# EDGAR Filing Document

**Accession Number:** 0000885568
**File Stem:** 0001193125-25-276681
**Filing Date:** 2025-11
**Character Count:** 92522
**Document Hash:** b135ccc0d6aa0e754923d10191c2afb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-276681.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-276681

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OLD DOMINION ELECTRIC COOPERATIVE
- **CENTRAL INDEX KEY:** 0000885568
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 237048405
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50039
- **FILM NUMBER:** 251470827

**BUSINESS ADDRESS:**
- **STREET 1:** INNSBROOK CORPORATE CNTR
- **STREET 2:** 4201 DOMINION BLVD
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060
- **BUSINESS PHONE:** 8047470592

**MAIL ADDRESS:**
- **STREET 1:** 4201 DOMINION BLVD
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 10-Q

------

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **September 30,** 2025

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from to** 

**Commission file number** 000-50039

------

OLD DOMINION ELECTRIC COOPERATIVE

**(Exact name of registrant as specified in its charter)**

------

---

| | |
|:---|:---|
| Virginia | 23-7048405 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. employer**<br>**identification no.)** |

---

---

| | |
|:---|:---|
| 4201 Dominion Boulevard**,** Glen Allen**,** Virginia | 23060 |
| **(Address of principal executive offices)** | **(Zip code)** |

---

------

(804) 747-0592

**(Registrant's telephone number, including area code)**

**Securities registered pursuant to Section 12(b) of the Act: NONE**

**Securities registered pursuant to Section 12(g) of the Act: NONE**

------

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act: NONE

The Registrant is a membership corporation and has no authorized or outstanding equity securities.

------

**GLOSSARY OF TERMS**

The following abbreviations or acronyms used in this Form 10-Q are defined below:

---

| | |
|:---|:---|
| <u>Abbreviation or Acronym</u> | <u>Definition</u> |
| ACES | Alliance for Cooperative Energy Services Power Marketing, LLC |
| CAA | Clean Air Act |
| Clover | Clover Power Station |
| CO2 | Carbon dioxide |
| FERC | Federal Energy Regulatory Commission |
| EPA | Environmental Protection Agency |
| GAAP | Accounting principles generally accepted in the United States |
| Louisa | Louisa Power Station |
| Marsh Run | Marsh Run Power Station |
| MMBTU | One million British Thermal Units |
| Moody's | Moody's Investors Service |
| MWh | Megawatt hour(s) |
| North Anna | North Anna Nuclear Power Station |
| NYMEX | New York Mercantile Exchange |
| ODEC, We, Our, Us | Old Dominion Electric Cooperative |
| PJM | PJM Interconnection, LLC |
| S&P | Standard & Poor's Financial Services LLC |
| TEC | TEC Trading, Inc. |
| Wildcat Point | Wildcat Point Generation Facility |
| XBRL | Extensible Business Reporting Language |

---

------

**OLD DOMINION ELECTRIC COOPERATIVE**

INDEX

---

| | |
|:---|:---|
|  | <u>Page</u><br><u>Number</u> |
| [<u>PART I. Financial Information</u>](#part_1_financial_information) |  |
| [<u>Item 1. Financial Statements</u>](#item_1_financial_statements) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Balance Sheets – September 30, 2025 (unaudited) and December 31, 2024</u>](#condensed_consolidated_balance_sheets) | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital (unaudited) – Three and Nine Months Ended September 30, 2025 and 2024</u>](#condensed_consolidated_statements_revenu) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended September 30, 2025 and 2024</u>](#condensed_consolidated_statements_cash_f) | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Condensed Consolidated Financial Statements</u>](#notes_to_condensed_consolidated_financia) | **7** |
| [<u>Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_analysis) | **13** |
| [<u>Item 3. Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_qualitative) | **23** |
| [<u>Item 4. Controls and Procedures</u>](#item_4_controls_procedures) | **23** |
| [<u>PART II. Other Information</u>](#part_ii_or_information) | **24** |
| [<u>Item 1. Legal Proceedings</u>](#item_1_legal_proceedings) | **24** |
| [<u>Item 1A. Risk Factors</u>](#item_1a_risk_factors) | **24** |
| [<u>Item 5. Other Information</u>](#item_5_other_information) | **24** |
| [<u>Item 6. Exhibits</u>](#item_6_exhibits) | **25** |

---

------

**OLD DOMINION ELECTRIC COOPERATIVE**

**PART 1. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
|  | (in thousands) | (in thousands) |
|  | (unaudited) |  |
| ASSETS: |  |  |
| Electric Plant: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | $2604331 | $2590904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation | (1275715) | (1227806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Property, plant, and equipment | 1328616 | 1363098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuclear fuel, at amortized cost | 14045 | 13554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work in progress | 115876 | 92499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Electric Plant | 1458537 | 1469151 |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuclear decommissioning trust | 332457 | 292641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrestricted investments and other | 2202 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | 334659 | 294890 |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 71460 | 40689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 4138 | 4557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable–members | 123705 | 118202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel, materials, and supplies | 106861 | 131218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other | 13967 | 21509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 320131 | 316175 |
| Deferred Charges and Other Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | 10805 | 38975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 21677 | 45851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Deferred Charges and Other Assets | 32482 | 84826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $2145809 | $2165042 |
| CAPITALIZATION AND LIABILITIES: |  |  |
| Capitalization: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Patronage capital | $528812 | $500407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 6894 | 6774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Patronage capital and Non-controlling interest | 535706 | 507181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 875162 | 874893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility | 50000 | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long-term debt and Revolving credit facility | 925162 | 939893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capitalization | 1460868 | 1447074 |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | 49041 | 49041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 80307 | 90231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable–members | 51262 | 67352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 19131 | 5392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred energy | 61934 | 100806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 261675 | 312822 |
| Deferred Credits and Other Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | 215060 | 209872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | 201859 | 167561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 6347 | 27713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Deferred Credits and Other Liabilities | 423266 | 405146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capitalization and Liabilities | $2145809 | $2165042 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

