2023 Tri-State Investor Presentation
RESILIENCE
OUR DIFFERENT IS BETTER
We are a member-owned cooperative
This means we are not driven by profits; we're driven by the communities we serve.
Unlike investor-owned utilities (IOUS), we have:
No EPS targets
•
No high dividend payout ratios
No EPS-driven M&A activity
Our equity levels
Our equity is comprised solely of patronage capital, similar to retained earnings of a for-
profit company. We don't have paid-in capital on common stock.
A valuable service
Cooperatives took up the work of bringing electricity to rural communities when other
power providers would not, working together to share the costs and risks of generating
and transmitting electricity to deliver the benefits of this critical service. Even today,
cooperatives serve far fewer consumers per mile than other types of utilities, but the
value of membership is greater than ever.
Long-term wholesale power contracts
Contracts obligate our member systems to pay all of our costs and expenses, including
debt service, associated with owning and operating our power supply business. Over
the last few years, we have worked with our members to create more flexibility in our
contracts to better serve the growing diversity of members.
We are among the largest generation and
transmission cooperatives in the country in
terms of total assets, annual operating
revenue, miles of transmission line owned,
energy generation and sales.
As a cooperative, everything we do is member-
driven and member-focused. Our board of
directors is made up of representatives from each
of our 42 member systems, and with their
guidance and governance, we continue to work
with our member systems to serve the needs of
communities and consumers across the West.
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