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READ THE COBB EMC ANNUAL REPORT JOIN US FOR THE 88TH ANNUAL MEETING SEE BACK PAGE
SEPTEMBER 2026
THE POWER OF INTEGRITY 2026 COBB EMC ANNUAL REPORT
A MESSAGE FROM YOUR CEO AND BOARD CHAIR CELEBRATING 200,000 MEMBERS AND A LEGACY OF INTEGRITY To our members, In 2025, Cobb EMC surpassed 200,000 members across our five-county service area of Bartow, Cherokee, Cobb, Fulton and Paulding. Serving a community of that many people is an honor that we don’t take for granted, and we’re proud to continue proving ourselves to our members every day, through all the ways we serve you.
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To our team here at Cobb EMC, earning and maintaining a reputation of integrity is vital. It is woven into the very fabric of our operations, and it’s why we’ve made it the focus of this year’s annual report. We show integrity through our reliability. For years, Cobb EMC has been recognized for restoring outages quickly, as well as for high levels of member satisfaction. In fact, Cobb EMC is #1 in the nation for restoring outages quickly two years in a row, according to the Institute of Electrical and Electronics Engineers’ 2024 and 2025 benchmark year study. Because powering our neighborhoods is our top priority, always. But we don’t stop there. Integrity is a part of everything we do. It’s keeping rates low, the lowest among all 41 EMCs in the state, four years in a row, according to the Georgia Public Service Commission’s 2023-2026 Summer Residential Rate Surveys. It’s also communicating clearly and sharing our financial performance. We’re committed to transparency and keeping you informed. We’re dedicated to our members and will always be there, working in the background, in the moments that matter most. It’s humbling to think about serving our more than 200,000 members. That number represents the trust our members place in us every day and a responsibility we never take for granted. As you explore the rest of this year’s report, we hope you feel pride in all that we’ve accomplished together. Your neighbors,
Kevan Espy President and CEO
Kelly Bodner Board Chair
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POWER YOU CAN COUNT ON–EVERY DAY
#1
RELIABILITY ISN’T JUST A GOAL. IT’S HOW WE SERVE YOU.
FOR RESTORING OUTAGES QUICKLY
KEEPING YOUR POWER ON TAKES CONSTANT WORK BEFORE, DURING AND AFTER OUTAGES. RESILIENT INFRASTRUCTURE
FUTURE READINESS
We strengthen the grid yearround. This is achieved through preventive inspections, upgrades and equipment reinforcement that prevent outages before they happen.
We’re always working to strengthen grid security and enhance overall infrastructure. Protecting our shared systems from natural disruptions and man-made challenges alike means we’re preventing many outages from ever happening in the first place.
OUTAGE COMMUNICATIONS WANT TO RECEIVE OUTAGE ALERTS VIA TEXT, EMAIL OR VOICE NOTIFICATIONS? SCAN THE QR CODE OR VISIT COBBEMC.COM/NOTIFICATIONS
TWO YEARS IN A ROW ACCORDING TO THE INSTITUTE OF ELECTRICAL AND ELECTRONICS ENGINEERS’ 2024 AND 2025 BENCHMARK YEAR STUDY RESULTS.
If the lights go out, you won’t be left guessing. We provide updates when available on causes, estimated restoration times and when your power is back on.
PUTTING INTEGRITY INTO ACTION We do the work before storms hit by inspecting, trimming, replacing and preparing, helping reduce outages and restore power faster when they occur.
THE RESULT: FEWER OUTAGES. FASTER RESTORATION. CLEAR COMMUNICATION WHEN IT MATTERS MOST.
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BY THE NUMBERS: KEEPING POWER FLOWING OUR CREWS USE REAL-TIME MAPPING AND COMMUNICATIONS SYSTEMS FOR ON-DEMAND MAINTENANCE. The figures below represent the work completed in a typical year as part of a rotating maintenance cycle across our entire electric system.