------

**OLD DOMINION ELECTRIC COOPERATIVE**

**CONDENSED CONSOLIDATED STATEMENTS OF REVENUES, EXPENSES, AND PATRONAGE CAPITAL (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Operating Revenues | $347662 | $305779 | $972197 | $839874 |
| Operating Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel | 70561 | 52096 | 207671 | 151705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power | 122851 | 107270 | 394317 | 272528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transmission | 54026 | 51058 | 166557 | 150110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred energy | 19389 | 24122 | (38871) | 47485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations and maintenance | 25530 | 22475 | 77171 | 69770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and general | 14362 | 12536 | 42242 | 37108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 17780 | 17600 | 53232 | 52616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of regulatory asset/(liability), net | (13063) | 920 | (12337) | 12475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligations | 1730 | 1573 | 5188 | 4716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes, other than income taxes | 2099 | 2323 | 6674 | 6944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 315265 | 291973 | 901844 | 805457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Margin | 32397 | 13806 | 70353 | 34417 |
| Other income (expense), net | (7) | 9 | (143) | 8 |
| Investment (expense)/income, net | (11060) | 2799 | (5073) | 18112 |
| Interest charges, net | (11858) | (13692) | (36570) | (43335) |
| Income taxes (expense)/benefit | (15) | (17) | (42) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Margin including Non-controlling interest | 9457 | 2905 | 28525 | 9152 |
| Non-controlling interest | (40) | (49) | (120) | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Margin attributable to ODEC | 9417 | 2856 | 28405 | 9008 |
| Patronage Capital - Beginning of Period | 519395 | 494787 | 500407 | 488635 |
| Patronage Capital - End of Period | $528812 | $497643 | $528812 | $497643 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

------

 **OLD DOMINION ELECTRIC COOPERATIVE**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
|  | (in thousands) | (in thousands) |
| Operating Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Margin including Non-controlling interest | $28525 | $9152 |
| Adjustments to reconcile net margin to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 53232 | 52616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash charges | 14945 | 13010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in current assets | 26815 | 13622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in deferred energy | (38871) | 47485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in current liabilities | (9342) | 85995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in regulatory assets and liabilities | 13986 | 36578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other assets and other liabilities | 2821 | (9121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Operating Activities | 92111 | 249337 |
| Investing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of available for sale securities | (97177) | (15000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of available for sale securities | 97085 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease/(increase) in other investments | 8792 | (15515) |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric plant additions | (55040) | (41001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used for Investing Activities | (46340) | (56516) |
| Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Draws on revolving credit facility | 125000 | 151000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on revolving credit facility | (140000) | (287000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used for Financing Activities | (15000) | (136000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Cash and Cash Equivalents | 30771 | 56821 |
| Cash and Cash Equivalents - Beginning of Period | 40689 | 31284 |
| Cash and Cash Equivalents - End of Period | $71460 | $88105 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

------

**OLD DOMINION ELECTRIC COOPERATIVE**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

*1. General*

The accompanying unaudited condensed consolidated financial statements, which represent the consolidated financial statements of ODEC and TEC, have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our consolidated financial position as of September 30, 2025, our consolidated results of operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. The consolidated results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the entire year. These financial statements should be read in conjunction with the financial statements and notes thereto included in our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission.

We have two classes of members. Our eleven Class A members are customer-owned electric distribution cooperatives engaged in the retail sale of power to member customers located in Virginia, Delaware, and Maryland. Our sole Class B member is TEC, a taxable corporation owned by our member distribution cooperatives. Our board of directors is composed of two representatives from each of the member distribution cooperatives and one representative from TEC. In accordance with Consolidation Accounting, TEC is considered a variable interest entity for which we are the primary beneficiary. We have eliminated all intercompany balances and transactions in consolidation. The assets and liabilities and non-controlling interest of TEC are recorded at carrying value and the consolidated assets were $6.9 million and $6.8 million as of September 30, 2025 and December 31, 2024, respectively. TEC's assets are utilized to settle TEC's liabilities. The income taxes reported on our Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital relate to the tax provision for TEC. As TEC is wholly-owned by our Class A members, its equity is presented as a non-controlling interest in our consolidated financial statements.

Our rates are set periodically by a formula that was accepted for filing by FERC and are not regulated by the public service commissions of the states in which our member distribution cooperatives operate.

We comply with the Uniform System of Accounts as prescribed by FERC. In conformity with GAAP, the accounting policies and practices applied by us in the determination of rates are also employed for financial reporting purposes. The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Actual results could differ from those estimates. We did not have any other comprehensive income for the periods presented.

*2. Fair Value Measurements*

The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

------

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Quoted Prices** |  |  |
|  |  | **in Active** | **Significant** |  |
|  |  | **Markets for** | **Other** | **Significant** |
|  |  | **Identical** | **Observable** | **Unobservable** |
|  | **September 30,** | **Assets** | **Inputs** | **Inputs** |
|  | **2025** | **(Level 1)** | **(Level 2)** | **(Level 3)** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Nuclear decommissioning trust <sup>(1)</sup> | $101067 | $101067 | $— | $— |
| Nuclear decommissioning trust - net asset value <sup>(1)(2)</sup> | 231390 |  |  |  |
| Unrestricted investments and other <sup>(3)</sup> | 61 |  | 61 |  |
| Derivatives - gas and power <sup>(4)</sup> | 4712 |  | 929 | 3783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial assets | $337230 | $101067 | $990 | $3783 |
| Derivatives - gas and power <sup>(4)</sup> | $2274 | $2005 | $269 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities | $2274 | $2005 | $269 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Quoted Prices** |  |  |
|  |  | **in Active** | **Significant** |  |
|  |  | **Markets for** | **Other** | **Significant** |
|  |  | **Identical** | **Observable** | **Unobservable** |
|  | **December 31,** | **Assets** | **Inputs** | **Inputs** |
|  | **2024** | **(Level 1)** | **(Level 2)** | **(Level 3)** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Nuclear decommissioning trust <sup>(1)</sup> | $93648 | $93648 | $— | $— |
| Nuclear decommissioning trust - net asset value <sup>(1)(2)</sup> | 198993 |  |  |  |
| Unrestricted investments and other <sup>(3)</sup> | 108 |  | 108 |  |
| Derivatives - gas and power <sup>(4)</sup> | 8764 |  | 6448 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial assets | $301513 | $93648 | $6556 | $2316 |
| Derivatives - gas and power <sup>(4)</sup> | $26753 | $26054 | $699 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities | $26753 | $26054 | $699 | $— |

---

<sup>(1)</sup> For additional information about our nuclear decommissioning trust, see Note 4—Investments below.

<sup>(2)</sup> Nuclear decommissioning trust includes investments measured at net asset value per share (or its equivalent) as a practical expedient and these investments have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Condensed Consolidated Balance Sheet.

<sup>(3)</sup> Unrestricted investments and other includes investments that are related to equity securities.

