Old Dominion Electric Cooperative 8K Regulation FD Disclosure | SEC 20 Mar 12

Year End 2011 Investor Briefing

March 20, 2012

Exhibit 99.1

Management Participants

Lisa Johnson

Senior Vice President and

Chief Operating Officer

Bob Kees

Senior Vice President and

Chief Financial Officer

Todd Brickhouse

Vice President –

Treasurer

Lynn Maloney

Vice President –

Financial Reporting

and Investor Relations

Page 1

Page 2

Note Regarding Forward Looking and Other Statements

The information contained herein, and presented by representatives of Old Dominion Electric

Cooperative

(ODEC

our),

include,

are

based

upon,

forward

looking

statements

and

assumptions regarding matters that could have an impact on our business, financial condition,

and

future operations.

These statements and assumptions, based on our expectations and estimates, are not guarantees of

future

performance,

and

are

subject

risks,

uncertainties,

and

other

factors

that

could

cause

our

actual

results

differ

materially

from

those

described

herein.

These

risks,

uncertainties

and

other

factors

include,

but

are

not

limited

to,

general

business

conditions,

federal

and

state

legislative

and

regulatory actions, and general credit and capital market conditions.

Any forward looking statement or assumption speaks only as of the date on which the statement or

assumption

made,

and

undertake

obligation

update

any

forward

looking

statements

assumptions to reflect events or circumstances after this date, even if new information becomes

available

other

events

occur

after

the

date

this

presentation,

March

20,

2012.

These presentation materials highlight some of the information contained in our SEC filings and is

qualified in its entirety by the detailed information contained in our SEC filings and elsewhere in this

presentation.

This

presentation

may

not

contain

all

the

information

that

important

you.

You

should read this information in conjunction with the detailed information contained elsewhere in our

SEC filings.

ODEC Overview

Page 3

Our Business

•

Not-for-profit tax-exempt

power supply cooperative

•

Provide power to 11

distribution cooperatives

(Members) in VA, DE and MD

•

Own 2,013 MW of nuclear,

coal and natural gas

generation

•

PJM RTO member

•

FERC regulated

•

SEC registrant

•

Non-RUS borrower

Our Members

•

Purchase ODEC power

under all-requirements,

take-or-pay wholesale

power contracts (WPCs)

through at least 2053

•

Providers of power to

over 550,000 customers

(1.2 million people)

•

VA and MD Members

regulated by state

commissions

Our 2011 Results

•

Continued growth and strong

financial performance

•

Peak demand = 2,566 MW

•

Energy sales = 13,148 GWh

•

Revenues = $892 million

•

Total assets = $1.6 billion

•

Equity ratio = 31%

Our Credit Ratings

•

S&P –

A (secured and issuer), stable outlook

•

Moody’s –

A3 (secured), positive outlook

•

Fitch –

A (secured and implied unsecured), stable outlook

Equity ratio equals patronage capital divided by the sum of our long-term debt, long-term debt due within one year,

revolving credit facilities, and patronage capital.

2011 Highlights

Page 4

Quarter 2011

Announced

withdrawal from

North Anna Unit 3

Feb 28

Entered Second

Amended and

Restated

Indenture

Jan 26

Issued $350

million of First

Mortgage Bonds

under Indenture

Apr 7

Completed first

year with Potomac

Edison Acquisition

load

May 31

Jun 1

Repaid $215

million 2001

Series A Bonds

Aug 23

Earthquake caused

North Anna Units

1 and 2 to shut

down

Aug 27

Hurricane

Irene caused

customer

outages

Sep 30

Refunded $10

million under

Margin

Stabilization Plan

Quarter 2011

Oct 1

Increased

energy

rate 4.8%

Nov 22

North Anna

Units 1 and 2

returned to

service

Nov 21

million 5-year

syndicated

revolver

Dec 16

Finalized

withdrawal from

North Anna Unit 3

Dec 31

Refunded $4.9

million under

Margin

Stabilization Plan

Dec 6

Moody’s affirmed

ODEC’s A3 rating,

changed outlook

to positive

Apr 1

energy

Increased

rate 0.6%

Entered $500

Members

Page 5

•

ODEC’s load is diversified across 11 Members, with our largest member,

Rappahannock Electric Cooperative, accounting for 34% of our 2011

revenues from sales to Members

Member

Revenues

(in millions)