9,000+ 400 123,000 18,000 7,500
Miles of overhead and underground lines managed Miles of overhead primary line trimmed
Meters inspected
Utility poles inspected
Pad-mounted transformers maintained
NEW THIS YEAR • NEW STREETLIGHT OUTAGE REPORTING AND TRACKING TOOL
• EXPANDED TOOLS TO MAKE REPORTING OUTAGES EVEN EASIER
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REAL VALUE, RIGHT ON YOUR BILL KEEPING COSTS LOW. RETURNING VALUE TO YOU. LOW RATES We’re committed to keeping electricity affordable through long-term planning and disciplined cost management. Our Gas South partnership helps keep rates stable for all members.
RESPONSIBLE STEWARDSHIP We carefully manage costs so members never pay more than necessary.
MEMBERS CONTINUE TO SAVE HUNDREDS EACH YEAR.
#1 $480 $40 LOWEST * LESS* SAVINGS RATES IN GEORGIA FOR FOUR YEARS IN A ROW
ANNUALLY COMPARED TO THE STATE AVERAGE
PER MONTH THAN THE STATE AVERAGE
$86M
KEPT IN MEMBERS’ POCKETS THROUGH PCA CREDITS SINCE 2013
$74.6+M RETURNED IN CAPITAL CREDITS SINCE 2013
*Among all 41 EMCs according to the Georgia Public Service Commission’s 2023 -2026 Summer Residential Rate Surveys.
THE RESULT: DELIVERING EXCEPTIONAL VALUE TO EVERY MEMBER, 365 DAYS A YEAR.
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TRUST ISN’T GIVEN: IT’S EARNED CONSISTENT SERVICE, TOOLS AND SUPPORT MAKE THE DIFFERENCE.
INTEGRITY IN SERVICE IS CENTRAL TO OUR COMMITMENT TO SERVING OUR MEMBERS. WE’RE ALWAYS WORKING TO MAKE EVERY EXPERIENCE SIMPLE, CONVENIENT AND FRICTION-FREE. TRUSTED, TOP-RATED SERVICE
TOOLS THAT PUT YOU IN CONTROL FLEXIBLE BILLING PROGRAMS
ONLINE AND
MOBILEOUTAGE ACCOUNT WANT TO RECEIVE MANAGEMENT ALERTS VIA TEXT, EMAIL OR VOICE NOTIFICATIONS? SCAN THE QR CODE OR VISIT SIMPLE WAYS TO TRACK YOUR ENERGY USE
cobbemc.com/account
Cobb EMC continues to earn high rankings for member satisfaction from nationally recognized organizations that measure customer service quality.
EASY-TO-USE TOOLS From our variable rate plans and billing programs designed to make life easier, to simple online and in-app account management tools, we make it easy to manage your energy on your schedule.
PERSONALIZED VALUE REPORTING Every year, we distribute personalized reports recapping the previous year’s value for each individual member, with unique information based on members’ energy use and program participation. View yours at cobbemc.com/valuereport.
GAS SOUTH: RETURNING VALUE TO MEMBERS Integrity means delivering meaningful value to our members whenever possible. One way we do that is through Gas South, our wholly-owned subsidiary and trusted natural gas provider. Through member discounts and profits returned to the cooperative, Gas South helps us deliver value in more ways than one.
THE RESULT: CLEAR INFORMATION. AN EASIER EXPERIENCE.
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BUILDING STRONGER COMMUNITIES INVESTING IN EDUCATION AND SERVICE.
EDUCATION AND FUTURE WORKFORCE Cobb EMC is proud to invest in education for the next generation. Through programs that provide scholarships and mini-grants, as well as hosting literacy week, STEAM week and more, we’re future-proofing more than just the grid.
NEW THIS YEAR The first annual Cobb EMC and Gas South STEAM Week involved a series of school visits that introduced more than 400 students to STEAM concepts, utility operations and career opportunities in the energy industry. The project strengthened relationships with school partners, and feedback from participants revealed the visits were highly successful.
GIVING BACK THROUGH MUTUAL AID AND COMMUNITY SUPPORT That same spirit of service extends beyond our region. Through NRECA International, Cobb EMC linemen recently traveled to Guatemala, helping bring reliable electricity to communities in need. During the two-week mission, the linemen and local workers built roughly three miles of line, constructing more than 40 primary and secondary poles and spanning wire. The massive undertaking brought power to schools, churches and 68 houses.