<sup>(4)</sup> Derivatives - gas and power represent natural gas futures contracts (Level 1 and Level 2) and financial transmission rights (Level 3). Level 1 are indexed against NYMEX. Level 2 are valued by ACES using observable market inputs for similar transactions. Level 3 are valued by ACES using unobservable market inputs, including situations where there is little market activity. Sensitivity in the market price of financial transmission rights could impact the fair value. For additional information about our derivative financial instruments, see Note 1 of the Notes to Consolidated Financial Statements in our 2024 Annual Report on Form 10-K.

*3. Derivatives and Hedging*

We are exposed to market price risk by purchasing power to supply the power requirements of our member distribution cooperatives that are not met by our owned generation. In addition, the purchase of fuel to operate our generating facilities

------

also exposes us to market price risk. To manage this exposure, we utilize derivative instruments. See Note 1 of the Notes to Consolidated Financial Statements in our 2024 Annual Report on Form 10-K.

Changes in the fair value of our derivative instruments accounted for at fair value are recorded as a regulatory asset or regulatory liability. The change in these accounts is included in the operating activities section of our Condensed Consolidated Statements of Cash Flows.

Outstanding derivative instruments, excluding contracts accounted for as normal purchase/normal sale, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Quantity** | **Quantity** | **Quantity** | **Quantity** |
|  |  | **As of<br>September 30,** | **As of<br>September 30,** | **As of<br>December 31,** | **As of<br>December 31,** |
| **Commodity** | **Unit of Measure** | **2025** | **2025** | **2024** | **2024** |
| Natural gas | MMBTU |  | 102,540,000 |  | 113,120,000 |
| Purchased power - financial transmission rights | MWh |  | 8,345,084 |  | 7,621,183 |

---

The fair value of our derivative instruments, excluding contracts accounted for as normal purchase/normal sale, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value** | **Fair Value** |
|  |  | **As of<br>September 30,** | **As of<br>December 31,** |
|  | **Balance Sheet Location** | **2025** | **2024** |
|  |  | (in thousands) | (in thousands) |
| **Derivatives in an asset position:** |  |  |  |
| Natural gas futures contracts | Other assets | $929 | $6448 |
| Financial transmission rights | Other assets | 3783 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives in an asset position** |  | $4712 | $8764 |
| **Derivatives in a liability position:** |  |  |  |
| Natural gas futures contracts | Other liabilities | $2274 | $26753 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives in a liability position** |  | $2274 | $26753 |

---

**The Effect of Derivative Instruments on the Condensed Consolidated Statements of Revenues, Expenses, and Patronage Capital for the Three and Nine Months Ended September 30, 2025 and 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Amount of Gain** | **Amount of Gain** | **Location of** | **Amount of Gain (Loss) Reclassified from** | **Amount of Gain (Loss) Reclassified from** | **Amount of Gain (Loss) Reclassified from** | **Amount of Gain (Loss) Reclassified from** |
|  | **(Loss) Recognized** | **(Loss) Recognized** | **Gain (Loss)** | **Regulatory Asset/Liability** | **Regulatory Asset/Liability** | **Regulatory Asset/Liability** | **Regulatory Asset/Liability** |
|  | **in Regulatory** | **in Regulatory** | **Reclassified** | **into Income for the** | **into Income for the** | **into Income for the** | **into Income for the** |
| **Derivatives** | **Asset/Liability for** | **Asset/Liability for** | **from Regulatory** | **Three Months** | **Three Months** | **Nine Months** | **Nine Months** |
| **Accounted for Utilizing** | **Derivatives as of** | **Derivatives as of** | **Asset/Liability** | **Ended** | **Ended** | **Ended** | **Ended** |
| **Regulatory Accounting** | **September 30,** | **September 30,** | **into Income** | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** |  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) |  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Natural gas futures contracts | $(5045) | $(57853) | Fuel | $12240 | $(15245) | $(10812) | $(49580) |
| Purchased power | 3782 | 1778 | Purchased power | 5180 | 8176 | 5201 | (3859) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(1263) | $(56075) | &nbsp;&nbsp;&nbsp;&nbsp;Total | $17420 | $(7069) | $(5611) | $(53439) |

---

------

Our hedging activities expose us to credit-related risks. We use hedging instruments, including forwards, futures, financial transmission rights, and options, to mitigate our power market price risks. Because we rely substantially on the use of hedging instruments, we are exposed to the risk that counterparties will default in performance of their obligations to us. Although we assess the creditworthiness of counterparties and other credit issues related to these hedging instruments, and we may require our counterparties to post collateral with us, defaults may still occur. Defaults may take the form of failure to physically deliver purchased energy or failure to pay. If a default occurs, we may be forced to enter into alternative contractual arrangements or purchase energy in the forward, short-term, or spot markets at then-current market prices that may exceed the prices previously agreed upon with the defaulting counterparty.

*4. Investments* 

Investments were as follows as of September 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Gross** | **Gross** |  |  |
|  |  | **Unrealized** | **Unrealized** | **Fair** | **Carrying** |
| **Description** | **Cost** | **Gains** | **Losses** | **Value** | **Value** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| **September 30, 2025** |  |  |  |  |  |
| Nuclear decommissioning trust <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | $98191 | $2447 | $— | $100638 | $100638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 97050 | 136005 | (1665) | 231390 | 231390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and other | 429 |  |  | 429 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Nuclear decommissioning trust | $195670 | $138452 | $(1665) | $332457 | $332457 |
| Other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | $50 | $11 | $— | $61 | $61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-marketable equity investments | 2141 | 2230 |  | 4371 | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other | $2191 | $2241 | $— | $4432 | $2202 |
|  |  |  |  |  | $334659 |
| **December 31, 2024** |  |  |  |  |  |
| Nuclear decommissioning trust <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities | $108556 | $— | $(14958) | $93598 | $93598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 95731 | 107329 | (4067) | 198993 | 198993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and other | 50 |  |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Nuclear decommissioning trust | $204337 | $107329 | $(19025) | $292641 | $292641 |
| Other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | $83 | $25 | $— | $108 | $108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-marketable equity investments | 2141 | 2164 |  | 4305 | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other | $2224 | $2189 | $— | $4413 | $2249 |
|  |  |  |  |  | $294890 |

---

<sup>(1)</sup> Investments in the nuclear decommissioning trust are restricted for the use of funding our share of the asset retirement obligations of the future decommissioning of North Anna. See Note 3 of the Notes to Consolidated Financial Statements in our 2024 Annual Report on Form 10-K. Unrealized gains and losses on investments held in the nuclear decommissioning trust are deferred as a regulatory liability or regulatory asset, respectively.

