Debt Maturities Year Mil. $ 2004 23.3 2005 24.4 2006 25.6 2007 27.0 2008 28.5 Rate-setting ability and a history of responsive rate-setting by the board and management; low rates, which were about 82% of the state average in 2003; A favorable power supply position, with surplus capacity in nearly all months even under low stream flow conditions and below-average power supply costs; and A strong financial profile characterized in 2003 by debt service coverage of 1.75x after city transfers and 1.19x fixed charge coverage, moderate adjusted debt leverage of 65%, and adequate liquidity of more than $60 million after reimbursement with bond proceeds. Moderate hydrology risk associated with fuel concentration in hydroelectric resources, representing about 40% of total resources