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POWERED BY OUR MEMBERS GIVING BACK, TOGETHER.
BECAUSE TOGETHER, WE STRENGTHEN OUR COMMUNITY. PUTTING INTEGRITY INTO ACTION:
The Cobb EMC Foundation manages member contributions with the common good in mind, ensuring every dollar supports real needs in our community.
GIVING BACK POWERED BY OUR MEMBERS
Through Operation Round Up and our Foundation, our members have raised more than $10.5 million in cumulative impact for local causes since 2013. That’s the power of cooperation. Members who participate in Operation Round Up by rounding their bill up to the nearest whole dollar each month help fund programs that support education, basic needs and local nonprofits across our community. That small change makes a big difference. The average estimated annual giving is only $6 per member.
BY THE NUMBERS: COMMUNITY IMPACT
$10.5M+
In cumulative giving through Operation Round Up.
$6
Average annual gift per member through Operation Round Up.
$700,000 Total scholarships awarded since 2015.
THE RESULT: STRONGER SCHOOLS. STRONGER NONPROFITS. A STRONGER COMMUNITY WE ALL SHARE.
ONGOING SUPPORT FOR LOCAL SCHOOLS, NONPROFITS AND COMMUNITY PROGRAMS
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PLANNING AHEAD SO COSTS STAY STABLE SUSTAINABILITY, RELIABILITY AND AFFORDABILITY GO HAND IN HAND
WE’RE BUILDING A FUTURE THAT’S DESIGNED TO KEEP POWER RELIABLE AND COSTS AFFORDABLE. UTILITY-SCALE BATTERY STORAGE Cobb EMC has commissioned a new battery energy storage system (BESS) on our electric grid, strengthening reliability and helping manage power costs for members. The BESS can deliver up to 10 megawatts of flexible capacity for four consecutive hours. The new system will be used to support the grid during times of high demand or when extra power is needed.
CAMPUS MICROGRID TECHNOLOGY Our campus microgrid combines solar, battery storage and natural gas to power operations efficiently and reduce costs. The Cobb EMC office is equipped with: • • • •
1.5 MW of rooftop solar 7.5 kW solar flower garden 1 MW/4 MWh of battery storage 1 MW natural gas generator
You can view our current campus renewable production through our renewable energy dashboard at cobbemc.com/clean.
SOLARSHARE: LOCAL SOLAR, NO PANELS NEEDED Located on I-75 in Cherokee County, Cobb EMC and Gas South’s SolarShare facility will create a local center for shared solar energy. This unique project will be one of only a few interstate solar projects in the U.S., and just the second in Georgia. Now our members can experience the power of local solar energy without having to install panels at home. Pre-enroll at cobbemc.com/solarshare.
CLEANER ENERGY, SMART INVESTMENTS We’re expanding renewable energy and reducing emissions while keeping rates stable for members. That means we’ll reduce carbon emissions by 75% and double our renewable energy portfolio with a 200% increase in investment, all by the year 2030. Learn more at cobbemc.com/2030.
RECYCLE DAY IMPACT This year alone, we worked with our members to recycle approximately 48,000 pounds of paper and 68,000 pounds of metal during our Recycle Day event. That’s a real environmental impact, and we couldn’t have achieved it without you.
THE RESULT: CLEANER ENERGY. SMARTER INVESTMENTS. A STRONGER FUTURE FOR OUR MEMBERS.
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SAFETY ISN’T OPTIONAL: IT’S HOW WE WORK A COMMITMENT WE BRING TO EVERY JOB, EVERY DAY.
SAFETY IS BUILT INTO EVERYTHING WE DO — FOR OUR EMPLOYEES, OUR MEMBERS AND OUR COMMUNITY. IT’S NOT JUST A PRIORITY. IT’S HOW WE OPERATE. INDUSTRY-LEADING SAFETY STANDARDS
ONGOING TRAINING
We are proud to maintain our official safety accreditation through the Electric Cooperative Safety Accreditation Program (ECSAP). This demonstrates our dedication to meeting and exceeding industry-leading safety standards.
