2023 CREA Year-in-Review

2023

YEAR IN REVIEW

2023 CHARTING PATHWAYS TOWARD SOLUTIONS

As we reflect on the dynamic landscape of the electric industry, 2023 was a testament to the power of collaboration. In the face of unprecedented changes, CREA charted pathways toward solutions and resilience for and with its member cooperatives.

In 2023, the industry witnessed shifts in technology, regulations, and member expectations. The CREA staff and board worked for your co-op to highlight the central role of connectivity and cooperation in steering through these changes.

Colorado’s electric cooperatives celebrated countless instances where collaboration triumphed over adversity and became a catalyst for innovation, understanding, and progress.

From safety initiatives to international programs, CREA’s stories of 2023 are testaments to the power of electric co-ops to navigate the currents of industry transformation.

CREA facilitates the sharing of resources, exchange of ideas, and the collective pursuit of common goals that benefit your co-op, co-op members, the communities you serve, our state, and our world.

CREA staff supports its members every day to ensure:

• Co-op interests are represented at the Capitol

• Access to member engagement tools

• Co-op crews go home safely at the end of every workday

• Best-in-class programs to support lifelong learning

• Opportunities that support co-op employees and the members you serve.

As we review CREA’s accomplishments in the past year, we find inspiration in the stories of connection and cooperation.

CREA staff provides your co-op valuable services that enhance your work serving your members and communities.

Decades of combined experience make your statewide association staff experts in the electric cooperative program, including government relations, policies and legal, safety best practices, and communication and engagement efforts.

2023 CREA STAFF SERVING COLORADO’S ELECTRIC COOPERATIVES

Kent Singer Executive Director Michelle Anderson Event & Administrative Coordinator

Julie Baker Event & Administrative Coordinator

Liz Fiddes Director of Member Services & Education

Tara Calhoun Safety and Loss Control Administrative Assistant

Kylee Coleman Communications Manager; CCL Editor

Tim Coleman Director of Government Relations

Tori Ellis Fractional Controller

Cassi Gloe Director of Communications; CCL Publisher

Curt Graham Job Training and Safety Instructor

Jenna Hirsch Director of Safety and Loss Control

Craig Johnson Director of Policy and Strategy/ General Counsel

Jesse Peeler Job Training and Safety Instructor

Melinda Taylor Communications Assistant

GOVERNMENT RELATIONS

GENERAL ASSEMBLY OVERVIEW

CREA took positions on 42 of the 621 introduced bills, including those covering workforce legislation, greenhouse gas emissions reduction, and legislation to increase regulatory oversight of electric cooperatives. Staff testified in committees of reference on high profile legislation, including the Joint Select Committee on Rising Utility Rates and House Energy and Environment Committee on innovative solutions co-ops are adopting to help the state reach its greenhouse gas emission goals while maintaining reliability and affordability.

LEGISLATIVE RECEPTION AND BREAKFAST

CREA hosted its annual legislative reception and a breakfast. Both events were attended by legislators from both parties and members of Colorado’s electric cooperatives.

D.C. FLY-IN AND CONGRESSIONAL LOBBYING

Directors, managers, and staff members from Colorado electric co-ops joined hundreds of other co-op representatives in Washington, D.C., for the NRECA Legislative Conference. Members of Congress and key federal officials addressed attendees about funding opportunities and other energy initiatives. CREA members met with Colorado Sens. Bennet and Hickenlooper along with Reps. Pettersen, Buck, and staff members of Reps. DeGette, Boebert, and Neguse.

YEAR-ROUND ADVOCACY

In 2023, advocacy efforts included hosting meetings about issues that are important to Colorado’s electric cooperatives, producing policy papers, and engaging with state agencies. CREA partnered with Colorado Oil and Gas Association to host two symposiums to educate legislators and regulators on the electrification of oil and gas facilities.

CREA staff met with various stakeholder groups and state agencies in preparation for the 2024 legislative session.

Colorado’s electric co-ops are well-equipped to serve their members, thanks in part to CREA’s advocacy work. CREA limited the threat of the frivolous lawsuits by successful opposing HB23-1282-Protect Consumers from Public Utilities which will ensure any litigation costs will not be passed on to co-op members. Lastly, CREA successfully advocated for increases to the Microgrid for Community Resilience Grant Program, raising the grant program from $3.5 million to roughly $17 million.