------

Contractual maturities of debt securities as of September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Less than<br>1 year** | **1-5 years** | **5-10 years** | **More than<br>10 years** | **Total** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Other <sup>(1)</sup> | $— | $— | $100638 | $— | $100638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $— | $100638 | $— | $100638 |

---

<sup>(1)</sup> The contractual maturities of other debt securities are measured using the effective duration of the bond fund within the nuclear decommissioning trust.

*5. Other*

*Revolving Credit Facility*

We maintain a revolving credit facility to cover our short-term and medium-term funding needs that are not met by cash from operations or other available funds. The $400 million in aggregate commitments under this credit agreement mature on December 7, 2028, unless earlier terminated in accordance with the agreement. As of September 30, 2025 and December 31, 2024, we had outstanding under this facility $50.0 million and $65.0 million in borrowings, respectively.

*Revenue Recognition*

Our operating revenues are derived from sales of power and renewable energy credits to our member distribution cooperatives and non-members. We supply power requirements (energy and demand) to our eleven member distribution cooperatives subject to substantially identical wholesale power contracts with each of them. We bill our member distribution cooperatives monthly and each member distribution cooperative is required to pay us monthly for power furnished under its wholesale power contract. We transfer control of the electricity over time and our member distribution cooperatives simultaneously receive and consume the benefits of the electricity. The amount we invoice our member distribution cooperatives on a monthly basis corresponds directly to the value to the member distribution cooperatives of our performance, which is determined by our formula rate included in the wholesale power contract. We sell excess energy and renewable energy credits to non-members at prevailing market prices as control is transferred.

ODEC sells excess purchased and generated energy not needed to meet the actual needs of our member distribution cooperatives to PJM, TEC, or other counterparties. Our financial statements represent the consolidated financial statements of ODEC and TEC and through the consolidation process, all intercompany balances and transactions have been eliminated and TEC's sales are reflected as non-member revenues.

------

The rates we charge our member distribution cooperatives are regulated by FERC and FERC has granted us authority to charge our member distribution cooperatives utilizing a formula rate and market-based rates.

Our operating revenues for the three and nine months ended September 30, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Operating revenues: |  |  |  |  |
| &nbsp;&nbsp;Member distribution cooperatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Formula rate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy revenues | $151268 | $139466 | $419753 | $406442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable energy credits | 122 | 335 | 431 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand revenues | 127488 | 125827 | 404627 | 365818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Formula rate revenues | 278878 | 265628 | 824811 | 772796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market-based rates: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy revenues | 29119 | 11896 | 82025 | 29151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand revenues | 8746 | 2143 | 17422 | 6117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Market-based rates revenues | 37865 | 14039 | 99447 | 35268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Member distribution cooperatives revenues | 316743 | 279667 | 924258 | 808064 |
| &nbsp;&nbsp;Non-members: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy revenues | 8412 | 3499 | 23714 | 7706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable energy credits | 22507 | 22613 | 24225 | 24104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-members revenues | 30919 | 26112 | 47939 | 31810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating revenues | $347662 | $305779 | $972197 | $839874 |

---

------

**OLD DOMINION ELECTRIC COOPERATIVE**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS**

**OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Caution Regarding Forward-looking Statements**

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, regulatory or executive actions, and legal and administrative proceedings; changes in and compliance with laws and regulations, including with respect to environmental matters; 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, including supply chain and tariff matters, 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.

**Critical Accounting Policies**

As of September 30, 2025, there have been no significant changes in our critical accounting policies as disclosed in our 2024 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.

**Basis of Presentation**

The accompanying financial statements reflect the consolidated accounts of ODEC and TEC. See "Note 1—General" in Notes to Condensed Consolidated Financial Statements in Part 1, Item 1.

**Overview**

We are a not-for-profit power supply cooperative owned entirely by our eleven Class A member distribution cooperatives and a Class B member, TEC. We supply our member distribution cooperatives' energy and demand requirements through a portfolio of resources including generating facilities, long-term and short-term physically-delivered forward power purchase contracts, and spot market purchases. We also supply the transmission services necessary to deliver this power to our member distribution cooperatives.

Our results from operations for the three and nine months ended September 30, 2025, as compared to the same periods in 2024, respectively, were primarily impacted by the increase in total revenues from sales to our member distribution cooperatives, increases in purchased power expense and fuel expense, and the decrease in deferred energy expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenues from sales to our member distribution cooperatives, which is comprised of sales to our member distribution cooperatives - formula rate and sales to our member distribution cooperatives - market-based rates, increased 13.3% and 14.4% for the three and nine months ended September 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenues from sales to our member distribution cooperatives - formula rate increased 5.0% and 6.7%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Formula rate energy revenues increased 8.5% for the three months ended September 30, 2025, due to the change in our total energy rate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Formula rate energy revenues increased 3.3% for the nine months ended September 30, 2025, due to the increase in energy sales in MWh.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Formula rate demand revenues were relatively flat for the three months ended September 30, 2025, and increased 10.6% for the nine months ended September 30, 2025, substantially due to increases in network transmission services and capacity costs charged by PJM, and an additional equity contribution of $20.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenues from sales to our member distribution cooperatives - market-based rates increased 169.7% and 182.0%, respectively, due to load growth related to increased member distribution cooperative sales to data centers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchased power expense, which includes the cost of purchased energy and capacity, increased 14.5% and 44.7%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchased energy costs increased 18.6% and 43.5%, respectively, due to the increase in the average cost of purchased energy, and for the nine months ended September 30, 2025, the increase in the volume of purchased energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The average cost of purchased energy increased 20.7% and 31.0%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The volume of purchased energy decreased 1.7% for the three months ended September 30, 2025, as a result of the decrease in purchased energy in MWh for formula rate sales, substantially offset by the increase in purchased energy in MWh for market-based rates sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The volume of purchased energy increased 9.6% for the nine months ended September 30, 2025, primarily due to the increase in purchased energy in MWh for market-based rates sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchased capacity costs increased 55.9% for the nine months ended September 30, 2025, primarily due to the increased price of capacity charged by PJM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fuel expense increased 35.4% and 36.9%, respectively. The average cost of fuel increased 17.5% and 18.0%, respectively, and generation from our owned facilities increased 15.2% and 16.0%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deferred energy expense, which represents the difference between energy revenues and energy expenses, decreased $4.7 million and $86.4 million, respectively. For the three months ended September 30, 2025, we over-collected $19.4 million and for the nine months ended September 30, 2025, we under-collected $38.9 million. The under-collection of $38.9 million is primarily a result of the extreme cold weather in January 2025.