Our teams complete 9,000 hours of safety training each year to ensure every job is done the right way.
PROTECTING OUR COMMUNITY We provide safety education for first responders, students and members, helping keep everyone informed and prepared.
PUTTING INTEGRITY INTO ACTION
SAFETY RESOURCES From storm preparedness to outage safety tips, we offer tools and guidance to help families stay safe at home. Learn more at cobbemc.com/safety.
EVERY JOB. EVERY TIME. Safety isn’t something we check — it’s something we practice, every day, in every situation.
We do the job the right way, because safety for our employees and our community is nonnegotiable.
THE RESULT: SAFER CREWS. SAFER COMMUNITIES. WORK DONE THE RIGHT WAY - EVERY TIME.
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CANDIDATES FOR ELECTION OUR TRADITION OF TRANSPARENCY INCLUDES OUR GOVERNANCE. TAKE A MOMENT TO MEET YOUR DIRECTORS AND NOMINEES FOR 2026! Each candidate has submitted their own bio for consideration.
MALCOLM SWANSON, DISTRICT 7 Malcolm resides in Kennesaw with his wife of 45 years, Nancy. He has been a member of Cobb EMC for almost 40 years. He is currently on the North Georgia State Fair board of directors, attends Marietta First Baptist Church, where he has served as Chair of Trustees and as Chairman of Deacons. He holds a Credentialed Cooperative Director Certification, Board Leadership Certification and Director Gold Certification. Currently, he is Chair of the Budget and Finance Committee and is a member of the Energy Portfolio Committee and the Gas South Management Committee.
ED CROWELL, DISTRICT 1 Director Ed Crowell has served on the Cobb EMC Board since November 2011. He’s been Vice-Chairman and Chairman, and has also served as Chairman of Georgia EMC, representing all the EMCs in the state. Ed brings decades of member-focused success as a not-for-profit CEO as well as experience on both for-profit and not-for-profit boards. Ed and Cynthia have been married for 37 years and are active members of North Metro Church. They support charities in Cobb County and missions abroad. Cynthia, a retired nurse, is a volunteer health instructor for Cobb County Senior Services.
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DAVID TENNANT, DISTRICT 6 It has been a privilege, to serve Cobb EMC members as District 6 Director. Throughout my service, I have remained committed to integrity, ethical leadership, and responsible stewardship. With degrees in engineering and business, my extensive energy industry experience provides a strong understanding of power costs, reliability, and the challenges of generation, transmission, and distribution. Working collaboratively with fellow board members and senior leadership, we helped achieve industry-leading results, including Georgia’s lowest EMC electric rates, the nation’s highest reliability ranking, and no major rate increase in 10 years. We also established the Cobb EMC Foundation, which has contributed more than $10.5 million to local charities. I respectfully thank you for your support in my continued service to our members and community.
MEET YOUR DIRECTORS
ED CROWELL D ISTRICT 1
DAVID MCCLELLAN D ISTRICT 4
MALCOLM SWANSON D ISTRICT 7
RUDY UNDERWOOD
KELLY BODNER
DI ST R I C T 2
C H AI R - D I ST R I C T 3
TRIPPER SHARP
DAVID TENNANT
BRYAN BOYD
ERIC BROADWELL
V I CE CH AI R - D I ST R I C T 5
SE CR E TA RY- TR E AS U R ER , D I ST R I C T 8
D I ST R I C T 6
D I ST R I C T 9
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COBB ELECTRIC MEMBERSHIP CORPORATION IS A NOT-FOR-PROFIT ELECTRIC MEMBERSHIP CORPORATION WHOSE PURPOSE IS TO PROVIDE ELECTRIC SERVICE TO ITS MEMBERS.