(%)

Rappahannock

$290.4

34.0

Shenandoah Valley

159.8

18.7

Delaware

97.6

11.4

Choptank

76.6

9.0

Southside

67.5

7.9

A&N

50.1

5.9

Mecklenburg

41.8

4.9

Prince George

22.5

2.6

Northern Neck

20.5

2.4

Community

14.7

1.7

BARC

12.4

1.5

$853.9

100.0%

Members’

Service Territories

Page 6

A&N

BARC

Choptank

Community

Delaware

Mecklenburg

Northern Neck

Prince George

Rappahannock

Shenandoah Valley

Southside

Rock Springs

336 MW

Marsh Run

504 MW

Louisa

504 MW

Clover

433 MW

North Anna

216 MW

Nuclear

Coal

Gas CTs

Members

Page 7

•

Members

continue

experience

growth

–

from

2006

through

2011,

average

annual

compound

growth

rates

were:

2.0% in total number of customers

•

No individual retail customer constituted more than 3.4% of ODEC’s 2011 total

revenues from sales to Members

3.1% in total energy sales volume

Excludes 2010 Potomac Edison Acquisition and WV disposition; growth with these events equals 6.4% and 9.3% in total number of

customers and total energy sales volume, respectively. Also, excludes Northern Virginia Electric Cooperative (NOVEC) which

withdrew as a Member January 1, 2009.

2011 Percentage of MWh Sales

2011 Percentage of Customers

Page 8

Collection of Costs

•

WPCs obligate ODEC to deliver, and the Members to purchase, substantially

all

the

Members’

power

requirements

through

least

2053

•

ODEC’s FERC formulary rate allows us to collect revenues to meet all costs,

expenses and financial obligations plus additional board-approved equity

contributions, and to change rates in accordance with the formula without

seeking FERC approval

Exceptions are decommissioning costs (currently $0), changes to depreciation

rates, and changes to account classifications or the addition of

accounts to

the formula

Entity

Regulator

Changes that Require Approval

Changes that do not Require Approval

ODEC

FERC

ODEC’s formulary rate components

ODEC’s energy and demand rates

Virginia Members

VSCC

Members’

distribution rates

ODEC’s energy and demand rates

Maryland Member

MPSC

Member’s distribution rates

ODEC’s energy and demand rates

Delaware Member

None

N/A

ODEC’s energy and demand rates

Page 9

Competition

•

Although available in some areas, active competition has not developed

in our Members’

service territories

•

The vast majority of ODEC’s load is not subject to competition; per the

WPC, we are obligated to continue to plan to accommodate this load

Entity

Which Customers can Shop?

Registered

Alternative

Suppliers Exist?

Customers Lost

to Competition

Virginia Members

•

Loads > 5 MW, but < 1% of

incumbent peak utility’s load

•

Loads > 90 MW

•

Seeking green power if not

offered by incumbent

None

Maryland Member

All

None

Delaware Member

All

None

2011 Resource Mix

Energy

2011 Peak Demand = 2,566 MW (Jan)

2011 Energy Sales = 13,147,510 MWh

Demand

Page 10

20%

11%

Other

Purchases

CTs

(gas)

Clover

(coal)

63%

Renewable

Purchases

15%

33%

Purchases

CTs

(gas)

Clover

(coal)

North

Anna

(nuclear)

North

Anna

(nuclear)

44%

Owned Generation Statistics –

Dec 31, 2011

Facilities

Clover

North Anna

CTs

Primary Fuel Type

coal

nuclear

natural gas

Operator

VA Power

ODEC/EP

Net Utility Plant in Service (w/o CWIP)

$326 million

$147 million

$424 million

Net Capacity Rating

433 MW

216 MW

1,344 MW

Net Capital Investment

$768/KW

$681/KW

$315/KW

Average Operational Availability

92.7%

97.4%

Average Capacity Factor

68.6%

76.9%

Factors affecting 2011 operations

lower dispatch by

PJM due to lower

market prices

Aug 23, 2011

earthquake shut

down both units

until mid-Nov

lower dispatch by

PJM due to lower

market prices

Page 11

ODEC also owns 10 diesel units (20 MW), primarily to enhance system reliability.