Another win for Colorado’s electric cooperatives was the work done to support Senate resolution to honor and recognize Colorado’s electric lineworkers each year in April.

“As

Colorado works toward a clean energy transition, lineworkers are essential to maintaining a reliable electric grid.” — Sen. Chris Hansen

Staff advocated for the CREA position on 42 bills

6 bills amended in support of electric co-ops

31 legislators attended CREA events

Staff testified 15 times at the General Assembly

142 members who supported CARE

$33,129 raised by CARE members to engage with candidates for elected office

Organized and hosted 2 legal seminars attended by 36 electric cooperative attorneys

Prepared 2 detailed white papers on net metering law and physical security of critical infrastructure

Filed amicus briefs before the Colorado Supreme Court

Testified on climate change initiatives before the House Energy & Environment Committee

Prepared comments on proposed BLM regulations

REPRESENTING OUR INTERESTS

CREA’s legal staff represented Colorado’s electric cooperatives before regulatory agencies, stakeholder groups, and the courts. CREA staff advocated for the interests of electric cooperatives before the Colorado Supreme Court in a case interpreting the High Voltage Safety Act, clarifying the impacts that act would have.

Legal staff served on Governor Jared Polis’ Energy Bill Task Force. In a continuing effort to identify issues leading to excessive utility bills and evaluate policy alternatives to address those issues, staff informed policymakers of how the cooperative model works, stressing the need to preserve flexibility for cooperatives to develop unique programs to serve their members.

Net metering reform remained a significant issue. Legal staff conducted a thorough review of Colorado’s net metering statute history and policy. Those findings were summarized in a white paper that was widely distributed to policymakers and other industry stakeholders.

LEGAL & REGULATORY

A second whitepaper explored the physical protection of Colorado’s utility distribution systems. The document stressed the potential harm to the lives of Coloradans and the local economy should distribution systems be attacked. It urged Colorado’s General Assembly to pursue changes to the criminal code, which currently lags behind other states’ efforts and penalties regarding critical infrastructure security.

CREA staff organized and hosted two legal seminars in 2023. These were attended by dozens of attorneys representing the interests of CREA’s member cooperatives. These seminars provided a forum for discussions of best practices and shared learning on legal issues facing electric co-ops and the industry. Legal staff also participated in numerous panels in industry seminars, sharing the perspective of cooperatives on vital issues.

COMMUNICATIONS

CREATING CONNECTIONS, BUILDING RELATIONSHIPS

2023 was a year of growth, employee transitions, and new endeavors for the CREA Communications Department. In the midst of significant changes, the small staff of three continued to generate an increasing number of high-quality projects and publications, and prioritized building relationships with your co-op and with your co-op members.

In March, we said goodbye to long-time CREA Director of Communications and Colorado Country Life editor/publisher Mona Neeley. Cassi Gloe was promoted to Director of Communications and publisher, and Kylee Coleman was promoted to Communications Manager and Editor of the magazine.

The year was filled with magazine production and planning; producing e-publications such as Co-op Report, Energy Innovations, a safety newsletter, and Under the Gold Dome; and compiling information and assets to print the Legislative Directory and the CREA Directory. The department also had a hand in creating materials for CREA conferences including the Energy Innovations Summit and Rocky Mountain Utility Exchange.

Communications staff prioritized visiting CREA member co-ops in 2023 to learn how to better serve your co-op’s communications team. During each visit, we presented the resources we can provide, and emphasized that we are here to help you build relationships and engage with your co-op members. Respecting the diversity of each co-op, CREA communications staff is able to tailor our support to your co-op’s needs.

We know from CCL surveys that 81% of co-op members who receive the magazine spend about 30 minutes in its pages each month. We also know from reader feedback that the magazine serves as an important touchpoint with your co-op and is a powerful engagement tool.

— Ron

Stoll, Poudre Valley REA member

AWARD WINNING MAGAZINE

Colorado Country Life magazine won two national awards at the NRECA Statewide Editors Association 2023 summer meeting in Arlington.

