Old Dominion Electric Cooperative 8-K Regulation FD Disclosure

Year End 2014

Investor Briefing

April 8, 2015

Exhibit 99.1

Management Participants

Year End 2014 Investor Briefing

Jack Reasor

Chief Executive Officer

Bob Kees

Senior Vice President and

Chief Financial Officer

Rick Beam

Senior Vice President of Power Supply

Todd Brickhouse

Vice President –

Treasurer

Lynn Maloney

Vice

President

–

Financial

Reporting

and Investor Relations

Page 2

Note Regarding Forward-Looking and Other Statements

Year End 2014 Investor Briefing

Page 3

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.

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.

OVERVIEW

ODEC Overview

Our Business

•

Not-for-profit tax-exempt

power supply cooperative

•

Provide power to 11

distribution cooperatives

(Members) in VA, DE, and

MD who are our owners

•

Own 2,021 MW of primarily

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 through

at least 2053

•

Providers of power to

over 560,000 customers

(1.4 million people)

•

VA and MD Members’

distribution rates

regulated by state

commissions

Our 2014 Results

•

Continued growth and

strong financial performance

•

Peak demand = 3,111 MW

•

Energy sales = 13,279 GWh

•

Revenues = $952 million

•

Total assets = $1.6 billion

•

Equity ratio = 31%*

Our Credit Ratings

•

S&P –

A (secured and issuer), stable outlook

•

Moody’s –

A2 (secured), stable outlook

•

Fitch –

A (secured and implied unsecured), stable outlook

*

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

patronage capital.

Year End 2014 Investor Briefing

Page 5

Highlights

Year End 2014 Investor Briefing

Page 6

Wildcat Point

Generation Facility

•

Constructing an approximate 1,000 MW natural gas-

fueled combined cycle facility in Rock Springs, Maryland

•

Mid-2017 anticipated in-service

FERC Formula

Revision

•

Revised formula to better align cost recovery with PJM

cost allocation methodologies

•

Formula continues to collect all costs and expenses plus

net margin

January 2015 Debt

Issuance

•

Issued $332 million of debt with a weighted interest rate

of approximately 4.5%

First Quarter 2014

Polar Vortex

•

Mid-Atlantic experienced extremely cold weather which

increased ODEC energy sales and costs, and led to …

•

$93 million under-collection of  energy costs in First

Quarter 2014, which prompted  …

•

12%

energy

rate

increase

effective

April

1

st

•

We over-collected energy costs by $36 million for the

remainder of 2014, thereby reducing the 2014 annual

under-collection of energy costs to $57 million

Rock Springs

336 MW

Marsh Run

504 MW

Louisa

504 MW

Clover

437 MW

North Anna

220 MW

Natural

Gas

Nuclear

Coal

Members’

Service Territories

Year End 2014 Investor Briefing

Page 7

Wildcat Point

1,000 MW

Wholesale Power Contracts (WPCs)

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 1.4% of Members’

2014 energy requirements

•

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 2014, Members received 8.7 MW under these exceptions

Year End 2014 Investor Briefing

Page 8

Members

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

Member, Rappahannock Electric Cooperative, accounting for 34%

of our 2014 revenues from sales to Members

Member

Revenues

(in millions)

(%)

Rappahannock

$311.7

34.3

Shenandoah Valley

172.1

19.0

Delaware

106.8

11.8

Choptank

80.2

8.8

Southside

70.2

7.7

A&N

53.0

5.8

Mecklenburg

43.8

4.8

Prince George

23.5

2.6

Northern Neck

21.3

2.4

Community

15.3

1.7

BARC

10.1

1.1 

$908.0

100.0%

Year End 2014 Investor Briefing

Page 9

Members

Members

continue

to

experience

growth

–

from

2009

through

2014,

compound annual growth rates

*

were:

•

0.4% in total number of customers

No individual retail customer constituted more than 3.5% of ODEC’s

2014 total revenues from sales to Members

*

Excludes

2010

Potomac

Edison

acquisition

and

West

Virginia

disposition;

growth

including

these

events

equals

4.8%

and

8.0%

in

total

number

of

customers

and

total

energy

sales

volume,

respectively.

