Old Dominion Electric Cooperative 8-K Regulation FD Disclosure

Year End 2012 Investor Briefing

May 2, 2013

Exhibit 99.1

Management Participants

Jack Reasor

Chief Executive Officer

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

or

we

or

our),

include,

or

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

to

risks,

uncertainties,

and

other

factors

that

could

cause

our

actual

results

to

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

is

made,

and

we

undertake

no

obligation

to

update

any

forward

looking

statements

or

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

available or other events occur after the date

of this presentation, May 2, 2013.

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

is

important

to

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 2,015 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’

distribution rates

regulated by state

commissions

Our 2012 Results

•

Continued growth and strong

financial performance

•

Peak demand = 2,538 MW

•

Energy sales = 12,605 GWh

•

Revenues = $843 million

•

Total assets = $1.5 billion

•

Equity ratio = 32%

*

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.

Page 4

2012 In Review –

Focus was on …

Securing additional generation

resources

•

June 2012 –

Issued RFP for long-

term power supply options

•

July 2012 –

Received

approximately 80 proposals in

response to RFP

•

Fall/Winter

2012

–

Evaluated

RFP

responses

•

Spring

2013

–

Board

determined

that expansion at existing plant

site was most reliable and

competitively priced option

Reducing costs to our

Members

•

April

2012

–

4.6%

energy

rate reduction

•

October

2012

–

6.8%

energy

rate reduction

•

Year 2012

$15.0

million

margin

stabilization refund

2.3%

decrease

in

average total cost to

Members

Members

Page 5

•

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

Rappahannock Electric Cooperative, accounting for 34% of our 2012

revenues from sales to Members

Member

Revenues

(in millions)

(%)

Rappahannock

$280.4

33.9

Shenandoah Valley

152.1

18.4

Delaware

95.4

11.5

Choptank

75.9

9.2

Southside

66.0

8.0

A&N

48.4

5.8

Mecklenburg

40.6

4.9

Prince George

22.1

2.7

Northern Neck

19.7

2.4

Community

14.1

1.7

BARC

12.1

1.5 

$826.8

100.0%

Members’

Service Territories

Page 6

Rock Springs

336 MW

Marsh Run

504 MW

Louisa

504 MW

Clover

433 MW

North Anna

218 MW

Gas CTs

Nuclear

Coal

A&N

BARC

Choptank

Community

Delaware

Mecklenburg

Northern Neck

Prince George

Rappahannock

Shenandoah Valley

Southside

2012 Percentage of MWh Sales

2012 Percentage of Customers

Members

Page 7

•

Members

continue

to

experience

growth

–

from

2007

through

2012,

compound

annual growth rates

*

were:

1.6% in total number of customers

•

No individual retail customer constituted more than 3.6% of ODEC’s 2012 total

revenues from sales to Members

1.5% in total energy sales volume

*

Excludes 2010 Potomac Edison acquisition and West Virginia disposition; growth with these events equals 6.0% and 7.6% 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.

58.4%

40.3%

1.3%

Residential

Commercial and Industrial

Other

89.4%

9.6%

1.0%

Residential

Commercial and Industrial

Other

Page 8

Wholesale Power Contract

•

WPCs, which extend through at least 2053, obligate ODEC to

deliver, and the  Members to purchase, all of the Members’

power requirements with the following exceptions:

ODEC’s mainland Virginia  Members can purchase hydroelectric

power from the Southeastern Power Administration (SEPA)

Approximately 0.8% and 2.5% of Members’

2012 energy and capacity

requirements, respectively

Members can receive up to the greater of 5% or 5 MW of their

power requirements from owned generation or other suppliers,

and in limited circumstances, additional amounts if so approved

by ODEC’s  Board

During 2013, we anticipate that they will receive approximately 8.5 MW

under these exceptions

Page 9

Rate Regulation

•

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

2012 Resource Mix

Energy

(MWh)

2012 Peak Demand = 2,538 MW (July)

2012 Energy Sales = 12,604,673 MWh

Capacity

(MW)

Page 10

North

Anna

(nuclear)

Clover

(coal)

North

Anna

(nuclear)

45%

17%

14%

2%

4%

Other

Purchases

CTs

(gas

)

63%

Renewable

Purchases

15%

8%

32%

Purchases

CTs

(gas)

Clover

(coal)

Owned Generation Statistics –

December 31, 2012

Facilities

1

Clover

North Anna

CTs

2

Primary Fuel Type

coal

nuclear

natural gas

Operator

VA Power

VA Power

ODEC/EP

2

Net Utility Plant in Service (w/o CWIP)

$328 million

$155 million

3

$405 million

Net Capacity Entitlement

433 MW

218 MW

1,344 MW

Net Capital Investment

$758/KW

$713/KW

$301/KW

Average Operational Availability

85.3%

90.7%

97.7%

Average Capacity Factor

58.1%

92.9%

-

Factors affecting 2012 operations

maintenance outages

and lower dispatch by

PJM due to lower

market prices

lower dispatch

by PJM due to

lower market

prices

1 

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

2

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.

3 

Excludes decommissioning and nuclear fuel.

