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Tri-State Generation & Transmission Association, Inc.

Quarterly report

(dollars in thousands)

September 30, 2024	December 31, 2023
ASSETS			Property, plant and equipment			Electric plant			In service			$	5,698,894	$	5,722,679	Construction work in progress	273,339		163,954	Total electric plant	5,972,233		5,886,633	Less allowances for depreciation and amortization	(2,805,718)		(2,739,924)	Net electric plant	3,166,515		3,146,709	Other plant	963,871		952,318	Less allowances for depreciation, amortization and depletion	(743,752)		(711,896)	Net other plant	220,119		240,422	Total property, plant and equipment	3,386,634		3,387,131	Other assets and investments	Investments in other associations			185,673		187,684	Investments in and advances to coal mines	1,721		1,619	Restricted cash and investments	2,295		3,408	Other noncurrent assets	14,812		15,264	Total other assets and investments	204,501		207,975	Current assets	Cash and cash equivalents			293,578		106,005	Restricted cash and investments	17,577		605	Short-term investments	95,000		—	Deposits and advances	78,977		37,455	Accounts receivable—Utility Members	92,299		101,394	Other accounts receivable	44,457		23,123	Coal inventory	75,062		54,979	Materials and supplies	112,900		106,893	Total current assets	809,850		430,454	Deferred charges	Regulatory assets			826,476		919,483	Prepayment—NRECA Retirement Security Plan	1,343		5,372	Other	52,501		36,121	Total deferred charges	880,320		960,976	Total assets	$	5,281,305	$	4,986,536	EQUITY AND LIABILITIES	Capitalization			Patronage capital equity			$	942,654	$	984,581	Accumulated other comprehensive loss	(596)		(839)	Noncontrolling interest	130,453		134,269	Total equity	1,072,511		1,118,011	Long-term debt	2,696,693		2,896,506	Total capitalization	3,769,204		4,014,517	Current liabilities	Utility Member advances			11,079		14,333	Accounts payable	179,118		123,674	Short-term borrowings	74,627		184,305	Accrued expenses	21,940		39,268	Current asset retirement obligations	16,337		21,635	Accrued interest	42,930		24,549	Accrued property taxes	29,506		31,986	Current maturities of long-term debt	192,561		223,523	Total current liabilities	568,098		663,273	Deferred credits and other liabilities	Regulatory liabilities			584,375		2,317	Deferred income tax liability	14,609		15,223	Asset retirement and environmental reclamation obligations	219,995		195,566	Other	114,076		84,125	Total deferred credits and other liabilities	933,055		297,231	Accumulated postretirement benefit and postemployment obligations	10,948		11,515	Total equity and liabilities	$	5,281,305	$	4,986,536

8 Nov 24

2:24pm

Tri-State Generation & Transmission Association, Inc.

Quarterly report

Nine Months Ended September 30,
2024			2023
Operating activities			Net margins including noncontrolling interest			$	46,730	$	(717)	Adjustments to reconcile net margins to net cash provided by operating activities:	Depreciation, amortization and depletion			149,053		128,191	Amortization of NRECA Retirement Security Plan prepayment	4,029		4,029	Amortization of debt issuance costs	1,992		1,801	Goodwill impairment	68,223		—	Deposits associated with generator interconnection requests	26,232		11,601	Rate stabilization revenue	(125,123)		(36,862)	Capital credit allocations from cooperatives and income from coal mines under refund distributions	1,909		1,263	Changes in operating assets and liabilities:	Accounts receivable			(9,628)		4,389	Coal inventory	(20,083)		(16,875)	Materials and supplies	(6,006)		(9,446)	Accounts payable and accrued expenses	14,706		1,078	Accrued interest	18,381		17,290	Accrued property taxes	(2,479)		(6,301)	Deferred membership withdrawal	709,395		—	Other	(12,178)		5,271	Net cash provided by operating activities	865,153		104,712	Investing activities	Purchases of plant			(199,574)		(119,081)	Sale of electric plant	75,000		—	Sale of non-utility assets	3,136		—	Purchase of investments	(95,000)		—	Changes in deferred charges	(1,757)		2,078	Net cash used in investing activities	(218,195)		(117,003)	Financing activities	Changes in Member advances			(3,255)		3,416	Payments of long-term debt	(232,272)		(81,010)	Proceeds from issuance of long-term debt	—		450,000	Debt issuance costs	(8)		(605)	Change in short-term borrowings, net	(109,777)		(273,502)	Retirement of patronage capital	(87,414)		(5,446)	Equity distribution to noncontrolling interest	(10,273)		(1,882)	Other	(527)		(482)	Net cash provided by (used in) financing activities	(443,526)		90,489	Net increase in cash, cash equivalents and restricted cash and investments	203,432		78,198	Cash, cash equivalents and restricted cash and investments – beginning	110,018		110,682	Cash, cash equivalents and restricted cash and investments – ending	$	313,450	$	188,880	Supplemental cash flow information:	Cash paid for interest			$	105,701	$	108,407	Cash paid for income taxes	$	—	$	—	Supplemental disclosure of noncash investing and financing activities:	Change in plant expenditures included in accounts payable			$	—	$	(395)

