CFC’s Initial 2022 Key Ratio Trend Analysis Results Demonstrate Cooperatives’ Resiliency


June 16, 2023

Contact: Brad CaptainCorporate Relations Group, 800-424-2954

DULLES, Va.—The National Rural Utilities Cooperative Finance Corporation (CFC) has analyzed preliminary data for its 2022 Key Ratio Trend Analysis (KRTA) report, an annual assessment of financial trends among electric distribution cooperatives nationwide. The results show electric cooperatives continue their growth across many metrics, including consumers, sales and utility plant investment, and have maintained strong financial metrics.

“The cooperative business model has enabled rural electric distribution cooperatives to be resilient in the face of rising power costs, supply chain disruptions and inflation while maintaining their focus on improving the quality of life in the communities they serve,” CFC Senior Vice President and Chief Corporate Affairs Officer Brad Captain said.

Consumer growth nearly surpassed 1%, after exceeding 1% last year for the first time in more than 10 years, with approximately 95% of cooperatives showing increases, including notable pockets of greater than 2% consumer growth in Texas, Florida, Idaho and Utah.

Investment in utility plant also sustained its five-year growth trend, as demonstrated by an increase in the total utility plant ratio, which grew by 8.16% in 2022 compared with 3.95% in 2021.

“Despite increasing costs, electric cooperatives continue to make investments in plant and utility infrastructure to continue to provide their consumers with affordable, reliable and sustainable power into the future,” CFC Senior Vice President and Chief Banking Officer Joel Allen said.

Inflationary pressures, especially rising power costs, are affecting operating expenses. Power costs have increased more than 9% compared with 2021 and continue to be a distribution cooperative’s single largest expense, representing more than 60% of revenue.

In another positive sign, both accounts receivable over 60 days and write-offs continue their pre-pandemic declines, falling to historic lows. Accounts receivable fell to 0.08% of operating revenue from 0.09% in 2021, and write-offs fell to 0.06% of operating revenue from 0.07% in 2021.

Preliminary KRTA results are based on data submitted by 801 electric distribution cooperatives for the year ending Dec. 31, 2022. CFC calculates 145 financial and operational ratios for each cooperative and provides a report showing the cooperative’s ratio compared with U.S. median value. Median reporting minimizes the effect of outliers and provides a clearer picture of cooperative performance.

About CFC
Created and owned by America’s electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)—a nonprofit finance cooperative with $34 billion in assets—provides unparalleled industry expertise, flexibility and responsiveness to serve the needs of our member-owners. CFC is an equal opportunity provider. Visit us online at

About KRTA
CFC has published KRTA—an annual report that tracks the median value of 145 financial and operational ratios for participating electric distribution cooperatives over the previous five years—since 1975. Based on unaudited data reported by electric distribution cooperatives, KRTA provides electric cooperative CEOs and directors/trustees with a complete picture of their system’s financial performance.