Competing with 32 other electric co-op statewide magazines, the magazine won first place for the Best Entertaining Feature category with the May 2022 cover story, “Rides to Thrill.” Former editor Mona Neeley won a certificate of merit for her November 2022 article about the Guatemala electrification trip.

130 email campaigns sent for the association “ CCL is a wonderful advocate for any and all who hold dear our cherished Colorado. I thank CCL for providing [engagement] opportunities, not only for myself, but for countless others. It is so incredibly rewarding and uplifting.”

2,230,699 copies of Colorado Country Life mailed to co-op members

200+ co-op members sent photos with the magazine

More than 1,825 contest entries from readers

Department staff drove 76,447 miles

164 safety trainings were conducted

Completed dielectric testing on 126 trucks

Performed 89 crew observations

Performed 99 mock RESAP section assessments

Spent 8 weeks at Hotline School providing classroom training and field safety support

Awarded 7 member co-ops a Certificate of Safety Achievement

Presented 12 co-ops with a No Lost-Time Award

SAFETY & LOSS CONTROL

PROMOTING A SAFE WORKPLACE

The CREA Safety and Loss Control department saw big changes in 2023. Jenna Hirsch was hired to lead the team and other staffing changes were implemented.

These changes allowed the department to continue working to enhance and improve the culture of safety that’s imperative in electric co-op work practices.

TRAININGS AND SEMINARS

30th Annual Safety and Loss Control Seminar

In July, 55 cooperative employees — safety coordinators, operations managers, and linemen — met in Colorado Springs for CREA’s 30th Annual Safety and Loss Control Seminar. Presenters covered topics such as driving safety, DOT requirements, 811 legislative changes, RESAP, Commitment to Zero Phase 2, and physical security.

During the event, department staff presented 12 No LostTime Awards and two Achievement of Excellence awards.

Operations and Safety Meetings

CREA’s safety staff hosted three combined operations manager and safety coordinator meetings — 30 operations managers and safety coordinators from 16 co-ops attended these meetings. Common industry issues were discussed, including incidents, glove testing intervals, DOT requirements, substation security, and supply chain issues.

Employee Trainings

Department employees attended various conferences, trainings, and meetings to stay up to date on challenges in the industry, to network with peers, and complete continuing education.

SAFETY INITIATIVES

Commitment to Zero, Phase 2

Introduced to Colorado co-ops in 2023, Commitment to Zero, Phase 2 was designed to reduce the potential for serious injuries and fatalities due to electric contacts. Four

cooperatives participated in Phase 2 facilitation sessions, surveying operations employees about field work practices, having deep discussions about those results, and developing a plan to minimize risk.

Rural Electric Safety Achievement Program

Seven cooperatives underwent on-site RESAP observations in 2023. Through this national program, department staff and RESAP volunteers assess co-op facilities and provide feedback to help continuously improve their safety programs — taking their safety efforts to the next level.

Department staff and co-op partnerships resulted in presenting seven Certificates of Safety Achievement for the successful completion of RESAP observations and 13 co-ops sent volunteer observers to participate in RESAP assessments, making the program a success. Thank you to all who participated and donated their time.

HAZARD MITIGATION 5-YEAR UPDATE

The department completed the five-year update to the Colorado State Hazard Mitigation Plan–Rural Electric Cooperative Annex, which includes all 21 member cooperatives. Participation in the plan makes co-ops eligible for public assistance, including funding after a disaster and upgrades to existing infrastructure that would mitigate future hazards.

“CREA offers a wide multitude of different programs — the key one is safety. Safety is a primary focus for all co-ops because we want to make sure that all of our employees make it home on a daily basis.”

— Larry Archibeque, Empire Electric Association

COLORADO ELECTRIC EDUCATIONAL INSTITUTE

CONCERN FOR COMMUNITY

The Colorado Electric Education Institute is committed to empowering individuals with the knowledge and skills essential for navigating the dynamic and transformative field of electric cooperatives. This philanthropic arm of CREA, CEEI cultivates a community of lifelong learners who understand the critical role that electric cooperatives play in powering communities and advancing shared values that benefit Colorado, the United States, and the world.

STUDENT OPPORTUNITIES

CEEI funds opportunities for students to learn and develop their leadership and advocacy skills. The Washington D.C. Youth Tour and Cooperative Youth Leadership Camp are two programs that provide high school juniors and seniors opportunities to learn, grow, discover, and have fun.