**Factors Affecting Results**

For a comprehensive discussion of factors affecting results, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Factors Affecting Results" in Item 7 in our 2024 Annual Report on Form 10-K.

**Formula Rate**

Our power sales are comprised of two power products – energy and demand. Energy is the physical electricity delivered through transmission and distribution facilities to customers. We must have sufficient committed energy available to us for delivery to our member distribution cooperatives to meet their maximum energy needs at any time, with limited exceptions. This committed available energy at any time is referred to as demand.

The rates we charge our member distribution cooperatives are regulated by FERC and FERC has granted us authority to charge our member distribution cooperatives utilizing a formula rate and market-based rates. In accordance with our wholesale power contracts with our member distribution cooperatives, we sell power to them utilizing a formula rate. An exception in the formula rate allows our member distribution cooperatives to elect to utilize market-based rates for new and expanding loads that meet certain criteria.

------

The rates we charge our member distribution cooperatives under the formula rate are intended to permit collection of revenues which will equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all of our costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•20% of our total interest charges (margin requirement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•additional equity contributions approved by our board of directors.

The formula rate identifies the cost components that we can collect through rates, but not the actual amounts to be collected. With limited minor exceptions, we can change our rates periodically to match the costs we have incurred and we expect to incur without seeking FERC approval.

Our margin requirement and additional equity contributions approved by our board of directors are recovered through our demand rates. We establish our demand rates to produce a net margin attributable to ODEC equal to 20% of our budgeted total interest charges, plus additional equity contributions approved by our board of directors. The formula rate permits us to adjust revenues from the member distribution cooperatives to equal our actual total demand costs incurred, including a net margin attributable to ODEC equal to 20% of actual interest charges, plus additional equity contributions approved by our board of directors. We make these adjustments utilizing Margin Stabilization.

As detailed in the table below, we utilized Margin Stabilization to reduce revenues for the three and nine months ended September 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Margin Stabilization adjustment | $13184 | $(1606) | $18051 | $6357 |

---

For further discussion of Margin Stabilization, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Margin Stabilization" in Item 7 in our 2024 Annual Report on Form 10-K.

**Weather**

Weather affects the demand for electricity. Relatively higher or lower temperatures tend to increase the demand for energy to use air conditioning and heating systems, respectively. Mild weather generally reduces the demand for energy because heating and air conditioning systems are operated less. Weather also plays a role in the price of energy through its effects on the market price for fuel, particularly natural gas.

Heating and cooling degree days are measurement tools used to quantify the need to utilize heating or cooling, respectively, for a building. Heating degree days are calculated as the number of degrees below 60 degrees in a single day. Cooling degree days are calculated as the number of degrees above 65 degrees in a single day. In a single calendar day, it is possible to have multiple heating degree and cooling degree days.

The heating and cooling degree days for the three and nine months ended September 30, 2025 and 2024, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Heating degree days |  |  | —% | 2130 | 1856 | 14.8% |
| Cooling degree days | 872 | 929 | (6.1) | 1252 | 1308 | (4.3) |

---

------

**Power Supply Resources**

We provide power to our members through a combination of our interests in Wildcat Point, a natural gas-fired combined cycle generation facility; North Anna, a nuclear power station; Clover, a coal-fired generation facility; two natural gas-fired combustion turbine facilities (Louisa and Marsh Run); diesel-fired distributed generation facilities; and physically-delivered forward power purchase contracts and spot market energy purchases. Our energy supply resources for the three and nine months ended September 30, 2025 and 2024, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Three Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|  | (in MWh and percentages) | (in MWh and percentages) | (in MWh and percentages) | (in MWh and percentages) | (in MWh and percentages) | (in MWh and percentages) | (in MWh and percentages) | (in MWh and percentages) |
| **Generated:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildcat Point | 1057171 | 26.0% | 920826 | 24.2% | 2467055 | 20.5% | 2271964 | 21.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;North Anna | 420354 | 10.3 | 487950 | 12.8 | 1300368 | 10.8 | 1359501 | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clover | 251646 | 6.2 | 104945 | 2.8 | 553031 | 4.6 | 361713 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisa | 253067 | 6.2 | 222382 | 5.9 | 517373 | 4.3 | 383263 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marsh Run | 255358 | 6.3 | 205423 | 5.4 | 620277 | 5.2 | 329615 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributed Generation | 840 |  | 934 |  | 2789 |  | 1955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Generated | 2238436 | 55.0 | 1942460 | 51.1 | 5460893 | 45.4 | 4708011 | 44.0 |
| **Purchased:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other than renewable: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term and short-term | 1049960 | 25.8 | 618851 | 16.3 | 3446180 | 28.7 | 2390637 | 22.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spot market | 122943 | 3.1 | 793097 | 20.8 | 1114403 | 9.3 | 2248680 | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market-based rates | 545381 | 13.4 | 303480 | 8.0 | 1398680 | 11.6 | 789914 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other than renewable | 1718284 | 42.3 | 1715428 | 45.1 | 5959263 | 49.6 | 5429231 | 50.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewable <sup>(1)</sup> | 110167 | 2.7 | 144394 | 3.8 | 599928 | 5.0 | 555802 | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Purchased | 1828451 | 45.0 | 1859822 | 48.9 | 6559191 | 54.6 | 5985033 | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Available Energy | 4066887 | 100.0% | 3802282 | 100.0% | 12020084 | 100.0% | 10693044 | 100.0% |

---

<sup>(1)</sup> Related to our contracts from renewable facilities from which we obtain renewable energy and renewable energy credits. We may sell the renewable energy credits to our member distribution cooperatives and non-members.

**Generating Facilities**

Our operating expenses, and consequently our rates charged to our member distribution cooperatives, are significantly affected by the operations of our generating facilities, which are under dispatch direction of PJM. PJM balances its members' power requirements with the power resources available to supply those requirements. Based on this evaluation of supply and demand, PJM schedules and directs the dispatch of available generating facilities throughout its region in a manner intended to meet the demand for energy in the most reliable and cost-effective manner. Thus, PJM directs the dispatch of these facilities even though it does not own them. For further discussion of PJM, see "Business—Power Supply Resources—PJM" in Item 1 in our 2024 Annual Report on Form 10-K.