8 Nov 24

2:24pm

Tri-State Generation & Transmission Association, Inc.

Quarterly report

Six Months Ended June 30,
2024			2023
Operating activities			Net margins including noncontrolling interest			$	(9,023)	$	(49,724)	Adjustments to reconcile net margins to net cash provided by operating activities:	Depreciation, amortization and depletion			88,776		85,071	Amortization of NRECA Retirement Security Plan prepayment	2,686		2,686	Amortization of debt issuance costs	1,462		1,178	Deposits associated with generator interconnection requests	9,932		11,127	Rate stabilization revenue	(16,901)		(22,821)	Capital credit allocations from cooperatives and income from coal mines under refund distributions	1,914		1,466	Changes in operating assets and liabilities:	Accounts receivable			3,188		24,901	Coal inventory	(16,105)		(9,711)	Materials and supplies	(3,557)		(10,505)	Accounts payable and accrued expenses	(527)		(15,617)	Accrued interest	(2,004)		(2,479)	Accrued property taxes	(11,548)		(15,134)	Deferred membership withdrawal	709,395		—	Other	(14,101)		6,459	Net cash provided by operating activities	743,587		6,897	Investing activities	Purchases of plant			(155,210)		(80,920)	Sale of electric plant	75,000		—	Sale of non-utility assets	3,136		—	Purchase of investments	(95,000)		—	Changes in deferred charges	(5,245)		443	Net cash used in investing activities	(177,319)		(80,477)	Financing activities	Changes in Member advances			(3,677)		(272)	Payments of long-term debt	(222,881)		(69,005)	Proceeds from issuance of long-term debt	—		450,000	Debt issuance costs	(8)		(605)	Change in short-term borrowings, net	(68,304)		(273,502)	Retirement of patronage capital	(87,414)		(5,446)	Equity distribution to noncontrolling interest	(10,028)		(949)	Other	(527)		(482)	Net cash provided by (used in) financing activities	(392,839)		99,739	Net increase in cash, cash equivalents and restricted cash and investments	173,429		26,159	Cash, cash equivalents and restricted cash and investments – beginning	110,018		110,682	Cash, cash equivalents and restricted cash and investments – ending	$	283,447	$	136,841	Supplemental cash flow information:	Cash paid for interest			$	86,937	$	83,477	Cash paid for income taxes	$	—	$	—	Supplemental disclosure of noncash investing and financing activities:	Change in plant expenditures included in accounts payable			$	(2,769)	$	(1,169)

8 Aug 24

1:22pm

Tri-State Generation & Transmission Association, Inc.

Quarterly report

(dollars in thousands)