A weeklong program in mid-June, the Washington D.C. Youth Tour is the trip of a lifetime for many. In 2023, 17 co-ops participated and sent 34 student delegates, accompanied by three chaperones and one tour director.

CREA handled all logistics of the trip, including air travel, food, tours, and transportation.

The impact of this trip is immeasurable. One student described the trip as “amazing.” She said, “Before this trip I knew [my co-op] provided our electricity — but now I’ve learned so much about the role of electric cooperatives at the state and national level. When you flip on a switch, I think it’s important to know why and how the lights come on. I’m thankful to have had this experience, and I’m incredibly grateful to [my local electric co-op] for giving me this opportunity.”

In July, 70 campers, six ambassadors, 13 counselors, and one camp director gathered in Clark just outside of Steamboat Springs to spend a week at Glen Eden Resort. During the week, campers strengthened their leadership skills, learned about electricity and safety, and created their own cooperative. This camp is a unique experience for electric co-op students. “This camp has changed my life because it made me realize I can do a lot more than I think I can do,” a camper said. Another camper reported, “We will return to our communities as better leaders and friends to the people around us.”

Washington DC Youth Tour

17 co-ops sent delegates

34 delegates from CO

3 chaperones plus the tour director accompanied the delegates to Washington, D.C.

Youth Leadership Camp

11 Colorado co-ops sent campers

70 campers

13 counselors, 6 ambassadors, and 1 camp director

CREA, CEEI, Tri-State, Colorado Rural Electric Member Services group (CREMS), Western United, CREA Task Force, CFC, NCSC, CoBank, and Basin Electric all contributed funds to the youth programs, totaling $72,517*

*Figure contains two years of donations from CFC & NCSC that were received in CEEI’s

International Project

1 employee from Holy Cross Energy and 1 from DMEA participated in the trip

Colorado provided 200 bags full of school supplies and a coloring book

Together we raised over $10,000 for the trip.

ROCKY MOUNTAIN UTILITY EXCHANGE

In 2023, the 17th RMUE was held in Vail, bringing together 195 attendees and 25 conference sponsors for a four-day conference. Twelve CREA member co-ops were represented and more than 40 presenters discussed the future of energy efficiency, collaboration strategies, EV opportunities, DER, and beneficial electrification.

INTERNATIONAL PARTNERSHIPS

In December 2023, two employees from Colorado co-ops had the opportunity to go to Guatemala for two weeks and wire 197 homes in 38 villages to prepare them to receive electricity. Thanks to generous donations, the project also raised more than $10,000 to provide each household with school and hygiene supplies. While there, they greatly changed the lives of these families.

Larry Donathan of Delta-Montrose Electric Association and Ezra Velez of Holy Cross Energy were part of the crew that wired homes. In the spirit of cooperation, Colorado Rural Electric Association, Oklahoma Association of Electric Cooperatives, and Electric Cooperatives of Arkansas partnered with NRECA International, and Heifer International to electrify more villages in rural Guatemala.

“It is awesome to experience life down here. Yesterday, one of the villages was like one, big family — kids were running behind the truck, carrying the tools and wire into the house. It is the people here that make the whole experience awesome.”

— Ezra Velez

“The people have been very curious and friendly.” Just like at home in the U.S., people are very grateful and excited to get power to their homes.”

— Larry Donathan

EDUCATION

SUPPORTING LIFELONG LEARNING

CREA’s Education Department offered a variety of employee learning opportunities in 2023, offering 19 courses, six multi-day multi-speaker conferences, and 17 webinars. CREA was able to spread the educational opportunities around the state by having nine member co-ops host a course or conference.

Six different co-op employee groups were brought together throughout 2023, including accountants, human resource professionals, mechanics, office support staff, communicators/member services, and energy advisors. 162 co-op employees attended these conferences.

CREA offers unique and cost-effective access to NRECA director courses. In 2023, CREA held six director courses, bringing together 165 attendees with 6 instructors.

Co-ops were able to share the savings of $54,621. In the fall 60 employees and directors participated in the Electricity 101 course on battery storage in the home. CREA also worked with CFC to offer a financial workshop to co-op directors; 41 attendees took advantage of the opportunity to hear from five different presenters.