ODEC owns three combustion turbine facilities. We operate our two facilities in Virginia; Essential Power Operating Co., LLC

(EP) operates our Rock Springs, Maryland units.

Excludes decommissioning and nuclear fuel.

North Anna Units 1 and 2

•

On August 23, 2011, a 5.8 magnitude earthquake near Mineral, VA caused

the two reactors at North Anna to shut down immediately, as designed

•

Detailed inspections found no significant damage

•

Both units were placed in cold shutdown condition pending completion of

NRC inspection and review

•

On November 11, 2011, the NRC issued a press release stating that North

Anna Units 1 and 2 could be restarted

Unit 1 –

Restarted on November 11; began generating power on November 15

Unit 2 –

Restarted on November 20; began generating power on November 22

•

While North Anna was shut down, we purchased replacement power from

the market

Page 12

North Anna Unit 3 Withdrawal

•

2007 –

We filed a joint application with Virginia Power at NRC for a license to

construct North Anna Unit 3

•

October 2010 –

Virginia Power announced “slowdown,”

indicated that it would

reassess construction schedule in 2013

•

February 2011 –

We announced we would not participate in North Anna Unit 3

North Anna Unit 3 CWIP of $21.3 million was reclassified to a regulatory asset

Financing-related costs of $1.8 million were expensed as A&G

•

December 16, 2011 –

Finalized withdrawal

Received $11.3 million from Virginia Power

$0.9 million = sale of land related to North Anna Unit 3

Balance in regulatory asset = $22.7 million

To be collected from Virginia Power, subject to Virginia State Corporation Commission

approval, or through our formulary rate

Page 13

$10.4 million = reimbursement of costs incurred from Feb 2011 to Dec 16

Capital

Expenditures

(including

nuclear

fuel

and

capitalized

interest)

Page 14

Other

1.4

31.6

1.6

7.1

6.7

6.8

CTs

0.6

0.9

2.7

0.7

1.1

North Anna

30.1

36.4

31.9

12.4

12.7

13.4

Clover

10.2

9.6

9.9

12.2

12.4

12.7

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2009

2010

2011

2012

2013

2014

Actual

$166.9 million

Projected =

$99.3 million

Currently anticipate that

expenditures will be

funded with cash from

operations

Projected

2009-2011

–

“North

Anna”

includes $17.6

million for North Anna

Unit 3

2010 –

“Other”

includes

$30.0 million for land

for potential generating

facility

Actuals

•

ODEC’s focus is to provide reliable, cost-effective, environmentally-balanced

power supply to our Members

•

We are currently on track with our primary energy planning objective to

source 50% to 70% of our power from long-term contracts and owned

generation assets

•

We continue to plan for growth in demand and energy usage, although near-

term growth projections are less robust than historical averages

Our Members’

service territories have been less impacted by the economic

downturn than certain other localities, and continue to experience modest growth

•

We have evaluated numerous power supply opportunities in recent years and

have consistently selected the most cost-effective resources for our Members

•

ODEC continues to evaluate all feasible power supply opportunities to

purchase or construct additional generation assets, and to acquire additional

long-term power contracts

Page 15

Resource Planning Process

Sales and Revenues

Page 16

Factors affecting results:

2009

•

2010

•

2011

•

Revenues from Non-Members

34.1

65.4

37.6

Demand Revenues from Members

236.4

280.7

312.7

Energy Revenues from Members

442.7

498.4

541.2

MWh Sales to Members (right axis)

8.7

11.3

12.2

37%

13%

19%

11%

29%

30%

11%

Jan 1 –

NOVEC

withdrawal

Decrease in energy rate

Jun 1 –

Potomac Edison

Acquisition

First full year with

Potomac Edison

Acquisition load

Milder temperatures

Extreme temperatures

Decrease in energy rate

Page 17

Income Statement Analysis

2011 % change

2010 % change

2009

Energy Sales to Members

12,205,602 MWh

8.5%

11,254,269 MWh

29.8%

8,667,917 MWh

Energy Sales to Non-Members

941,908 MWh

(30.6%)