Year End 2014 Investor Briefing

Page 10

2014 Percentage of MWh Sales

2014 Percentage of Customers

•

2.0% in total energy sales volume

RATES AND             

POWER SUPPLY

Rate Regulation

Entity

Regulator

Changes

that

Require

Approval

Changes

that

Do

Not

Require

Approval

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

ODEC

FERC

Formula rate components

ODEC’s energy and demand rates

ODEC’s cost-based FERC formula 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

Year End 2014 Investor Briefing

Page 12

FERC Formula Rate

September 30, 2013 –

ODEC filed revised rate schedule at FERC to more

closely align our cost recovery from our Members with methodologies used

by PJM to allocate costs

•

Major revision –

demand rate, previously one rate, became three rates

•

Formula continues to collect all costs and expenses plus net margin

December 2, 2013 –

FERC accepted revised rate schedule, subject to

refund, and established hearing and settlement procedures in response to

intervention by Bear Island Paper WB LLC

•

January 1, 2014 –

Revised rate schedule became effective

•

December 2014 –

FERC hearing was held

•

April 13, 2015 –

Initial Decision due to be issued by Administrative Law Judge

•

Order on Initial Decision to be issued by FERC

Year End 2014 Investor Briefing

Page 13

2014 Resource Mix

Year End 2014 Investor Briefing

Page 14

Energy

Resources

Capacity Resources

2014 Energy Sales = 13,279,417 MWh

*

We sell renewable energy credits related to these purchases to our Members and non-members.

2014 Peak Demand = 3,111 MW (January)

Owned

Generation

Statistics

–

December

31,

2014

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)

$326 million

$161 million

3

$370 million

Net Capacity Entitlement

437 MW

220 MW

1,344 MW

Net Capital Investment

$746/KW

$732/KW

$275/KW

Average Operational Availability

87.7%

93.9%

96.8%

Average Capacity Factor

74.7%

95.9%

-

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.

Year End 2014 Investor Briefing

Page 15

Wildcat Point Generation Facility

Year End 2014 Investor Briefing

Page 16

Size

–

Approximately

1,000

MW

Type

–

Natural

gas-fueled

combined

cycle

(2X1)

Composition:

•

2

Mitsubishi

combustion

turbines

•

2

Alstom

heat

recovery

steam

generators

•

1

Alstom

steam

turbine

generator

Location

–

Existing

Rock

Springs

Generation

Facility,

Cecil

County,

Maryland

•

Rock

Springs

is

owned

50/50

with

Essential

Power,

LLC

•

Wildcat

Point

will

be

owned

100%

by

ODEC

Costs

–

Approximately

$790.5

million

(including

capitalized

interest)

Photo simulation of proposed plant at existing Rock Springs CT site

Groundbreaking

Ceremony

Commercial

Operation

Spring 2013

Announce plans to

construct

Wildcat

Point

Commence

permitting

Fall 2013

Contract for major

equipment

April 2014

Obtain

CPCN

from

MD PSC

Select EPC contractor and begin

capitalizing

all

construction-related

costs

Mid-2017

Commence

permanent

construction

and begin capitalizing interest

June 2014

October 2014

January 2015

Wildcat Point Groundbreaking –

October 14, 2014

Year End 2014 Investor Briefing

Page 17

(L-R) Mike Wheatley, President/CEO of Choptank and

ODEC board member; Kent Farmer, President/CEO of

Rappahannock and Secretary/Treasurer of ODEC board;

Bill Andrew, President/CEO of Delaware and Vice

Chairman of ODEC board; Myron Rummel,

President/CEO of Shenandoah and Chairman of ODEC

board; Jack Reasor, Dominick Murray, Secretary of

Business and Economic Development for the State of

Maryland, David Rudolph, Maryland State Delegate

representing Cecil County; and Rick Beam, ODEC Senior

Vice President of Power Supply, symbolically break

ground signifying the start of construction of Wildcat Point

Jack

Reasor,

ODEC

CEO,

addresse

s the

audience

Guests enjoy refreshments on the lawn in

front of the Rock Springs CT units

Wildcat Point Generation Facility

Year End 2014 Investor Briefing

Page 18

Major Milestones

to Date

•

April 8, 2014

–

Received Final Order granting approval of

Certificate of Public Convenience and Necessity (CPCN)

from the Maryland Public Service Commission (MPSC)

•

June 2, 2014

–

Selected White Oak Power Constructors as

the engineering, procurement and construction (EPC)

contractor

•

October 14, 2014

–

Groundbreaking ceremony

•

January 2015 –

Permanent construction began

•

January 15, 2015 –

Issued $332 million of first mortgage

bonds to fund a portion of project costs

Costs to Date

•

For 2013, capitalized progress payments for major equipment

and emission reduction credits totaling $6 million

•

In June 2014,  began capitalizing all construction-related

costs

•

Capitalized Costs (CWIP) through 2014 = $116 million

•

In January 2015, began capitalizing interest

Capital Expenditures (including nuclear fuel and capitalized interest)

Wildcat Point

-----

6.0

80.8

455.8

162.1

85.8

Existing Assets

32.4

26.1

55.1

52.5

31.9

44.8

Total

32.4

32.1

135.9

508.3

194.0

130.6

Year End 2014 Investor Briefing

Page 19

* For 2014, includes an adjustment for accounts payable of $29.0 million for Wildcat Point, and $4.3 million for Existing Assets.

