Powering Your Life Every Day
ANNUAL REPORT 2026
Powering Growth Capacity. Redundancy. Reliability. New substations, new tie lines, power line upgrades and integrated technology are the backbone of our current construction workplan to ensure we have enough power to meet demand across our service area, with minimal disruptions to our members' daily lives. Reliability as a standard of service has been, and will continue to be, our strategic focus in meeting member service expectations through system upgrades or new construction. How are we doing? Based on our benchmarks, we are moving in the right direction. We use two measurements: SAIDI, which measures average outage duration, and SAIFI measures average outage frequency. While our goal is zero, the environmental nature of our service area combined with Mother Nature’s fury—wind, rain, lightening, hurricanes, ice storms and wildfire—is a challenge. Therefore, we strive to have power disruptions impact the fewest number of members for the shortest amount of time. Our most recent SAIDI compared to 2025 reflects a drop from 141 minutes to 124 minutes, and SAIFI numbers show the number of outages per member has dropped from 1.79 to 1.59. And that is good news given the growth we continue to experience across our service area, but particularly in Camden, Glynn and Nassau counties. New residential services grew by nearly 30% in 2025 and there is planned residential development for 3,000+ new services on the horizon. That doesn’t take into consideration business and industrial growth, along with Plug Power’s planned phase two production expansion. Among the key projects underway to support growth in demand for power, adding system redundancy and enhanced reliability are: • Upgrading the line (pictured), from the HWY 99 substation to Route 341 in Brunswick from which the new Glyndale Elementary School—schedule to open in 2027—will be served. • Construction of a tie line between the Waverly and Spring Bluff substations in Camden County. • Construction of the new Sparkman Creek substation at the Georgia Bend to increase capacity and reliability in Charlton and Baker Counties. • Installation of downline devices to sectionalize line and minimize outage impacts during power disruptions. We are also here to ensure member resiliency. The HWY 82 Fire in Brantley County that began on April 20 and burned 22,000 acres over three weeks destroying 72 OREMC member homes, was unlike anything we have experienced before. Our crews worked over 2,000 hours to combat flames and restore service where it could be. We continue to work with those members waiting to rebuild and stand ready to serve them when ready. Powering and empowering lives every day—that is our mission.
John Middleton
Robert W. Combs
GENERAL MANAGER
PRESIDENT Photo by Andy Thomas
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Annual Report 2026
Powering Community For the third year in a row, OREMC was named Best Utility by the Tribune & Georgian's Best of Camden County Readers' Choice Awards. Our members are the mission and we strive to provide safe, reliable and affordable power every day. Thank you for the recognition.
Stronger Together And Representing You Legislative advocacy is a key component of our community relations and outreach, and representing two states gives us a broader perspective on key issues affecting electric cooperatives nationwide. That is why we regularly participate in statewide government relations initiatives and visit with our elected officials in Washington, D.C. each spring as part of the NRECA National Legislative Conference. FEMA reform and funding, RUS funding and permit reform are key issues co-ops are advocating for to ensure growth and natural disaster recovery in our communities is reliable and affordable. Director of Communications & Marketing Michele Hutchins (center) is pictured with Representative Aaron Bean (Fla.) and Representative Buddy Carter (Ga.) during visits last April.
Making An Impact Five years after being launched as a community development initiative, the OREMC Foundation has awarded 230 grants to organizations addressing community needs based on service areas noted below. Funding for the Foundation comes from Unclaimed Capital Credits that would have to be returned to the state of Georgia and Florida if not reinvested in our communities.
Teeing Up Against Cancer We did it again! Thanks to our many sponsors, donors, players and volunteers, the 35th Annual OREMC Golf Tournament set another fundraising record resulting in a $29,000 donation to the Southeast Cancer Unit, Inc. These funds go directly to cancer patients, living in our OREMC communities, by providing financial assistance while undergoing treatment.
