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. Commitments under this syndicated credit agreement extend through February 28, 2025. Available funding under this facility totaled $500 million through March 3, 2022, and totals $400 million from March 4, 2022 through February 28, 2025. As of March 31, 2022 and December 31, 2021, we had no borrowings and had a $0.5 million letter of credit outstanding under this facility.

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.

We sell excess purchased and generated energy to PJM, TEC, or third parties. Sales to TEC consist of sales of excess energy that we do not need to meet the actual needs of our member distribution cooperatives. TEC’s sales to third parties are reflected as non-member revenues. For the three months ended March 31, 2022 and 2021, we had no sales to TEC and TEC had no sales to third parties.

Our operating revenues for the three months ended March 31, 2022 and 2021, were as follows:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Revenues from sales to:
Member distribution cooperatives
Energy revenues	$	115,085	$	90,834
Renewable energy credits		17		9
Demand revenues		98,565		93,900
Total revenues from sales to member distribution cooperatives		213,667		184,743
Non-members:
Energy revenues		3,767		6,191
Renewable energy credits		—		183
Total revenues from sales to non-members		3,767		6,374
Total operating revenues	$	217,434	$	191,117