1,356,542 MWh

27.9%

1,060,656 MWh

Total Energy Sales

13,147,510 MWh

4.3%

12,610,811 MWh

29.6%

9,728,573 MWh

Demand Sales to Members

24,166 MW

10.0%

21,960 MW

29.9%

16,910 MW

Revenues from Sales to Members

$853.9 million

9.6%

$779.1 million

14.7%

$679.1 million

Total Operating Revenues

$891.5 million

5.6%

$844.5 million

18.4%

$713.2 million

Total Operating Expenses

$828.9 million

4.8%

$790.8 million

20.7%

$655.4 million

Net Margin attributable to ODEC

$10.8 million

6.4%

$10.2 million

4.9%

$9.7 million

Margin Stabilization Refund

$14.9 million

$22.5 million

$2.4 million

Average Member Cost

$69.96/MWh

$69.22/MWh

(11.6%)

$78.34/MWh

Margins for Interest (MFI) Ratio *

1.22

1.23

1.21

Per the Indenture we must establish and collect rates which are reasonably expected to yield an MFI ratio of at least 1.10.

MFI ratio is calculated by dividing margins for interest by interest charges, as those terms are defined in the Indenture.

For further description of these terms and calculation, see ITEM 6. SELECTED FINANCIAL DATA in ODEC’s 2011 Annual

Report on Form 10-K.

Page 18

Balance Sheet Analysis

2011 % change

2010 % change

2009

Net Electric Plant

$1,012.9 million

(2.4%)

$1,037.4 million

2.9%

$1,008.4 million

Total Investments

235.2 million

19.6%

196.6 million

11.7%

176.1 million

Other Assets

325.9 million

17.0%

278.4 million

9.0%

255.4 million

Total Assets

$1,574.0 million

4.1%

$1,512.4 million

5.0%

$1,439.9 million

Patronage Capital

$350.5 million

3.2%

$339.7 million

3.1%

$329.5 million

Non-controlling Interest

13.1 million

13.2 million

Long-term Debt

766.1 million

70.3%

449.8 million

(34.7%)

688.7 million

Long-term Debt due w/in One Year

28.3 million

(88.2%)

238.9 million

942.5%

22.9 million

Revolving Credit Facilities

(100.0%)

7.0 million

(73.9%)

27.0 million

Total Capitalization

$1,158.0 million

$1,048.6 million

$1,081.3 million

Equity Ratio

30.6%

32.8%

30.9%

Deferred Energy

$34.7 million

(23.5%)

$45.4 million

17.1%

$38.7 million

Equity ratio equals patronage capital divided by the sum of our

long-term debt, long-term debt due within one year, revolving

credit facilities, and patronage capital.

Liquidity and Capital Resources

•

ODEC continues to generate positive cash from operations

Page 19

2011

2010

2009

Net $ Provided by Operating Activities

$40.1 million

$119.2 million

$91.2 million

Net Change in $ and $ Equivalents

$59.4 million

($1.9 million)

($5.7 million)

Comments:

Proceeds from

$350 million

debt issuance

enhanced $

$ was utilized to cover capital

expenditures in lieu of

incurring borrowing costs

•

April –

Issued $350 million of first mortgage bonds under Indenture

Used portion of proceeds to repay $215 million June 1 bullet maturity

•

November –

Increased and extended available liquidity with closing of

$500 million 5-year revolving credit facility

Page 20

Summary

•

Economically stable, highly residential service territory

•

Long-term all-requirements wholesale power contracts

•

Favorable regulatory environment

•

Well-established hedging program and long-term planning process

•

Diversified portfolio of power supply resources

•

Consistently strong financial performance

•

SEC registrant and Sarbanes-Oxley compliant

•

“A”

(stable outlook) and “A3”

(positive outlook) credit ratings

Page 21

Additional Information

•

A link to this presentation will be posted on ODEC’s website

www.odec.com

•

ODEC’s SEC filings, including Forms 10-K, 10-Q and 8-K are also

available on our website

•

For additional information please refer to the contacts below

Name

Title

E-mail Address

Phone Number

Bob Kees

SVP

and

Chief

Financial

Officer

bkees@odec.com

804-968-4034

Todd Brickhouse

VP –

Treasurer

tbrickhouse@odec.com

804-968-4012

Lynn Maloney

VP –

Financial Reporting and

Investor Relations

lmaloney@odec.com

804-968-4065

Old Dominion Electric Cooperative 8-KRegulation FD Disclosure