x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Georgia (State or other jurisdiction of incorporation or organization		58-1211925 (I.R.S. employer identification no.)
Post Office Box 1349
2100 East Exchange Place
Tucker, Georgia		30085-1349
(Address of principal executive offices)		(Zip Code)
Registrant's telephone number, including area code		(770) 270-7600

 

 

			Page No.
PART I - FINANCIAL INFORMATION
	Item 1.	Financial Statements
		Condensed Balance Sheets as of September 30, 2004 (Unaudited) and December 31, 2003	3
		Condensed Statements of Revenues and Expenses (Unaudited) for the Three Months and Nine Months ended September 30, 2004 and 2003	5
		Condensed Statements of Patronage Capital and Membership Fees and Accumulated Other Comprehensive Margin (Unaudited) for the Nine Months ended September 30, 2004 and 2003	6
		Condensed Statements of Cash Flows (Unaudited) For the Nine Months ended September 30, 2004 and 2003	7
		Notes to Condensed Financial Statements For the Nine Months ended September 30, 2004 and 2003	8
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	11
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18
	Item 4.	Controls and Procedures	18
PART II - OTHER INFORMATION
	Item 1.	Legal Proceedings	19
	Item 5.	Other Information	19
	Item 6.	Exhibits	20
SIGNATURES			21

	2

 

Oglethorpe Power Corporation

Condensed Balance Sheets

September 30, 2004 and December 31, 2003

 

		(dollars in thousands)
		2004			2003
Assets		(Unaudited)
Electric plant:
In service		$	5,782,633		$	5,755,553
Less: Accumulated provision for depreciation			(2,222,497	)		(2,107,274	)
			3,560,136			3,648,279
Nuclear fuel, at amortized cost			77,310			90,283
Construction work in progress			22,019			26,212
			3,659,465			3,764,774
Investments and funds:
Decommissioning fund, at market			186,171			180,448
Deposit on Rocky Mountain transactions, at cost			81,658			77,684
Bond, reserve and construction funds, at market			8,011			21,629
Investment in associated organizations, at cost			31,395			29,374
Other, at market			14,859			1,084
			322,094			310,219
Current assets:
Cash and cash equivalents, at cost			152,026			226,830
Restricted short-term investments, at market			80,113			-
Other short-term investments, at market			2,845			96,213
Receivables			120,354			112,248
Inventories, at average cost			101,741			105,338
Prepayments and other current assets			5,101			4,959
			462,180			545,588
Deferred charges:
Premium and loss on reacquired debt, being amortized			138,246			139,741
Deferred amortization of capital leases			110,387			110,626
Deferred debt expense, being amortized			22,318			23,953
Deferred nuclear outage costs, being amortized			14,535			14,764
Deferred asset retirement obligations costs, being amortized			20,544			14,821
Other			3,717			5,199
			309,747			309,104
		$	4,753,486		$	4,929,685