------

**Operational Availability**

The operational availability of our owned generating resources, which is primarily impacted by planned outages, for the three and nine months ended September 30, 2025 and 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Wildcat Point | 99.1% | 99.5% | 89.9% | 92.0% |
| North Anna | 86.9 | 100.0 | 89.3 | 93.0 |
| Clover | 82.8 | 76.8 | 63.4 | 73.0 |
| Louisa | 99.2 | 98.5 | 98.2 | 97.5 |
| Marsh Run | 100.0 | 99.1 | 92.4 | 93.3 |

---

**Capacity Factor**

The output of Wildcat Point, North Anna, and Clover for the three and nine months ended September 30, 2025 and 2024, as a percentage of maximum dependable capacity rating of the respective facility, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Wildcat Point | 48.5% | 42.5% | 38.2% | 35.1% |
| North Anna | 86.8 | 100.7 | 90.4 | 94.2 |
| Clover | 26.9 | 11.4 | 19.9 | 13.1 |

---

**Results of Operations**

**Operating Revenues** 

Our operating revenues are derived from sales of power and renewable energy credits to our member distribution cooperatives and non-members. ODEC sells excess purchased and generated energy not needed to meet the actual needs of our member distribution cooperatives to PJM, TEC, or other counterparties. Our financial statements represent the consolidated financial statements of ODEC and TEC and through the consolidation process, all intercompany balances and transactions have been eliminated and TEC's sales are reflected as non-member revenues. Our operating revenues and energy sales in MWh by type of purchaser for the three and nine months ended September 30, 2025 and 2024, were as follows:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Operating revenues: |  |  |  |  |
| &nbsp;&nbsp;Member distribution cooperatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Formula rate | $278878 | $265628 | $824811 | $772796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market-based rates | 37865 | 14039 | 99447 | 35268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Member distribution cooperatives | 316743 | 279667 | 924258 | 808064 |
| &nbsp;&nbsp;Non-members <sup>(1)</sup> | 30919 | 26112 | 47939 | 31810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating revenues | $347662 | $305779 | $972197 | $839874 |
| Energy sales to: | (in MWh) | (in MWh) | (in MWh) | (in MWh) |
| &nbsp;&nbsp;&nbsp;&nbsp;Member distribution cooperatives - formula rate | 3361616 | 3377704 | 10117885 | 9617305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Member distribution cooperatives - market-based rates | 545381 | 303873 | 1398680 | 790331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-members | 146205 | 69389 | 448488 | 199639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy sales | 4053202 | 3750966 | 11965053 | 10607275 |

---

<sup>(1)</sup> Includes renewable energy credit sales of $22.5 million and $24.2 million for the three and nine months ended September 30, 2025, respectively, and $22.6 million and $24.1 million for the three and nine months ended September 30, 2024, respectively.

**Member Distribution Cooperatives**

The rates we charge our member distribution cooperatives are regulated by FERC and FERC has granted us authority to charge our member distribution cooperatives utilizing a formula rate and market-based rates. In accordance with our wholesale power contracts with our member distribution cooperatives, we sell power to them utilizing a formula rate. An exception in the formula rate allows our member distribution cooperatives to elect to utilize market-based rates for new and expanding loads that meet certain criteria.

**Formula Rate**

Our operating revenues from sales to member distribution cooperatives - formula rate for the three and nine months ended September 30, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Member distribution cooperatives: |  |  |  |  |
| &nbsp;&nbsp;Formula rate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy revenues | $151268 | $139466 | $419753 | $406442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewable energy credits | 122 | 335 | 431 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand revenues | 127488 | 125827 | 404627 | 365818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Formula rate revenues | $278878 | $265628 | $824811 | $772796 |
| &nbsp;&nbsp;Energy sales to: | (in MWh) | (in MWh) | (in MWh) | (in MWh) |
| &nbsp;&nbsp;&nbsp;&nbsp;Member distribution cooperatives - formula rate | 3361616 | 3377704 | 10117885 | 9617305 |
| &nbsp;&nbsp;Average cost to member distribution cooperatives: | (per MWh) | (per MWh) | (per MWh) | (per MWh) |
| &nbsp;&nbsp;&nbsp;&nbsp;Formula rate energy cost | $45.00 | $41.29 | $41.49 | $42.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Formula rate total cost | $82.96 | $78.64 | $81.52 | $80.35 |

---

------

For the three and nine months ended September 30, 2025, total formula rate revenues increased $13.3 million, or 5.0%, and $52.0 million, or 6.7%, as compared to the same periods in 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Formula rate energy revenues increased $11.8 million, or 8.5%, for the three months ended September 30, 2025, due to the change in our total energy rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Formula rate energy revenues increased $13.3 million, or 3.3%, for the nine months ended September 30, 2025, due to the 5.2% increase in energy sales in MWh.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Formula rate demand revenues were relatively flat for the three months ended September 30, 2025, and increased $38.8 million, or 10.6%, for the nine months ended September 30, 2025, substantially due to increases in network transmission services and capacity costs charged by PJM, and an additional equity contribution of $20.6 million.

The following table summarizes the changes to our total energy rate since 2024 to address the differences in our realized as well as projected energy costs:

---

| | |
|:---|:---|
| **Date** | **% Change** |
| January 1, 2024 | (7.0) |
| July 1, 2024 | (3.5) |
| January 1, 2025 | (6.4) |
| June 1, 2025 | 16.4 |

---

**Market-based Rates**

Our operating revenues from sales to member distribution cooperatives - market-based rates for the three and nine months ended September 30, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Member distribution cooperatives: |  |  |  |  |
| &nbsp;&nbsp;Market-based rates: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy revenues | $29119 | $11896 | $82025 | $29151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand revenues | 8746 | 2143 | 17422 | 6117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Market-based rates revenues | $37865 | $14039 | $99447 | $35268 |
| &nbsp;&nbsp;Energy sales to: | (in MWh) | (in MWh) | (in MWh) | (in MWh) |
| &nbsp;&nbsp;&nbsp;&nbsp;Member distribution cooperatives - market-based rates | 545381 | 303873 | 1398680 | 790331 |

---

The increase in total market-based rates revenues is a result of load growth related to data centers served by our member distribution cooperatives. See "Member Distribution Cooperatives" above.

