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Utility Comparison APPA Data
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The American Public Power Association (APPA) Financial and Operating Ratios of Public Power Utilities Report provides benchmarking data for public utilities nationwide. The data for the report was provided through the APPA 2024 Performance Indicators Survey. Staff is compiling data for the 2025 Performance Indicators Survey which is due in November 2026. The staff summary compares DPU’s 2024 and 2023 results to APPA’s 2024 median values for all APPA utility members, utilities with 5,000-10,000 customers, and utilities in the APPA Western region. Several of DPU’s APPA-calculated ratios were marked “NA” in the APPA report due to outlier status. These values have been calculated and included in the staff summary.
DPU’s financial position in FY2024 was heavily influenced by the one-time Uniper settlement, temporarily boosting several ratios. Underlying operational metrics show strong revenue collection, efficient staffing, and strong financial leverage. Some key areas that need attention are operations and maintenance costs, and long-term rate adequacy. The upcoming FY2025 data will better reflect the ongoing financial health of the electric utility, particularly after time-of-use rates stabilize.
Key Findings
1. Revenue per kWh - DPU’s reported APPA revenue per kWh ($0.097 in 2024) is lower than APPA medians but is skewed because DOE is treated as a retail customer. When using DPU’s own FY data, revenue per kWh increased in FY2024 following the first rate increase since 2015 and aligns more closely with APPA medians.
2. Debt to Total Assets - DPU improved significantly from 0.724 (FY2023) to 0.382 (FY2024), driven by the Uniper settlement which increased assets. A ratio between 0.30 and 0.60 is considered healthy.
3. Operating Ratio - DPU’s ratio of 1.243 shows operating costs exceeded revenues by 24.3% in FY2024, prior to implementation of time-of-use rates. A ratio above 1.0 indicates a financial loss. DPU ...
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