Total revenues decreased $106 million during 2015 due primarily to Timing Differences pertaining to deferred inflows of resources, lower Participant billings for operating expenses and debt service, as well as a decrease in off-system energy sales due to price. These factors were partially offset by a planned reduction in Competitive Trust Funding and an increase in Pseudo Scheduling and Services Agreement sales.
Total cents per kWh was 6.68 in 2015 compared with 6.89 in 2014. The decrease was primarily due to lower Participant billings for operating expenses and debt service, which were partially offset by a reduction in Competitive Trust Funding.
The weighted average interest rate of MEAG Power’s debt for 2015 was 4.13%, compared with 4.31% for 2014, with the decrease due primarily to DOE Guaranteed Loans.
During 2015, total debt outstanding increased $1.2 billion due mainly to advances from DOE Guaranteed Loans.
Total assets and deferred outflows of resources increased $1.5 billion during 2015 due primarily to other non-current assets, which increased $1.0 billion due mainly to proceeds from DOE Guaranteed Loans. PP&E increased $338 million due primarily to construction of Vogtle Units 3&4. Other factors were increases of $108 million in current assets and $3 million in deferred outflows of resources.
In 2015, peak demand increased slightly due to improving economic conditions.