2022 CONSOLIDATED FINANCIAL STATEMENTS

The 2022 consolidated annual surplus of $141.3M is calculated as the difference between revenues and expenses and is reflected in the change in the accumulated surplus. Annual Surplus Distribution The largest driver of the $141.3M annual surplus is the change in investment in capital assets of $59.6M. This is the net activity of asset additions $128.4M offset by amortization expense of $72.7M, disposals and debt reduction. Investment in LIEC increased by $1.4M. Appropriated surplus increased by $24.SM relating to future commitments and potential liabilities. Reserves increased by $56.0M due to the timing of capital expenditures. Included in the total reserve balance is $254.9M committed towards active capital projects. Surplus decreased by $0.9M mainly due to net impact of t ransferring the 2021 operating surplus of $5.8M to Rate Stabilization provision offset by the 2022 operating surplus of $5.SM. Other surplus increased by $0.7M.

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