in a strong financial position. With the economy seeing price increases in all areas of business, we will continue to be prudent in managing the finances of the District. Perennial’s management and board of directors always strive to utilize the District’s funds so that the system can be well maintained while keeping rates as low as possible. If you would like any further information or have any questions, you may contact the Manager of Finance and Accounting at 402-362-3355.