At Risk Community/History Disaster Education Food Insecurity Foster Care Healthcare Special Needs Veterans
$163,262.00 $70,887.00 $22,500.00 $215,795.00 $101,400.00 $61,222.00 $139,000.00 $47,100.00 $31,000.00
Total
$852,166.00 Annual Report 2026
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Powering Educ Youth Tour Celebrates 60 Years! It is promoted as a “trip of a lifetime” not just for what you see, but for who you meet, what you learn and what you take away from the experience—how you make your mark. The annual Electric Cooperative Youth Tour hosted by the National Rural Electric Cooperative Association (NRECA) celebrated its 60th anniversary this past June by welcoming 1,800 delegates and 300 chaperones from 44 states to Washington, D.C.— the largest delegation in the program’s history. Among them were Georgia’s 112 students, 13 chaperones and three tour directors including OREMC Delegates Leo Barak, Brunswick High School; Avery Crews, Brantley County High School; Jaiden Elmore, West Nassau High School; and Jade Richardson, Baker County High School. Delegates spend a week in Washington, D.C., immersed in monuments, museums, memorials, mentoring and more to build leadership skills, understand the importance of civic involvement and community service, as well as gain a greater understanding of our country’s storied heritage. “This trip has meant EVERYTHING,” said Jaiden. “It brought me so many great friends, experiences and memories. It didn’t just change where I was, it changed who I am.” Jade agrees noting the trip had so much impact on her, “It has 4
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Annual Report 20252026 Annual Report
allowed me to grow as a person and create meaningful connections for life.” The Youth Tour is also about delegates learning from each other as they meet other students from across the country representing different walks of life, different backgrounds and different experiences. This gives them a broader perspective and deeper appreciation for our country as whole. The purpose of the trip overall is to have delegates learn about today’s important issues, be involved citizens and encourage them to make meaningful, lifelong contributions to their communities. “The other delegates taught me what it meant to be part of something,” noted Leo. “It gave me a view on possibly working in government and how amazing it is to be part of America.” Avery summed it up best, “I will never forget this trip and the incredible impact it has had on me. This trip is lifechanging.” Youth Tour photos taken by Blair Brown.
cation Co-op Camp The Georgia Cooperative Council Youth Leadership Conference (YLC) held June 610 made quite an impression on Kimbree Gowen, a senior at Charlton County High School, as did she on her fellow campers. Kimbree is the first OREMC sponsored student to attend YLC, intended to build and enhance teen leadership skills and understanding of the role cooperatives play in the communities they serve.
Safety First! Lineman and Right of Way Coordinator Roger Sloan talks with students at Bethune Elementary School in Folkston about electrical safety. OREMC provides many such demonstrations at schools throughout the year across our service territory.
“We learned lots of information about co-ops as we explored a dairy farm and an electric cooperative,” Kimbree shared. “We also had leadership presentations and activities that inspired us to be influential leaders in our communities, creating strong bonds with other participants as we worked to achieve common goals. I truly could not imagine my life without this experience.” At the end of the week, Kimbree was selected by her peers and staff to return to YLC next year as a Youth Host.
Schooling Teachers Teamwork. Communication. Family. Hero.
New Glyndale Elementary Slated to open next fall for the 2027-28 school year, OREMC is proud to power the new Glyndale Elementary School in Glynn County. Erin Judkins is the principal and was a
Those are the words five teachers from Glynn and McIntosh County schools best summed up the culture and employee interactions they observed on day one of their Externship at OREMC. This was the fourth year OREMC has participated in the Connect Glynn Teacher Externship Program as a host site. The goal of the program is to connect classroom learning with workforce needs and skill sets. Annual Report 2026
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Financial Report Financial Statements for the fiscal year ending June 30, 2026, reflect the sound statue of Okefenoke Rural Electric Membership Corporation. Each year we retain the services of independent Certified Public Accountants to perform an audit of the corporation’s accounting records. This year’s audit, conducted by McNair, McLemore, Middlebrooks and Co., LLP, included an examination of the Cooperative’s balance sheet, statement of revenue, expenses and remarks concerning each. Copies of the complete audit are on file at OREMC’s headquarters office in Nahunta, Georgia, for your review. The figures present in this report represent our summary of the year’s operation.