BALANCE SHEET – CONSOLIDATED ASSETS 2025 Net Utility Plant $ 815,893,694 Other Property and Investments
$ 340,708,391
Current Assets
$ 490,686,083
Other Assets
$ 201,992,601
$ 1,849,280,769
BALANCE SHEET – CONSOLIDATED EQUITIES & LIABILITIES Equities
$ 1,017,906,604
Long-Term Liabilities
$ 425,679,115
The consolidated financial statements present the financial position and results of operations of Cobb Electric Membership Corporation and its wholly-owned subsidiaries, Cobb Energy Management Corporation, Gas South LLC and Fiber South Broadband LLC.
Current Liabilities
$ 358,820,772
Deferred Credits
$ 43,634,278
Deferred Tax Liability
$ 3,240,000
McNair, McLemore, Middlebrooks & Co. LLC conducted our audits as of December 31, 2025, in accordance with auditing standards generally accepted in the United States of America.
Operating Expenses:
The financial information included in this report represents a summary of our consolidated financial condition and operating results. Excerpts of the audited consolidated financial statements are available at cobbemc.com.
Bryan Boyd Secretary-Treasurer Cobb EMC Board of Directors
$ 1,849,280,769
CONSOLIDATED STATEMENT OF OPERATIONS Operating Revenues $ 2,191,338,930
Cost of Revenues
$ 1,699,596,932
Distribution Operations
$ 11,950,247
Distribution Maintenance
$ 27,037,176
Consumer Accounts
$ 14,388,363
Consumer Service and Information
$ 853,150
Administrative, Selling and General
$ 182,767,417
Depreciation and Amortization
$ 55,140,464
Operating Taxes
$ 5,815,854
Total Operating Expenses
$ 1,997,549,603
Operating Margins Before Interest Expense
$ 193,789,327
Interest Expense
$ 17,787,656
Operating Margins After Interest Expense
$ 176,001,671
Nonoperating Margins
$ 2,747,426
Generation and Transmission Patronage Allocations
$ 8,275,061
Other Capital Credits and Patronage Allocations
$ 1,539,670
Net Income Before Income Taxes
$ 188,563,828
Income Tax Expense
$ 38,881,000
Net Income $ 149,682,828
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PEAK LOAD (IN THOUSANDS OF KILOWATTS) 2025
1,211
2024
1,194
2023
1,191
2022
1,189
2021
1,156
ACTIVE METERS (IN THOUSANDS) 2025
223.8
2024
221.1 217.8
2023 2022 2021
214.9 212.3
MILES OF LINE 2025
9,550
2024
9,526 9,490
2023 2022 2021
9,435 9,375
KILOWATT-HOUR SALES (IN BILLIONS) 2025
4.1
2024
4.1 3.9
2023
4.0
2022 2021
3.9
TOTAL PLANT VALUE (IN MILLIONS OF DOLLARS) 2025
1,176
2024
1,133 1,087
2023 2022 2021
1,042 968
2025 Miles of Line year-end numbers represent Cobb EMC data only.
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JOIN US FOR COBB EMC’S 2026 MEMBER APPRECIATION EVENT CELEBRATE WITH FELLOW MEMBERS AT OUR BIGGEST EVENT OF THE YEAR! BRING THE FAMILY TO MEET OUR MASCOT WATTSON, ENJOY BUCKET TRUCK RIDES, VOTE IN THE ELECTION AND TAKE PART IN A MORNING OF COMMUNITY AND FUN. FREE FOR COBB EMC MEMBERS, INCLUDING PARKING!
SATURDAY SEPT. 12, 2026 8-11:30 A.M. JIM R. MILLER PARK 2245 CALLAWAY RD SW, MARIETTA, GA 30008
8-9:30 A.M. MEMBER REGISTRATION* (Save time! Bring this magazine, a copy of your bill or the Cobb EMC app to simplify registration.) *Registration will not be accepted after 9:30 a.m.
9:30 A.M. BUSINESS MEETING BONUS: MEMBERS WHO ATTEND AND REGISTER IN-PERSON BY 9:30 A.M. WILL RECEIVE 4 NORTH GEORGIA STATE FAIR TICKETS AND THE CHANCE TO WIN DOOR PRIZES.
Find all the details at cobbemc.com/annualmeeting or scan the QR code.