Education department staff organized and hosted the 14th Annual Energy Innovations Summit and fall meeting. At this best-in-class conference, more than 250 industry stakeholders and attendees from across the U.S. came together to share current advancements in electricity generation and distribution.

“This class was the best class I’ve taken. I’ve sat through a lot of grounding classes and by far this was the best. The instructor had logic and sound reasoning.”

— CREA grounding class participant

657 attendees participated in over 19 classes

CREA brought in 89 speakers Held 17 webinars

266 attendees took 8 Director courses

162 co-op attendees at 6 employee group conferences

$54,621 in total savings in course fees

$249,567 raised in grants and sponsorships to help offset costs

We are Leaders for a Sustainable Future. We work together to advance the efforts of Colorado’s electric cooperatives by:

Maintaining Reliability & Affordability

We are maintaining a dependable grid and keeping costs reasonable while working to decarbonize energy resources.

Advancing Innovative Solutions

We continue to support local projects that employ new technologies to meet the specific needs of individual co-ops.

Enhancing Community Resilience

We support energy solutions that strengthen communities now and into the future.

2023 CREA BOARD OF DIRECTORS

Damon Lockhart Delta-Montrose Electric Association

Larry Archibeque Empire Electric Association

Brian Woods Grand Valley Power

Tom Carl GCEA

Jim Lueck Highline Electric Association

Holly Metzler La Plata Electric Association

Adam Quinton Holy Cross Energy

Wayne Parrish K.C. Electric Association

David Arndt Morgan County REA

Cray Healy Mountain Parks Electric, Inc.

Debbie Cokes San Miguel Power Association

Barry Springer Mountain View Electric Association

Jack Schneider Poudre Valley REA

Debbie Rose San Isabel Electric Association

Steve Valdez San Luis Valley REC

Mark Rogers White River Electric Association

Sandra Attebery SDCEA

Randy Phillips Southeast Colorado Power Association

Bob Bledsoe Tri-State G&T

Ginny Buczek United Power

Dennis Herman Managers Association Highline Electric Association

Stuart Travis Y-W Electric Association

Scott McGill Yampa Valley Electric Association

Dave Frick Managers Association Morgan County REA

Tom Walch Managers Association Grand Valley Power

EXECUTIVE DIRECTOR’S REPORT

CREA: HELPING OUR MEMBERS NAVIGATE A CHANGING INDUSTRY

AN INDUSTRY IN TRANSITION

For many decades, the electric power industry provided electricity using a standard model: generation, transmission, and distribution. Utilities built large central station power plants, typically using coal or natural gas to make the steam to spin the turbine-generators. The bulk power produced from those plants was then transmitted over high voltage transmission lines to various distribution systems in a particular state or region. The power was then stepped down at substations to allow distribution utilities to deliver electricity to individual homes and businesses.

That “central station” model has served Colorado and the United States extremely well for a long time, but things are changing. In Colorado, our legislature has directed all electric utilities to dramatically reduce the amount of greenhouse gases, particularly carbon dioxide, that are emitted during the operation of fossil fuel generating stations. This means that by the end of this decade, there will be no more coal-fired power generating stations operating in Colorado. In the decades ahead, the electricity needed to power Colorado will largely come from renewable power sources, primarily wind and solar, backed up by batteries (the state will need natural-gas fired resources for many years to supplement the intermittent renewable sources).

In addition to this fundamental shift in the bulk power supply portfolio, electricity production will also become more disaggregated, that is, distributed. We have seen this trend for many years in Colorado as more and more homeowners install rooftop solar arrays to offset their energy consumption. Many homeowners are also installing home battery systems that can be powered by the distributed solar arrays and some are buying electric vehicles as part of an “all-electric” approach to transportation.

All of these changes mean that Colorado’s electric co-ops have to rethink their business practices, rates, communication tools, and other policies to keep up with the evolving expectations of their members. Thankfully, the electric co-op business model, where the members at the end of the line own and control the utility, is well-suited to this new environment. One of the benefits of community-owned power is that your co-op is nimble and can respond quickly to changing circumstances; this “co-op difference” will serve our members well in the coming years.