ASSESTS
Cristi B. Koncz | SECRETARY/TREASURER Utility Plant Electric Plant in Service - At Cost Construction Work in Progress Accumulated Provision for Depreciation
2026
2025
$ 273,741,479 5,892,872 279,634,351 (87,169,877) 192,464,474
$ 257,868,784 6,027,896 263,896,680 (83,810,127) 180,086,553
31,765,544 25,591 2,184,805 0 33,975,940
30,333,586 83,925 1,874,380 0 32,291,891
1,507,568 756,075 58,334 13,533,804
400,052 2,376,436 67,857 12,945,232
5,032,013 569,640 21,457,434 4 12,306 $ 248,310,154
4,836,489 183,346 20,809,412 3,664,708 $ 236,852,564
$
$
Other Property and Investments Investments in Associated Organizations Note Receivable Restricted Funds Other Investments Current Assets Cash and Cash Equivalents Restricted Cash Note Receivable - Current Portion Accounts Receivable (Net of Accumulated Provision for Credit Losses of $40,992 and $41,934 in 2026 and 2025, respectively) Materials and Supplies Other
MEMBERS’ EQUITY AND LIABILITIES
Deferred Debits Total Assets
Members' Equity Memberships Patronage Capital Other Equities
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Annual Report 2026
Long-Term Liabilities Long-Term Debt Other Liabilities Current Liabilities Long-Term Debt - Current Portion Line-of-Credit Accounts Payable Consumer Deposits Accrued and Withheld Taxes Other Deferred Credits Total Members' Equity and Liabilities
468,958 78,921,577 6,097,256 85,487,791
435,138 71,009,821 5,677,257 77,122,216
121,905,770 2,184,805 124,090,575
127,063,799 1,874,380 128,938,179
4,978,620 9,342,230 8,911,275 1,524,259 2,199,646 3,834,073 30,790,103 7,941,685 $ 248,310,154
4,673,761 4,750,000 5,818,920 1,508,487 1,898,590 3,585,408 22,235,166 8,557,003 $ 236,852,564
STATEMENT OF OPERATIONS STATEMENT OF CASH FLOWS
2026
2025
Operating Revenue and Patronage Capital Operating Expenses Cost of Power Distribution Operations Distribution Maintenance Consumer Accounts Consumer Assistance and Information Administrative and General Depreciation Other
$ 117,875,223
$ 109,789,208
73,125,787 5,838,820 8,456,428 2,302,232 349,710 6,177,408 7,458,944 5,000 103,714,329
68,745,331 5,353,450 9,879,973 2,210,272 323,318 5,609,997 7,112,632 6,850 99,241,823
Operating Margins Before Interest Expense Interest Expense Operating Margins After Interest Expense Nonoperating Margins Generation and Transmission Cooperative Capital Credits Other Capital Credits and Patronage Capital Allocations Net Margins
14,160,894 5,947,724 8,213,170 172,224 1,355,017 500,043 $ 10,240,454
10,547,385 5,779,205 4,768,180 218,159 1,444,018 785,688 $ 7,216,045
$ 10,240,454
$
Cash Flows from Operating Activities Net Margins Adjustments to Reconcile Net Margins to Net Cash Provided by Operating Activities, Depreciation and Amortization Patronage Capital from Associated Organizations Deferred Revenue Recognition—ASC 980 Change In Accounts Receivable Materials and Supplies Other Current Assets Deferred Debits Accounts Payable Consumer Deposits Accrued and Withheld Taxes Other Current Liabilities Deferred Credits Cash Flows from Investing Activities Extension and Replacement of Plant Return of Equity from Associated Organizations Note Receivable - Rural Development Other Investments Cash Flows from Financing Activities Line-of-Credit Advances Line-of-Credit Repayments Memberships Advances on Long-Term Debt Principal Repayments of Long-Term Debt Retirement of Patronage Capital Capital Term Certificates
Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents - Beginning Cash and Cash Equivalents - Ending
$
7,216,045
8,373,540 (1,855,060) (1,000,000)
7,985,144 (2,229,706) (1,000,000)
(588,572) (195,524) (386,294) 3,252,402 3,092,355 15,772 301,056 248,665 384,682 21,883,476
(2,122,150) 335,183 485,846 (2,248,761) (912,825) (19,326) 254,497 408,663 (912,859) 7,239,751
(20,751,461) 384,652 67,857 0 (20,298,952)
(17,335,939) 303,059 67,857 1,500,000 (15,465,023)
63,948,289 (59,356,059) 33,820 0 (4,853,170) (1,908,699) 38,450 (2,097,369)
64,853,392 (73,303,392) 37,300 23,000,000 (4,540,391) (1,788,939) 17,153 8,275,123
(512,845) 2,776,488 2,263,643
49,851 2,726,637 2,776,488
$
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OKEFENOKE RURAL ELECTRIC MEMBERSHIP CORPORATION OREMC.COM