...Standard & Poor's Ratings Services has affirmed its 'A-' issuer credit rating on East Kentucky Power Cooperative Inc. (EKPC). The outlook is stable. The EKPC is a generation and transmission (G&T) cooperative. Its 16-member distribution cooperatives serve more than 525,000 retail customers in 87 of Kentucky's 120 counties. In 2014, the cooperative produced 10,463 gigawatt hours (GWh) or 80% of the 13,120 GWh it sold to its members. It purchased the balance, which was consistent with 2013, but down from 86% in 2012 and 91% in 2011. The variations reflect planned and unplanned outages, in addition to opportunities for market purchases from resources with lower variable costs than the utility's own plant. The EKPC reported $953 million of fiscal 2014 operating revenues and about $2.7 billion of debt at fiscal year-end (Dec. 31). In 2014, it was among the 10 largest G&T cooperatives in the U.S. as measured by member energy sales. The rating reflects what we consider the following credit strengths:...