CREA IN TRANSITION

CREA exists to support our member electric co-ops in these times of change. We do this by representing our members at the state legislature, by providing topnotch conferences and educational opportunities, by supplementing our members’ safety programs with our own in-house experts, and by providing communication tools, including Colorado Country Life magazine, to our members. All of our efforts are intended to provide value to your co-op: we provide vital services that would cost each of our members much more if they had to acquire these services separately. We are always exploring ways to improve our services. As an example, in 2023, CREA took over sponsorship of the Rocky Mountain Utility Exchange. The RMUE is a conference that enables co-op employees to engage with their peers in the other electric utility sectors in the areas of energy efficiency, beneficial electrification, distributed energy resources, and other programs. Our team did a great job integrating this conference into our portfolio of education programs and we look forward to sponsoring this conference for many years to come.

2023 was also a year of transition for the CREA staff. Two of CREA’s longest-tenured and much-cherished employees, Mona Neeley and Liz Fiddes, retired in 2023. While we can never replace the experience of Mona and Liz, they groomed terrific successors (Cassi Gloe and Julie Baker) who will continue to lead our organization in the areas of communications and member services/education. I also promoted Tim Coleman to be CREA’s Director Government Affairs and Craig Johnson has done outstanding work as our Director of Policy/ Strategy and General Counsel. Tim, Craig, and I bring decades of electric utility policy expertise to CREA’s government relations efforts and are well-equipped to continue to protect our members’ interests at the State Capitol. On the safety front, Jenna Hirsch completed her first year at CREA in 2023 and she and her team continue to provide excellent support to our members in the areas of safety and regulatory compliance.

COLORADO’S ELECTRIC CO-OPS STAND STRONG

I am so privileged to lead a great team of professionals and to be able to work with the best Colorado has to offer: electric co-op people. We have an incredibly diverse membership with very different challenges, political points of view, and industry perspectives. That said, we are all champions of this incredible gift called the electric co-op program and together we can weather these transitional times and accomplish great things.

Kent Singer, Executive Director

PRESIDENT’S REPORT

CREA PROVIDES THE TOOLS TO CONTINUE YOUR ENTHUSIASM FOR SERVING

TIME TO BE ENTHUSIASTIC

George Gobel said, ”If it weren’t for electricity, we’d all be watching television by candlelight.” Now is an easy time to be enthusiastic about the life that electricity provides our communities because we have flourished with reliable, affordable electricity. He would be amazed by the technology enabled by electricity today. But the electric industry is changing fast; this makes our time working for a co-op and serving on the board more important than ever.

Keeping up to date with our rapidly changing industry is CREA’s focus. CREA works to give you the tools to continue your enthusiasm for serving the electric cooperative program.

Through its education programs, CREA brings programs, discussions, and debates about industry issues to you. The NRECA classes CREA offers keep directors abreast of current technologies and hot topics, and allow you to network with other co-ops that are working on similar or new projects to benefit their member-consumers. For employees, the peer group meetings CREA sponsors for groups like human resources, information technology, mechanics, member services, attorneys, and more, give employees the same value directors receive by networking and learning from industry experts. Co-op employees are smart and can develop innovative ideas to make our programs stronger, but we must give them the tools to do their jobs effectively, and CREA is a resource for those tools.

CREA’s safety program is life itself. Reminding our field workers about the importance of safe work practices so they can get home to their families every night is everyone’s job. CREA’s safety department has undergone personnel changes this past year and with new people comes new ideas to continue energizing the programs we offer. Just because the field employees work in difficult and dangerous conditions, we can’t lose sight of the importance of reminding all employees of their responsibilities to keep themselves and their coworkers safe. I encourage you to continue to make safety a priority during your local board and staff meetings and to get involved in the Commitment to Zero Contacts program. This program has moved into Phase 2 and has improved on the foundation that was set in Phase 1.

You can also spread the word about safety to your consumers through communication tools like Colorado Country Life magazine, your social media feeds, community meetings, and other news sources. CREA’s communications team has a reservoir of resources that they can call on to help your members stay abreast of changes taking place in the electric industry and how your co-op is managing these changes so that it benefits your membership. CREA has experts on its staff to support your communications team and help you infuse enthusiasm in your communications, and I encourage you to take advantage of this expertise.