Page 11

•

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

environmentally-balanced power supply to our Members

•

We continue to plan for growth in demand and energy

usage, although near-term growth projections are less

robust than historical averages

Page 12

Pursuit of New Generation Resources

Members’

service territories less impacted by the economic

downturn and continue to experience modest growth

Strategic planning objective of sourcing 50% to 70% of our

energy from long-term contracts and owned generation assets

•

June 1, 2012 –

ODEC issued an RFP seeking long-term

power supply options

•

July 16, 2012 –

Received approximately 80 proposals

•

Fall/Winter 2012 –

Evaluated various proposals to

determine most reliable and competitively priced option

Page 13

Pursuit of New Generation Resources

100 MW to 800 MW

Intermediate or baseload, dispatchable power

Asset acquisition or power purchase

Within or with firm transmission into PJM

To begin between June 1, 2015 and June 1, 2018

•

April 23, 2013 –

ODEC announced that we will seek approval to

construct a natural gas fueled electric generation facility on

existing property at our Rock Springs Generation Facility in Cecil

County, Maryland

To be named Wildcat Point Generation Facility

Expected to start construction in late 2014 and become operational in

mid-2017

Expected to generate approximately 1,000 MW

Preliminary estimate of overnight cost = $675 million *

*

Excludes certain owners costs and financing costs

Plant will be owned 100% by ODEC

•

Plan

to

apply

for

Certificate

of

Public

Convenience

and

Necessity 

from

the

Maryland

Public

Service

Commission

in

May

2013

Page 14

Pursuit of New Generation Resources

Sales and Revenues

Page 15

Revenues from Non-members

65.4

37.6

15.9

Demand Revenues from Members

280.7

312.7

299.3

Energy Revenues from Members

498.4

541.2

527.5

MWh Sales to Members (right axis)

11.3

12.2

12.1

13%

9%

3%

11%

4%

30%

9%

1%

19%

-

2.0

4.0

6.0

8.0

10.0

12.0

-

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1,000.0

2010

2011

2012

Factors affecting results:

2010

2011

2012

•

June 1 –

Potomac Edison

acquisition

•

Extreme temperatures

•

Decrease in energy rate

•

First full year with

Potomac Edison

acquisition load

•

Milder temperatures

•

Decrease in energy rate

•

Decrease in demand costs

Page 16

Income Statement Analysis

2012        % change

2011        % change

2010

Energy Sales to Members

12,096,230 MWh

(0.9%)

12,205,602 MWh

8.5%

11,254,269 MWh

Energy Sales to Non-members

508,443 MWh

(46.0%)

941,908 MWh

(30.6%)

1,356,542 MWh

Total Energy Sales

12,604,673 MWh

(4.1%)

13,147,510 MWh

4.3%

12,610,811 MWh

Demand Sales to Members

24,027 MW

(0.6%)

24,166 MW

10.0%

21,960 MW

Revenues from Sales to Members

$826.8 million

(3.2%)

$853.9 million

9.6%

$779.1 million

Total Operating Revenues

$842.7 million

(5.5%)

$891.5 million

5.6%

$844.5 million

Total Operating Expenses

$783.5 million

(5.5%)

$828.9 million

4.8%

$790.8 million

Net Margin attributable to ODEC

$9.9 million

(8.0%)

$10.8 million

6.4%

$10.2 million

Margin Stabilization Refund

$15.0 million

$14.9 million

$22.5 million

Average Total Cost to Members

$68.35/MWh

(2.3%)

$69.96/MWh

1.1%

$69.22/MWh

Margins for Interest (MFI) Ratio *

1.21

1.22

1.23

*

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 2012 Annual Report on

Form 10-K.

Page 17

Balance Sheet Analysis

2012        % change

2011        % change

2010

Net Electric Plant

$991.3 million

(2.1%)

$1,012.9 million

(2.4%)

$1,037.4 million

Total Investments

263.0 million

11.8%

235.2 million

19.6%

196.6 million

Other Assets

289.2 million

(11.3%)

325.9 million

17.0%

278.4 million

Total Assets

$1,543.5 million

(1.9%)

$1,574.0 million

4.1%

$1,512.4 million

Patronage Capital

$360.4 million

2.8%

$350.5 million

3.2%

$339.7 million

Non-controlling Interest

13.3 million

1.3%

13.1 million

(0.6%)

13.2 million

Long-term Debt

737.8 million

(3.7%)

766.1 million

70.3%

449.8 million

Long-term Debt due w/in One Year

28.3 million

-

28.3 million

(88.2%)

238.9 million

Revolving Credit Facilities

-

-

-

(100.0%)

7.0 million

Total

Capitalization

and

Short-term Debt

$1,139.8 million

(1.6%)

$1,158.0 million

10.4%

$1,048.6 million

Equity Ratio *

32.0%

30.6%

32.8%

Deferred Energy

$56.0 million

61.4%

$34.7 million

(23.5%)

$45.4 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 18

2012

2011

2010

Net Cash Provided by Operating Activities

$51.3 million

$40.1 million

$119.2 million

Net Change in Cash and Cash Equivalents

($26.4 million)

$59.4 million

($1.9 million)

•

Additional liquidity is available via a $500 million revolving credit facility

which currently matures in November 2016

ODEC did not borrow funds under this facility in 2012

•

For long term funding needs, ODEC can access the debt-capital markets

Capital Expenditures (including nuclear fuel and capitalized interest)

Page 19

Actuals

Projected

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2010

2011

2012

2013

2014

2015

Projected =

$107.9 million

Actual

=

$157.0 million

•

2010-2011 –

“North

Anna”

includes $15.0

million for North Anna

Unit 3

•

2010 –

“Other”

includes

$30.0 million for land for

potential generating

facility

•

“Other”

includes costs

related to transmission

assets, A&G assets and

distributed generation

•

Does not include

Wildcat Point

Generation Facility

Other

31.6

1.6

2.0

6.1

5.5

5.6

CTs

0.9

2.7

0.6

1.2

1.1

1.1

North Anna

36.4

31.9

18.6

9.4

18.1

11.9

Clover

9.6

9.9

11.2

16.1

16.9

14.9

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

•

Wildcat Point will reduce reliance on purchased power

•

Consistently strong financial performance

•

SEC registrant and Sarbanes-Oxley compliant

•

Proven ability to secure liquidity and access capital

•

“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

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

SVP and Chief Financial Officer