------

**Operating Expenses** 

The following is a summary of the components of our operating expenses for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months<br> Ended<br>September 30,** | **Three Months<br> Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Fuel | $70561 | $52096 | $207671 | $151705 |
| Purchased power | 122851 | 107270 | 394317 | 272528 |
| Transmission | 54026 | 51058 | 166557 | 150110 |
| Deferred energy | 19389 | 24122 | (38871) | 47485 |
| Operations and maintenance | 25530 | 22475 | 77171 | 69770 |
| Administrative and general | 14362 | 12536 | 42242 | 37108 |
| Depreciation and amortization | 17780 | 17600 | 53232 | 52616 |
| Amortization of regulatory asset/(liability), net | (13063) | 920 | (12337) | 12475 |
| Accretion of asset retirement obligations | 1730 | 1573 | 5188 | 4716 |
| Taxes, other than income taxes | 2099 | 2323 | 6674 | 6944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $315265 | $291973 | $901844 | $805457 |

---

Our operating expenses are comprised of the costs that we incur to generate and purchase power to meet the needs of our member distribution cooperatives, and the costs associated with any sales of power to non-members. Our energy costs generally are variable and include fuel expense, the energy portion of our purchased power expense, and the variable portion of operations and maintenance expense. Our demand costs generally are fixed and include the capacity portion of our purchased power expense, transmission expense, the fixed portion of operations and maintenance expense, administrative and general expense, and depreciation and amortization expense. Additionally, all non-operating expenses and income items, including investment income and interest charges, net, are components of our demand costs. See "Factors Affecting Results—Formula Rate" above.

Total operating expenses increased $23.3 million, or 8.0%, and $96.4 million, or 12.0%, for the three and nine months ended September 30, 2025 as compared to the same periods in 2024, respectively, primarily as a result of increases in purchased power expense and fuel expense, partially offset by decreases in deferred energy expense and amortization of regulatory asset/(liability), net expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchased power expense, which includes the cost of purchased energy and capacity, increased $15.6 million, or 14.5%, and $121.8 million, or 44.7%, for the three and nine months ended September 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchased energy costs increased $17.4 million, or 18.6%, and $107.5 million, or 43.5%, respectively, due to the increase in the average cost of purchased energy, and for the nine months ended September 30, 20025, the increase in the volume of purchased energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The average cost of purchased energy increased 20.7% and 31.0%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The volume of purchased energy decreased 1.7% for the three months ended September 30, 2025. as a result of the decrease in purchased energy in MWh for formula rate sales, substantially offset by the increase in purchased energy in MWh for market-based rates sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The volume of purchased energy increased 9.6% for the nine months ended September 30, 2025, primarily due to the increase in purchased energy in MWh for market-based rates sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchased capacity costs increased $14.3 million, or 55.9%, for the nine months ended September 30, 2025, primarily due to the increased price of capacity charged by PJM.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fuel expense increased $18.5 million, or 35.4%, and $56.0 million, or 36.9%, for the three and nine months ended September 30, 2025, respectively. The average cost of fuel increased 17.5% and 18.0%, respectively, and generation from our owned facilities increased 15.2% and 16.0%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deferred energy expense, which represents the difference between energy revenues and energy expenses, decreased $4.7 million and $86.4 million, for the three and nine months ended September 30, 2025, respectively. For the three months ended September 30, 2025, we over-collected $19.4 million and for the nine months ended September 30, 2025, we under-collected $38.9 million. The under-collection of $38.9 million is primarily a result of the extreme cold weather in January 2025. For further discussion on deferred energy, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Deferred Energy" in Item 7 in our 2024 Annual Report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amortization of regulatory asset/(liability), net expense decreased $14.0 million and $24.8 million, respectively, due to changes in the nuclear decommissioning trust. See "Other Items—Investment (expense)/income, net" below.

**Other Items**

**Investment (expense)/income, net** 

Investment (expense)/income, net changed $13.9 million and $23.2 million, for the three and nine months ended September 30, 2025, respectively, primarily due to a change in investments in the nuclear decommissioning trust during the third quarter of 2025, which resulted in a realized loss. As a rate-regulated entity, we account for certain revenues and expenses in accordance with Accounting for Regulated Operations, which allows certain of our revenues and expenses to be deferred. We deferred this realized loss through amortization of regulatory asset/(liability), net expense, resulting in no impact on net margin attributable to ODEC on the condensed consolidated statements of revenues, expenses, and patronage capital.

**Interest Charges, net**

The primary factors affecting our interest charges, net are issuances of indebtedness, scheduled payments of principal on our indebtedness, interest charges related to our revolving credit facility (including fees), and interest paid to our member distribution cooperatives on prepayment balances, which is included in other interest. The major components of interest charges, net for the three and nine months ended September 30, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months <br>Ended<br>September 30,** | **Three Months <br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** | **Nine Months<br>Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Interest on long-term debt | $(10984) | $(11625) | $(32941) | $(34860) |
| Interest on revolving credit facility | (816) | (1436) | (2673) | (6223) |
| Other interest | (910) | (1215) | (3288) | (3954) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest charges | (12710) | (14276) | (38902) | (45037) |
| Allowance for borrowed funds used during construction | 852 | 584 | 2332 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest charges, net | $(11858) | $(13692) | $(36570) | $(43335) |

---

**Net Margin Attributable to ODEC**

Net margin attributable to ODEC, which is a function of our total interest charges plus any additional equity contributions approved by our board of directors, increased $6.6 million and $19.4 million, for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024. On December 10, 2024, our board of directors approved an additional equity contribution of $27.5 million that is being collected ratably in 2025 through rates charged to our member distribution cooperatives. We recorded an additional equity contribution of $6.9 million and $20.6 million, for the three and nine months ended September 30, 2025, respectively.

------

**Financial Condition**

The principal changes in our financial condition from December 31, 2024 to September 30, 2025, were caused by decreases in deferred energy, regulatory assets, fuel, materials, and supplies, other assets, and other liabilities, partially offset by increases in nuclear decommissioning trust and regulatory liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deferred energy decreased $38.9 million due to the under-collection of our energy costs in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Regulatory assets decreased $28.2 million primarily due to the change in the net unrealized gains on derivative instruments related to changes in market prices for the underlying commodities, and the decrease in deferred transmission costs which were fully amortized in the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fuel, materials, and supplies decreased $24.4 million primarily due to the decrease in coal inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other assets decreased $24.2 million primarily due to the increase in the fair value of our natural gas hedges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other liabilities decreased $21.4 million primarily due to the increase in the fair value of our natural gas hedges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Nuclear decommissioning trust increased $39.8 million primarily due to the unrealized gain on securities owned in the nuclear decommissioning trust, partially offset by the $13.8 million realized loss on a change in investments in the nuclear decommissioning trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Regulatory liabilities increased $34.3 million primarily due to the change in the unrealized gain on the nuclear decommissioning trust, partially offset by the deferral of the realized loss on a change in investments in the nuclear decommissioning trust.