Finally, what life would the co-op program have without CREA’s involvement in the legislative process? I’ve heard it said that co-ops were born in politics, which is true since President Roosevelt signed the Rural Electrification Act into law in 1936. But this isn’t your grandfather’s

co-op and politics. If we don’t thoughtfully manage the program, policymakers could change our business model into something we don’t want, so we must remain vigilant on both the state and federal levels. CREA is representing your co-op at the Colorado General Assembly to ensure that there continues to be enthusiasm for the co-op program and that the co-ops are seen as leaders in the electric utility industry. We will continue to promote new ideas and work to defeat ideas that don’t work for the communities we serve.

As president of CREA, I would like to thank the board for bringing enthusiasm to the CREA board meetings and infusing our discussions with enthusiasm that generates good debate. I challenge the board to continue engaging in thoughtful discussions that move us toward better decisions so the co-op program can adapt to a changing industry and thrive.

It’s been my pleasure to work with Kent and the staff these past few years and I value the time I’ve had to represent my home co-op, United Power, at CREA. I also appreciate the opportunity I have had to work with the Executive Committee and welcome the new officers who will lead your trade association.

As George Carlin said, “Electricity is nothing but organized lightning”.

Virginia “Ginny” Buczek , President

TREASURER’S REPORT

FEEL CONFIDENT IN YOUR INVESTMENT IN CREA

ENDING BETTER THAN EXPECTED

Starting in 2022, CREA transitioned from a full-time accountant/controller to a contract accountant/controller. Having taken nearly two years to complete, we have successfully transitioned to Quickbooks, implemented improved ways for employees to track their paid time off, and automated the department to make it less paper intensive.

CREA’s accountant doesn’t just manage the day-to-day financial operations of CREA, but is also responsible for preparing the books for the Colorado Electric Educational Institute Board of Directors which includes preparing profit and loss statements for the Washington D.C. Youth Tour, Youth Leadership Camp, education programs, Burn Fund, international program, and other miscellaneous fundraising activities; the Managers Association account that includes preparing P&L statements for five different groups; the political action committee accounts, and doing all of the Secretary of State reporting associated with the America’s Electric Cooperatives PAC accounts.

At CREA’s December board meeting, the board voted to adopt the proposed 2024 budget that reflects modest increases in every department. Drilling down on these increases shows that Colorado Country Life subscribers will see the subscription rate increase from 28¢ to 30¢ per issue due to increases in costs related to produce the magazine. The Safety and Loss Control department’s budget reflects a 5% increase to cover the increasing costs of goods, services, travel, accommodations, and reduced dues income from co-ops that want fewer job training and safety visits. The general administration department that covers CREA’s legislative, education, and accounting staff will increase 5.8% due to increasing employee costs. These increases were required to main tain the level of service that the membership depends on.

The increases also keep us within our cash policy requirements of having three to six months cash on hand.

The last several years CREA’s general administration department has had more cash on hand than was allowed by policy, so we budgeted for negative margins to reduce the reserves. The 2024 budget reflects positive margins in every department.

To improve the interest income we receive on our cash reserves, CREA has moved its reserves out of low interest bearing accounts to CFC and CoBank investments where we are earning significantly more in interest. These organizations have financial strength that the CREA board believes in and is reflected by their credit ratings.

As we closed 2023 financials, Communications and Safety and Loss Control ended with a profit. We have allocated $60,000 of Communications profits to use in

Others, like Federated Rural Electric Insurance Exchange, support CREA’s safety efforts. The National Rural Utilities Cooperative Finance Corporation supports CEEI and its employee and youth programs.

The CREA staff makes sponsorship opportunities available to organizations outside the CREA membership and these sponsorships help reduce registration fees for CREA programs. And other partners like Basin Electric, Western United, CREA Task Force, and Tri-State G&T make donations to support the international and youth programs. These partnerships are important to CREA and enhance the services we provide to your cooperative.

I am happy to have the opportunity to make this financial report and feel confident that your investment in CREA is more than paid back to your co-op through the services

COLORADO RURAL ELECTRIC ASSOCIATION

5400 Washington Street

Denver, CO 80216

303-455-2700

www.crea.coop

crea.info@coloradorea.org