EPHRATA — The Grant County Public Utility District was in the black at the end of the third quarter of 2024. The third quarter results were presented to the PUD commissioners at their Nov. 26 meeting. 

Angelina Johnson, senior manager of treasury and financial planning, said the PUD is increasing its cash and investments.  

“We ended Q3 with approximately $790 million in liquidity,” she said. “This continues to improve for us quarter over quarter, which is fantastic (due to) the fact we are looking at some different things with what’s going to be coming at us as far as debt issuance, rate increases, those kinds of things.” 

Higher interest rates have generated additional income on the district’s investments. Originally PUD financial staff projected the district would make about $10 million in interest, but the current projection is about $21 million, Johnson said. 

Utility district debt was about $1.04 billion as of Sept. 30. The utility has a debt payment of about $60 million due in January, she said.  

“The January (payment) is the big one – it's principal and interest,” she said. 

The debt adds up to about 41% of the PUD’s total assets, which include Priest Rapids and Wanapum Dam, among other things. That’s called debt to net plant ratio, and it’s one of the indicators the PUD uses to indicate its financial health. The PUD works to keep that ratio at 60% or lower.  

“In the forecast, we see that it’s going to continue to go down,” she said. “We’re estimating it will be at 38% next year.” 

The PUD spent more than budget projections in capital expenses through the third quarter. The utility was projected to spend about $154 million but actually spent about $164 million through the third quarter.  The PUD bought two pieces of land earlier this year, which helped boost those costs, Johnson said. Capital spending is projected to be above budget projections at year’s end, she said. 

Wholesale power revenue is projected to be substantially above the budget projections, with $252.2 million in sales expected by the end of the year. The budget forecast was $90.2 million.  

Retail revenue is projected to be slightly lower than the budget forecast. Johnson said that was partly due to the use of an outdated estimate of revenue when the budget was being prepared. 

Expenses are projected to be higher than the budget projection by roughly $3 million, at about $204 million.