June 30, 2024	December 31, 2023
ASSETS			Property, plant and equipment			Electric plant			In service			$	5,673,803	$	5,722,679	Construction work in progress	256,301		163,954	Total electric plant	5,930,104		5,886,633	Less allowances for depreciation and amortization	(2,772,281)		(2,739,924)	Net electric plant	3,157,823		3,146,709	Other plant	950,982		952,318	Less allowances for depreciation, amortization and depletion	(726,882)		(711,896)	Net other plant	224,100		240,422	Total property, plant and equipment	3,381,923		3,387,131	Other assets and investments	Investments in other associations			185,673		187,684	Investments in and advances to coal mines	1,715		1,619	Restricted cash and investments	172,252		3,408	Other noncurrent assets	14,579		15,264	Total other assets and investments	374,219		207,975	Current assets	Cash and cash equivalents			110,498		106,005	Restricted cash and investments	697		605	Short-term investments	95,000		—	Deposits and advances	79,102		37,455	Accounts receivable—Utility Members	93,883		101,394	Other accounts receivable	27,446		23,123	Coal inventory	71,083		54,979	Materials and supplies	110,450		106,893	Total current assets	588,159		430,454	Deferred charges	Regulatory assets			903,354		919,483	Prepayment—NRECA Retirement Security Plan	2,686		5,372	Other	56,579		36,121	Total deferred charges	962,619		960,976	Total assets	$	5,306,920	$	4,986,536	EQUITY AND LIABILITIES	Capitalization			Patronage capital equity			$	887,861	$	984,581	Accumulated other comprehensive loss	(801)		(839)	Noncontrolling interest	129,738		134,269	Total equity	1,016,798		1,118,011	Long-term debt	2,706,512		2,896,506	Total capitalization	3,723,310		4,014,517	Current liabilities	Utility Member advances			10,656		14,333	Accounts payable	151,507		123,674	Short-term borrowings	116,101		184,305	Accrued expenses	34,317		39,268	Current asset retirement obligations	18,822		21,635	Accrued interest	22,545		24,549	Accrued property taxes	20,437		31,986	Current maturities of long-term debt	191,729		223,523	Total current liabilities	566,114		663,273	Deferred credits and other liabilities	Regulatory liabilities			693,835		2,317	Deferred income tax liability	15,223		15,223	Asset retirement and environmental reclamation obligations	202,982		195,566	Other	94,623		84,125	Total deferred credits and other liabilities	1,006,663		297,231	Accumulated postretirement benefit and postemployment obligations	10,833		11,515	Total equity and liabilities	$	5,306,920	$	4,986,536

8 Aug 24

1:22pm

Tri-State Generation & Transmission Association, Inc.

Quarterly report

(dollars in thousands)

March 31, 2024	December 31, 2023
ASSETS			(Unaudited)			Property, plant and equipment			Electric plant			In service			$	5,759,052	$	5,722,679	Construction work in progress	159,604		163,954	Total electric plant	5,918,656		5,886,633	Less allowances for depreciation and amortization	(2,761,762)		(2,739,924)	Net electric plant	3,156,894		3,146,709	Other plant	950,834		952,318	Less allowances for depreciation, amortization and depletion	(720,332)		(711,896)	Net other plant	230,502		240,422	Total property, plant and equipment	3,387,396		3,387,131	Other assets and investments	Investments in other associations			185,724		187,684	Investments in and advances to coal mines	1,537		1,619	Restricted cash and investments	188		3,408	Other noncurrent assets	15,361		15,264	Total other assets and investments	202,810		207,975	Current assets	Cash and cash equivalents			110,400		106,005	Restricted cash and investments	20,357		605	Deposits and advances	77,913		37,455	Accounts receivable—Utility Members	94,392		101,394	Other accounts receivable	16,118		23,123	Coal inventory	57,958		54,979	Materials and supplies	108,452		106,893	Total current assets	485,590		430,454	Deferred charges	Regulatory assets			911,418		919,483	Prepayment—NRECA Retirement Security Plan	4,029		5,372	Other	44,952		36,121	Total deferred charges	960,399		960,976	Total assets	$	5,036,195	$	4,986,536	EQUITY AND LIABILITIES	Capitalization			Patronage capital equity			$	969,553	$	984,581	Accumulated other comprehensive loss	(949)		(839)	Noncontrolling interest	126,945		134,269	Total equity	1,095,549		1,118,011	Long-term debt	2,741,491		2,896,506	Total capitalization	3,837,040		4,014,517	Current liabilities	Utility Member advances			12,952		14,333	Accounts payable	136,313		123,674	Short-term borrowings	272,962		184,305	Accrued expenses	33,774		39,268	Current asset retirement obligations	19,783		21,635	Accrued interest	43,469		24,549	Accrued property taxes	26,169		31,986	Current maturities of long-term debt	341,159		223,523	Total current liabilities	886,581		663,273	Deferred credits and other liabilities	Regulatory liabilities			2,199		2,317	Deferred income tax liability	15,223		15,223	Asset retirement and environmental reclamation obligations	201,912		195,566	Other	81,610		84,125	Total deferred credits and other liabilities	300,944		297,231	Accumulated postretirement benefit and postemployment obligations	11,630		11,515	Total equity and liabilities	$	5,036,195	$	4,986,536

9 May 24

12:40pm

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Quarterly report

9 May 24

12:40pm

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15 Mar 24

12:11pm

15 Mar 24

12:11pm

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