Title
Comparison of APPA & AWWA Data
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Follow-up to discussion which began at the October 21, 2026 regular meeting.
American Public Power Association (APPA)
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 has submitted data for the 2025 survey. APPA expects to finalize the 2025 report in early 2027.
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.
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 to review during the upcoming budget preparations are operations and maintenance costs, and long-term rate adequacy and affordability. The upcoming 2025 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) for all retail customers is lower than APPA medians, but is skewed because DOE is treated as a retail customer. When using DPU’s customer types, revenue per kWh is $0.128 in FY2024, and aligns more closely with APPA medians. Revenue per kWh increased in FY2024 following the first electric rate increase since 2015.
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. Without the Uniper settlement, the ratio would be 0.601 in FY2024, which is still an improvement from FY2023, and ...
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