Oglethorpe Power Corporation
Computation of Equity Ratio and
Margins for Interest Ratio
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| Year ended December 31, |
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| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
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| (dollars in thousands) |
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Computation of Equity Ratio: |
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Patronage capital |
| $ | 962,286 |
| $ | 911,087 |
| $ | 859,810 |
| $ | 809,465 |
| $ | 761,124 |
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Total capitalization |
| $ | 9,792,592 |
| $ | 8,945,892 |
| $ | 8,863,137 |
| $ | 8,214,739 |
| $ | 7,894,059 |
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Unamortized debt issuance costs and bond discounts |
| 103,331 |
| 95,613 |
| 101,261 |
| 97,988 |
| 101,939 |
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Long-term debt and capital leases due within one year |
| 522,289 |
| 216,694 |
| 316,861 |
| 189,840 |
| 160,754 |
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Total long-term debt and equities |
| $ | 10,418,212 |
| $ | 9,258,199 |
| $ | 9,281,259 |
| $ | 8,502,567 |
| $ | 8,156,752 |
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Equity Ratio |
| 9.2 | % | 9.8 | % | 9.3 | % | 9.5 | % | 9.3 | % | |||||
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Computation of Margins for Interest Ratio: |
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Net margin |
| $ | 51,199 |
| $ | 51,277 |
| $ | 50,345 |
| $ | 48,341 |
| $ | 46,635 |
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Less: income from equity investees |
| (1,547 | ) | (1,404 | ) | (1,413 | ) | (1,618 | ) | (1,712 | ) | |||||
Adjusted net margin |
| 49,652 |
| $ | 49,873 |
| $ | 48,932 |
| $ | 46,723 |
| $ | 44,923 |
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Interest for debt secured under the first mortgage indenture |
| 354,313 |
| 355,915 |
| 349,227 |
| 333,556 |
| 320,715 |
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| $ | 403,965 |
| $ | 405,788 |
| $ | 398,159 |
| $ | 380,279 |
| $ | 365,638 |
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Margins for Interest Ratio |
| 1.14 |
| 1.14 |
| 1.14 |
| 1.14 |
| 1.14 |
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