CFC’s 2023 Key Ratio Trend Analysis Results Continue To Demonstrate Cooperatives’ Resiliency


June 27, 2024

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

DULLES, Va.—The National Rural Utilities Cooperative Finance Corporation (CFC) has analyzed the final data from its 2023 Key Ratio Trend Analysis (KRTA) report, an annual assessment of financial trends among electric distribution cooperatives nationwide. The results show that, despite a high interest rate environment, electric cooperatives continued their consumer and utility plant growth and have maintained strong financial metrics, including improved margins. This underscores their sustained financial health and operational efficiency.

“Rural electric cooperatives’ disciplined management has enabled the network to be resilient in the face of elevated interest rates, moderating supply chain disruptions, inflation and power costs, while maintaining their focus on providing affordable, reliable and sustainable power in their local communities,” CFC Senior Vice President and Chief Corporate Affairs Officer Brad Captain said.

After peaking at 1% in 2022, consumer growth tapered to 0.89% last year, with approximately 88% of cooperatives showing increases, including notable pockets of greater than 2% consumer growth in Florida, Idaho and Utah.

Utility plant growth continued its blistering pace, which exceeded 5% for the first time since 2008.

“Despite increasing costs, electric cooperatives continue to make investments in plant and utility infrastructure to maintain their focus on improving the quality of life in the communities they serve,” CFC Senior Vice President and Chief Banking Officer Joel Allen said.

2023 KRTA ratios also showed that inflationary pressures have been abating, especially with power costs. Although costs increased over 2022 levels, cooperatives were able to manage them, as demonstrated by a decrease in power costs as a percent of revenue. This is significant because, unlike in 2022, cooperatives were able to generate higher margins in 2023, which produced healthy coverage ratios.

In another positive sign, both accounts receivable over 60 days and write-offs continued at their pre-pandemic lows. Accounts receivable remained at 0.08% of operating revenue, and write-offs remained at 0.06% of operating revenue.

Final KRTA results are based on data submitted by 812 electric distribution cooperatives for the year ending Dec. 31, 2023. CFC calculates 145 financial and operational ratios for each cooperative and provides a report showing the cooperative’s ratios compared with U.S., state and other key consumer group median values. 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 $36 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 data reported by electric distribution cooperatives, KRTA provides electric cooperative CEOs and directors/trustees with a complete picture of their system’s financial performance.