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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

(dollars in thousands)

Three Months Ended September 30,	Nine Months Ended September 30,
2024			2023			2024			2023
Operating revenues			Utility Member electric sales			$	309,599	$	357,576	$	863,711	$	923,977	Non-member electric sales	73,943		51,294	148,330	111,729	Rate stabilization	108,222		14,041	125,123	36,862	Provision for rate refunds	—		(210)	—	94	Other	37,119		15,618	80,767	48,162	528,883	438,319	1,217,931	1,120,824	Operating expenses	Purchased power			123,437		120,250	315,347	316,356	Fuel	59,271		71,241	167,819	197,944	Production	40,192		44,758	129,375	142,733	Transmission	47,984		47,098	140,506	142,406	General and administrative	32,430		19,663	77,993	61,738	Depreciation, amortization and depletion	60,277		43,120	149,053	128,191	Coal mining	3,238		3,834	5,343	9,603	Goodwill impairment	68,223		—	68,223	—	Other	4,471		2,345	10,671	11,057	439,523	352,309	1,064,330	1,010,028	Operating margins	89,360		86,010	153,601	110,796	Other income	Interest			5,015		2,343	11,455	5,153	Capital credits from cooperatives	1,017		1,145	2,298	3,103	Other income	669		3,852	4,792	5,894	6,701	7,340	18,545	14,150	Interest expense	Interest			43,587		45,558	133,292	128,924	Interest charged during construction	(3,279)		(1,238)	(7,876)	(3,328)	40,308	44,320	125,416	125,596	Income tax expense	—		23	—	67	Net margins including noncontrolling interest	55,753		49,007	46,730	(717)	Net margin attributable to noncontrolling interest	(960)		(2,526)	(6,457)	(7,444)	Net margins attributable to the Association	$	54,793	$	46,481	$	40,273	$	(8,161)

8 Nov 24

2:24pm

Tri-State Generation & Transmission Association, Inc.

Quarterly report

Regulatory assets and liabilities are as follows (dollars in thousands):

September 30, 2024	December 31, 2023
Regulatory assets			Deferred income tax expense (1)			$	14,609	$	15,223	Deferred prepaid lease expense – Springerville Unit 3 Lease (2)	72,833		74,551	Acquisition costs – J.M. Shafer (3)	—		37,749	Acquisition costs – Colowyo Coal (4)	—		33,062	Deferred debt prepayment transaction costs (5)	99,946		106,417	Deferred Holcomb expansion impairment loss (6)	71,289		74,795	New Horizon Mine environmental obligation (7)	44,570		44,869	Unrecovered plant (8)	523,229		532,817	Total regulatory assets	826,476		919,483	Regulatory liabilities	Interest rate swap - realized gain (9) and other			1,507		1,854	Membership withdrawal (10)	405,478		463	Withdrawal related transmission credit (11)	177,390		—	Total regulatory liabilities	584,375		2,317	Net regulatory asset	$	242,101	$	917,166

8 Nov 24

2:24pm

Tri-State Generation & Transmission Association, Inc.

Quarterly report

Regulatory assets and liabilities are as follows (dollars in thousands):

June 30, 2024	December 31, 2023
Regulatory assets			Deferred income tax expense (1)			$	15,223	$	15,223	Deferred prepaid lease expense – Springerville Unit 3 Lease (2)	73,406		74,551	Acquisition costs – J.M. Shafer (3)	36,325		37,749	Acquisition costs – Colowyo Coal (4)	32,545		33,062	Deferred debt prepayment transaction costs (5)	102,103		106,417	Deferred Holcomb expansion impairment loss (6)	72,458		74,795	New Horizon Mine environmental obligation (7)	44,869		44,869	Unrecovered plant (8)	526,425		532,817	Total regulatory assets	903,354		919,483	Regulatory liabilities	Interest rate swap - realized gain (9) and other			1,625		1,854	Membership withdrawal (10)	513,699		463	Withdrawal related transmission credit (11)	178,511		—	Total regulatory liabilities	693,835		2,317	Net regulatory asset	$	209,519	$	917,166

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

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Quarterly report

8 Aug 24

1:22pm

Quarterly report

9 May 24

12:40pm

Quarterly report

9 May 24

12:40pm

Quarterly report

9 May 24

12:40pm

15 Mar 24

12:11pm

15 Mar 24

12:11pm

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15 Mar 24

12:11pm

15 Mar 24

12:11pm

15 Mar 24

12:11pm

15 Mar 24

12:11pm

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