As treasurer for Nodak Electric Cooperative, on behalf of the directors and all the employees of Nodak, thank you for your patronage in 2019. Our financial year was a successful one and below you will note some of the highlights. If you would like more detail for the numbers presented, please do not hesitate to contact our office for assistance.
As a loan recipient from the RUS program of USDA and from CoBank, we are required to demonstrate credit worthiness on an annual basis. Each financial year we are proud to have exceeded the required loan covenant financial ratios. To bring even more transparency into our financial reporting, a few years back we implemented our own more stringent annual financial goals and we have been consistent in meeting those goals as well. Meeting or exceeding these financial goals bodes well for the future of Nodak and its membership.
For the year 2019, 56%, or 631 million kWh, were sold to our commercial and industrial rate sector. We have 509 C & I delivered locations scattered throughout our system. The balance of our power sales, amounting to 497 million kWh, went directly to the other 19,769 service locations that have very diverse usage each month. Total revenue from those 1.1 billion worth of kWh sales was $104.5 million. Other nonelectric operating revenue added $1.2 million for a total reported revenue of $105.7 million.
Total expenses were $103 million, with 84% of that number being the cost of wholesale power. Additionally, nonoperating margins added $700,000 with a total reported margin of $3.4 million for 2019. From an equity standpoint, $2 million worth of capital credits were retired in April 2019, something that investor-owned utilities cannot report on their treasurer’s report.
Thank you again for your patronage and for allowing us to serve your electricity needs during the past year.