Calculating Electric Cooperative Revenue Requirements

Date: Wednesday, September 27, 2023
Time: 02:00 PM ET / 01:00 PM CT / 12:00 PM MT / 11:00 AM PT [Prevailing Time]
Presenter: Craig Woycheese, Senior Rate Analyst, Toth and Associates
Moderator: Peggy Maranan, CPA, DBA, MBA, Vice President, Finance, DEMCO
Learning Objectives:
Section 1: Introduction to Electric Cooperative Finance
Upon completing this section, attendees should be able to:
1. Define the concept of revenue requirements in the context of electric cooperatives.
2. Explain the importance of calculating revenue requirements for the financial sustainability of electric cooperatives.
3. Identify the key components that contribute to an electric cooperative's revenue requirements.

Section 2: Analyzing Operating Expenses
After completing this section, attendees should be able to:
1. Analyze and categorize the various operating expenses typically incurred by electric cooperatives.
2. Describe the factors that may influence changes in operating expenses over time.
3. Project future operating expenses based on historical data and relevant economic factors.

Section 3: Debt Service and Capital Investment
Upon completing this section, attendees should be able to:
1. Calculate the blended cost of long-term debt.
2. Understand the role of debt and equity financing in meeting capital investment needs.

Section 4: Return on Equity and Rate of Return
After completing this section, attendees should be able to:
1. Define Return on Equity (ROE) and its significance in calculating revenue requirements.
2. Calculate the desired return on equity for an electric cooperative.
3. Understand the relationship between the cooperative's equity capital and its revenue requirements.
Field of Study: Finance
Program Level: Basic
CPE Credit: 1.5 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
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Course Description

Join us for this exclusive 75-minute webinar, an essential guide to mastering the financial aspects of electric cooperative management. In this power-packed session, Craig Woycheese, Senior Rate Analyst, Toth and Associates will deep dive into the nuts and bolts of electric cooperative finance, equipping you with the knowledge and skills to define revenue requirements, analyze operating expenses, navigate debt service and capital investment, and grasp the essentials of Return on Equity (ROE) and Rate of Return. Join us as we illuminate the path to financial success in the dynamic world of electric cooperatives.

Presenter and Moderator Bios

Presenter: Craig Woycheese, Senior Rate Analyst, Toth and Associates

Craig Woycheese is a Senior Rate Analyst at Toth and Associates. His work experience with planning for electric power systems has included all facets of load forecasting, customer usage data verification, and economic analysis. His other responsibilities in rate analysis and cost of service analysis include plant and expense allocations, revenue projections, determination of rate of return by rate class, and final rate design.

He has provided cost of service and rate assistance for electric utilities across the Midwest, including Missouri, Arkansas, Oklahoma, and Iowa. Craig is skilled in presenting study results to utility management, plus document preparation, and supporting testimony for Public Service Commissions.

Affiliations and Honors:

  • Association of Government Accountants Member
  • American Public Power Association Member


  • Bachelor of Arts in Business & Accounting ? Drury University
  • Master of Business Administration ? Missouri State University


  • A. L. Toth, C. R. Woycheese and J. B. Chapman, “Rate Considerations Related to Solar Distributed Generation,” 2018 IEEE Rural Electric Power Conference (REPC), Memphis, TN, USA, 2018, pp. 50-60. doi: 10.1109/REPC.2018.00017

Moderator: Peggy Maranan, CPA, DBA, MBA, Vice President, Finance, DEMCO

Peggy Maranan joined DEMCO in February, 2021 and serves as VP, Finance. DEMCO is located in Greenwell Springs, LA. Prior to that time, Peggy worked at Lee County Electric Cooperative, Inc. in North Ft. Myers, FL for twelve years as Manager, Financial Accounting.

She received a B.S. in Accounting from DeSales University in Center Valley, PA, an MBA from Wilkes University in Wilkes-Barre, PA, and a doctorate degree in business administration (DBA) in 2015 from Argosy University, Sarasota, FL. Peggy holds a CPA license in Florida.

Peggy served on the National Society of Accountants for Cooperatives (NSAC) Electric Cooperative Chapter (ECC) Board, and currently serves as the Immediate Past-President. Peggy authors accounting and finance articles in the NSAC industry publication “The Cooperative Accountant”.

She is mother to four children, has seven grandchildren, and enjoys family-time activities.


Free for NSAC Members / $56.00 for Non-Members

Delivery System

  • All programs are delivered using the Zoom platform.
  • Confirmations will include log-in instructions.
  • Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
  • All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
  • There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.


All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or