These

adjustments are reflected as projected capital expenditures in 2015.

FINANCE

Sales and Revenues

Revenues from Non-members

$ 15.9

$ 31.9

$ 43.5

Demand Revenues from Members

$ 299.3

$ 305.3

$ 321.7

Energy Revenues from Members

$ 527.5

$ 504.9

$

586.3

MWh Sales to Members (right axis)

12.1

12.4

12.7

Year End 2014 Investor Briefing

Page 21

Factors Affecting Results:

2012

•

Decrease in energy rate

•

Decrease in demand costs

2013

•

Net decrease in energy rate

•

Wildcat Point preconstruction

costs

2014

•

1

st

Quarter weather led to:

•

Increase in transmission, and

operations and maintenance

expense

Increase in sales, fuel and

purchased power expense

12% energy rate increase

Income Statement Analysis

2014     % change

2013     % change

2012      

Energy Sales to Members

12,699,956 MWh

2.8%

12,356,005 MWh

2.1%

12,096,230 MWh

Energy Sales to Non-members

579,461 MWh

(7.6%)

626,856 MWh

23.3%

508,443 MWh

Total Energy Sales

13,279,417 MWh

2.3%

12,982,861 MWh

3.0%

12,604,673 MWh

Revenues from Sales to Members

$908.0 million

12.1%

$810.1 million

(2.0%)

$826.8 million

Total Operating Revenues

$951.6 million

13.0%

$842.1 million

(0.1%)

$842.7 million

Total Operating Expenses

$901.1 million

14.1%

$789.5 million

0.8%

$783.5 million

Net Margin attributable to ODEC

$9.1 million

(4.9%)

$9.6 million

(3.7%)

$9.9 million

Margin Stabilization Refund

-

$9.8 million

$15.0 million

Average Total Cost to Members

$71.50/MWh

(9.0%)

$65.57/MWh

(4.1%)

$68.35/MWh

Margins for Interest (MFI) Ratio *

1.21

1.21

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

2014

Annual

Report

on

Form

10-K.

Year End 2014 Investor Briefing

Page 22

Balance Sheet Analysis

2014        % change

2013        % change

2012

Net Electric Plant

$1,097.7 million

13.7%

$965.4 million

(2.6%)

$991.3 million

Total Investments

252.0 million

(1.5%)

256.0 million

(2.7%)

263.0 million

Other Assets

289.0 million

(6.5%)

309.2 million

6.9%

289.2 million

Total Assets

$1,638.7 million

7.1%

$1,530.6 million

(0.8%)

$1,543.5 million

Patronage Capital

$379.1 million

2.5%

$370.0 million

2.7%

$360.4 million

Non-controlling Interest

5.7 million

-

5.7 million

(57.1%)

13.3 million

Long-term Debt

721.0 million

(3.8%)

749.3 million

1.6%

737.8 million

Revolving Credit Facility

1

86.0 million

-

-

-

-

Long-term Debt due w/in One Year

28.3 million

-

28.3 million

-

28.3 million

Total Capitalization and       

Short-term Debt

$1,220.1 million

5.8%

$1,153.3 million

1.2%

$1,139.8 million

Equity Ratio

2

31.2%

32.2%

32.0%

Deferred Energy Over/(Under)-

Collection

($19.9 million)

-

$37.2 million

-

$56.0 million

1

$500

million

revolving

credit

facility.

Commitments

under

this

syndicated

credit

agreement

extend

until

March

5,

2019.

Year End 2014 Investor Briefing

Page 23

2

Equity

ratio

equals

patronage

capital

divided

by

the

sum

of

our

long-term

debt,

revolving

credit

facility,

long-term

debt

due

within

one

year,

and

patronage

capital.

Recent Debt Issuance

Year End 2014 Investor Briefing

Page 24

January 15, 2015 –

ODEC issued $332 million of first mortgage bonds in a

private placement transaction consisting of:

Estimated impact on ODEC’s equity ratio

•

Equity ratio at December 31, 2014 was 31%

•

Assuming $332 million had been issued on December 31, 2014:

Long-term debt would have been $1,053 million,

Revolving credit facility would have been $0, and

Equity ratio would have been 26%

Amount

Due

Rate

2015 Series A

$260 million

Dec 1, 2044

4.46%

2015 Series B

$72 million

Dec 1, 2053

4.56%

$332 million

Summary

Year End 2014 Investor Briefing

Page 25

•

Economically stable, highly residential service territory

•

Long-term all-requirements wholesale power contracts

•

Favorable regulatory environment

•

Diversified portfolio of power supply resources

•

Wildcat Point to 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 “A2”

(stable outlook) credit ratings

Additional Information

Year End 2014 Investor Briefing

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

Page 26

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