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Quarterly utility finances: electric fund positive, gas and water showing short‑term losses; EV chargers still operating at a loss
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Summary
Quarter 1 (through 9/30/2025) financials: electric production tallied a net operating income of about $4.5M, gas and some water funds showed quarterly losses due to seasonality and capital spend, and municipal EV chargers ran a deficit with measured level‑3 cost about 58¢/kWh (website lists level‑2 at 23¢/kWh).
Finance staff presented the DPU’s Q1 financial review to the board, outlining operating results by fund, cash and investments, pending loans and grants, and capital carryovers from FY25.
Joanne (Finance) said electric production revenue for the quarter was roughly $1.3 million with operating expenses of about $8.4 million and net operating income reported around $4.5 million; electric distribution showed modest net operating income and positive net income for the quarter. By contrast, the gas fund recorded a quarterly operating loss (net operating −$172,727; net income −$176,930) attributable to seasonally low therm sales as of Sept. 30 and an expectation of increased sales in winter months.
The nut graf: staff emphasized the utility’s overall cash and investment position (total utility cash and investments about $84.8 million) while noting significant capital projects and carryovers—carryovers and encumbrances from FY25 were cited as the principal reasons for differences between adopted and revised budgets. San Juan and Laramie River decommissioning and reclamation funds were reported as adequately funded with modest overfunding; staff recommended holding reserves given environmental and long‑term reclamation uncertainties.
Joanne summarized liquidity and investment positions (SIC core holdings, LGIP short‑term liquidity), and explained a minor reporting error she corrected in the presentation. The board discussed loan repayment schedules, debt coverage ratios (staff said modeled coverage exceeds preferred 1.3 level through 2035, excluding pending applications), and pending loan/grant applications for water pipeline replacements.
On EV chargers, staff presented six months of usage for Los Alamos and White Rock ChargePoint stations. Average monthly customers were reported as ~85 for Los Alamos and ~37 for White Rock. Staff said measured level‑3 charging costs averaged about 58¢/kWh for the six‑month period; the municipal website lists a 23¢/kWh charge for level‑2 stations. A board member asked whether the higher level‑3 cost caused a usage change; staff will analyze usage trends and provide follow‑up.
The presentation closed with board discussion of White Rock substation funding scenarios and the recently approved withdrawal from reserves for a White Rock project; staff offered to meet individually with board members for deeper briefings.
