Old Dominion Electric Cooperative

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	52.72M	52.72M	52.72M	52.72M	52.72M	52.72M
Cash burn (monthly)	20.8M	489.67K	(no burn)	(no burn)	(no burn)	(no burn)
Cash used (since last report)	30.31M	713.53K	n/a	n/a	n/a	n/a
Cash remaining	22.42M	52.01M	n/a	n/a	n/a	n/a
Runway (months of cash)	1.1	106.2	n/a	n/a	n/a	n/a

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Financial data from company earnings reports.

Financial report summary

Risks

Our financial condition is largely dependent upon our member distribution cooperatives.
We rely on purchases and delivery of power and fuel from other suppliers which exposes us to market price risk and could increase our operating costs.
Counterparties under energy purchase and natural gas arrangements may fail to perform their obligations to us.
The use of hedging instruments could impact our liquidity.
Adverse changes in our credit ratings may require us to provide credit support for some of our obligations and could negatively impact our liquidity and our ability to access capital.
Poor market performance will affect the asset values in our nuclear decommissioning trust and our defined benefit retirement plans, which may increase our costs.
Our generating assets may be impacted by regulatory changes in PJM.
Environmental legislation or regulation may limit our operations or increase our costs or both.
Failure to comply with regulatory reliability standards, and other regulatory requirements could subject us to substantial monetary penalties.
If we are unable to protect our information systems against service interruption, misappropriation of data, or breaches of security, our operations could be disrupted and our reputation may be damaged.
Technological advancements and other changes impacting power requirements of our member distribution cooperatives’ customers may alter energy and demand requirements for power from us.
War, acts and threats of terrorism, sabotage, natural disasters, pandemics, and other catastrophic events could adversely affect our operations.
Our business and operations, and the operations of our member distribution cooperatives and suppliers, have been and will be impacted by the COVID-19 pandemic and could be similarly impacted by like events in the future.

Management Discussion

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements regarding matters that could have an impact on our business, financial condition, and future operations. These statements, based on our expectations and estimates, are not guarantees of future performance and are subject to risks, uncertainties, and other factors. These risks, uncertainties, and other factors include, but are not limited to: general business conditions; demand for energy; federal and state legislative and regulatory actions, and legal and administrative proceedings; changes in and compliance with environmental laws and regulations; general credit and capital market conditions; weather conditions; the cost and availability of commodities used in our industry; disruption due to cybersecurity threats or incidents; and unanticipated changes in operating expenses and capital expenditures. Our actual results may vary materially from those discussed in the forward-looking statements as a result of these and other factors. Any forward-looking statement speaks only as of the date on which the statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which the statement is made even if new information becomes available or other events occur in the future.
As of June 30, 2022, there have been no significant changes in our critical accounting policies as disclosed in our 2021 Annual Report on Form 10-K. These policies include the accounting for regulated operations, deferred energy, margin stabilization, accounting for asset retirement and environmental obligations, and accounting for derivatives and hedging.