**Liquidity and Capital Resources**

**Sources**

Cash generated by our operations, periodic borrowings under our revolving credit facility, and occasional issuances of long-term debt provide our sources of liquidity and capital.

**Operations**

During the first nine months of 2025 and 2024, our operating activities provided cash flows of $92.1 million and $249.3 million, respectively.

**Revolving Credit Facility**

We maintain a revolving credit facility to cover our short-term and medium-term funding needs that are not met by cash from operations or other available funds. The $400 million in aggregate commitments under this credit agreement mature on December 7, 2028, unless earlier terminated in accordance with the agreement. As of September 30, 2025 and December 31, 2024, we had outstanding under this facility $50.0 million and $65.0 million in borrowings, respectively.

**Financings**

We fund the portion of our capital expenditures that we are not able to fund from operations through borrowings under our revolving credit facility and issuances of debt in the capital markets. These capital expenditures consist primarily of the costs related to the development, construction, acquisition, expansion, or improvement of our owned generating and transmission facilities. We anticipate the issuance of additional long-term indebtedness in the near term to fund capital expenditures related to our existing generating and transmission facilities. Additionally, we are evaluating the need to construct new, or expand existing, generating facilities, which could result in the issuance of additional long-term indebtedness. We believe our cash from operations, funds available from our revolving credit facility, and issuances of additional long-term indebtedness, will be sufficient to meet our currently anticipated future operational and capital requirements.

**Uses**

Our uses of liquidity and capital relate to funding our working capital needs, investment activities, and financing activities. Substantially all of our investment activities relate to capital expenditures in connection with our generating facilities. Additionally, we have asset retirement obligations in the future that are significantly offset by the nuclear

------

decommissioning trust, which as of September 30, 2025, had a balance of $332.5 million. Our future contingent obligations primarily relate to power purchase and natural gas arrangements, and we have no off-balance sheet obligations. Some of our power purchase contracts obligate us to provide credit support if our obligations issued under the Indenture are rated below specified thresholds by S&P and Moody's. We currently anticipate that cash from operations, borrowings under our revolving credit facility, and potential issuances of long-term indebtedness will be sufficient to meet our liquidity needs for the near term, including planned capital expenditures, asset retirement obligations, and our contingent obligations as described above.

**ITEM 3. QUANTITATIVE AND QUALITATIVE**

**DISCLOSURES ABOUT MARKET RISK**

No material changes occurred in our exposure to market risk during the third quarter of 2025.

**ITEM 4. CONTROLS AND PROCEDURES**

As of the end of the period covered by this report, our management, including the President and Chief Executive Officer, and the Senior Vice President and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures. Based upon that evaluation, the President and Chief Executive Officer, and the Senior Vice President and Chief Financial Officer, concluded that our disclosure controls and procedures are effective in ensuring that all material information required to be filed in this report has been made known to them in a timely manner. We have established a Disclosure Assessment Committee comprised of members of our senior and middle management to assist in this evaluation.

There have been no material changes in our internal control over financial reporting or in other factors that could significantly affect such controls during the past fiscal quarter.

------

**OLD DOMINION ELECTRIC COOPERATIVE**

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

**Other Matters**

Other than certain legal proceedings arising out of the ordinary course of business that management believes will not have a material adverse impact on our results of operations or financial condition, there is no other litigation pending or threatened against us.

**ITEM 1A. RISK FACTORS**

In addition to the other information set forth in this report, you should carefully consider the factors discussed in "Risk Factors" in Part I, Item 1A in our 2024 Annual Report on Form 10-K, which could affect our business, results of operations, financial condition, and cash flows. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, results of operations, financial condition, and cash flows.

**ITEM 5. OTHER INFORMATION**

During the fiscal quarter ended September 30, 2025, none of our directors or officers informed us of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of Regulation S-K. We have debt securities but no equity securities outstanding because we are a cooperative. See "Business—Overview" in Item 1 in our 2024 Annual Report on Form 10-K.

------

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;31.1 | [<u>Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)</u>](ck0000885568-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2 | [<u>Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)</u>](ck0000885568-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1 | [<u>Certification of the Chief Executive Officer pursuant to 18 U.S.C. § 1350</u>](ck0000885568-ex32_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.2 | [<u>Certification of the Chief Financial Officer pursuant to 18 U.S.C. § 1350</u>](ck0000885568-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | OLD DOMINION ELECTRIC COOPERATIVE | OLD DOMINION ELECTRIC COOPERATIVE |
|  |  | Registrant |
| Date: November 12, 2025 |  | /s/ BRYAN S. ROGERS |
|  |  | Bryan S. Rogers |
|  |  | Senior Vice President and Chief Financial Officer |
|  |  | (Principal financial officer) |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS**

I, Christopher F. Cosby, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Old Dominion Electric Cooperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: November 12, 2025 |
| /s/ CHRISTOPHER F. COSBY |
| Christopher F. Cosby |
| President and Chief Executive Officer |
| (Principal executive officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS**

I, Bryan S. Rogers, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Old Dominion Electric Cooperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: November 12, 2025 |
| /s/ BRYAN S. ROGERS |
| Bryan S. Rogers |
| Senior Vice President and Chief Financial Officer |
| (Principal financial officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**OLD DOMINION ELECTRIC COOPERATIVE**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Old Dominion Electric Cooperative (the "Company") on Form 10-Q for the period ending September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher F. Cosby, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | |
|:---|:---|
| Date: November 12, 2025 |  |
|  | /s/ CHRISTOPHER F. COSBY |
|  | Christopher F. Cosby |
|  | President and Chief Executive Officer |
|  | (Principal executive officer) |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**OLD DOMINION ELECTRIC COOPERATIVE**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Old Dominion Electric Cooperative (the "Company") on Form 10-Q for the period ending September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bryan S. Rogers, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | |
|:---|:---|
| Date: November 12, 2025 |  |
|  | /s/ BRYAN S. ROGERS |
|  | Bryan S. Rogers |
|  | Senior Vice President and Chief Financial Officer |
|  | (Principal financial officer) |

---

------