Board highlights 2014

Board Highlights JAN U ARY

The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 9:30 a.m. on Tuesday, January 21, 2014, in Sundance by President Walt Christensen. All members were present except for Dave Hoyt.

Financials System sales for November 2013 are down 3.4% compared to November 2012. Chief Finance and Administration Officer Curtis Mock gave an update on end of year revenues and expenses. Accountant Danea Crowder provided data on liability insurance coverages. Financial Analyst Libby Opstedahl reported financial forecast data.

Safety The safety minutes for the December 2013 safety meetings were accepted.

CEO Report CEO Mike Easley provided updates on talks with Crook County and Wyoming State officials, and discussions with officials at Basin Electric.

CEO Easley also reported on carbon capture research, and strategy execution items for Touchstone Energy.

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CA Youth Tour in Washington, D.C. Board members and staff thanked the 2014 PRECorp retirees for their work and dedication to the cooperative for a total of 178 years.

Approved Items • Wyoming Business Council grant application for increased capacity at the Bill Durfee Substation; • Two-year renewal of liability insurance; • Professional engineering services contract.

Guests to the Meeting: PRECorp employees Libby Opstedahl, Tim Velder, John Tieman, Hoby Hughes, Mandy Marr, Brandon Baudhuin, and Danea Crowder; Kara Ellsbury of Hughes Law Office; and PRECorp retirees Floyd Kanode, Loretta Durfee, Nancy Steedley, and Terry Speidel.

The next meeting will be held at 9:30 a.m. Tuesday, February 18, in Gillette.

Board Highlights

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

Executive Staff Reports COO/Deputy GM Penning previewed oil load growth which will be highlighted at the February meeting.

VP of Engineering Matt Davis provided information on proposed projects to upgrade facilities.

General Information HRO Brian Mills presented supervisor certificates to Mandy Marr and Brandon Baudhuin.

The Gillette Cam-Plex annexation matter has been settled.

Miles Geis, Kaylee Arthur, and Sheldon Durrant will represent PRECorp at the NRE-

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

Photo by Gary Kipp/PRECorp System Operations

PRECorp crews remove a substation transformer for testing at the Adon Substation near Gillette. A mobile transformer was temporarily installed to keep the substation operational during the inspection.

GILLETTE 200 Garner Lake Road • P.O. Box 937 • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

www.precorp.coop

SHERIDAN 1095 Brundage Lane • P.O. Box 5087 • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

Board Highlights F E BR U ARY

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The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 9:30 a.m. on Tuesday, February 18 , 2014, in Gillette by President Walt Christensen. All members were present except for Philip Habeck.

2014 Cost of Service Study rate case. The hearing before the Wyoming Public Service Commission is scheduled for March 10-13 in Cheyenne.

Quentin Rogers reviewed the new load forecast from Basin Electric and recent local oil development.

Financials System sales for December 2013 are down 3.1% compared to December 2012. Chief Finance and Administration Officer Curtis Mock gave an update on end of year revenues and expenses.

Approved Items • Basin Scholarships • Basin Electric 20-year load forecast • Hire EideBailly as cooperative auditors • Farella to Oil Creek tie line • North Campbell County high load crossing improvements • Class B pole replacements • Wenande Substation capacitor bank

Safety The safety minutes for the January 2013 safety meetings were accepted.

CEO Report CEO Mike Easley provided updates on talks with Crook County and Wyoming State officials, and discussions with officials at WREA and NRECA. CEO Easley updated the board on current legislative matters pending in Cheyenne.

CEO Easley also reported on PLAN signups and plans to engage members through a teleconference in March or early April.

Guests to the Meeting: PRECorp employees Libby Opstedahl, Tim Velder, John Tieman, Quentin Rogers, Ray Miner, and Kristin Kelly; Jay Lundstrom, Basin Electric, via telephone; Dave Hedrick, Guernsey, via telephone.

The next meeting will be held at 9:30 a.m. Tuesday, March 18, in Sheridan.

Board Highlights

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

Executive Staff Reports COO/Deputy GM Penning discussed PRECorp Foundation strategic planning items with the PRECorp Board.

VP of Member Service Dolly Schloredt discussed the new process of conducting member satisfaction surveys.

CIO Wilson presented a preview of the 2014 Balanced Scorecard.

General Information Cooperative outreach efforts continue with cooperatives in Montana. CEO Easley will speak at the Fergus Electric Cooperative annual meeting in June.

CEO Easley discussed other opportunities for PRECorp to diversify its load growth.

Board members reviewed the status of the

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

Photo by Gary Kipp/PRECorp System Operations

PRECorp journeyman lineman Olin Fjell rolls a conductor cable for a mobile substation as crews performed a scheduled inspection of the Adon Substation near Gillette. The mobile sub was temporarily installed to keep the substation operational during the inspection.

GILLETTE 200 Garner Lake Road • P.O. Box 937 • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

www.precorp.coop

SHERIDAN 1095 Brundage Lane • P.O. Box 5087 • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

Board Highlights MAR C H

The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 9:32 a.m. on Tuesday, March 18 , 2014, in Sheridan by President Walt Christensen. All members were present except Paul Baker.

CEO Easley also reported on state funding for an integrated test center for carbon capture research.

Financials System sales for January 2014 are down 0.3% compared to January 2013. Chief Finance and Administration Officer Curtis Mock gave an update on potential budget impacts of the rate hearing.

General Information Manager of Distribution Steve Eliason reviewed the recent RUS From 300.

Members of the nominating committee were appointed for Campbell, Crook, Sheridan, and Weston counties.

Safety The safety minutes for the February 2014 safety meetings were accepted.

Approved Items • New 230kV terminal at Teckla Substation • Purchase transformers for ONEOK Aladdin Project • Donate unclaimed capital credits to PRECorp Foundation • Authorize certain staff to file Standard Form 299 applications

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

CEO Report CEO Mike Easley provided updates on the rate case hearing before the PSC; WREA meetings; NRECA strategy execution; the All-Team Meeting; and the PLAN grassroots network.

A telephone town hall is planned for 6:30 p.m.

Wednesday, April 16.

Board Highlights

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Executive Staff Reports COO/Deputy GM Penning discussed items related to general operations and the PRECorp Foundation.

Guests to the Meeting: PRECorp employees Libby Opstedahl, John Tieman, Ray Miner, and Kristin Kelly. CEO Mike Easley and Guernsey rate consultant Dave Hedrick attended portions of the meeting telephonically.

The next meeting will be held at 9:30 a.m. Monday, April 14, in Sundance.

Photo by Tim Velder/PRECorp Marketing Communications

PRECorp CEO Mike Easley, left, moderates a customer service panel discussion with PRECorp Board members Walt Christensen, Pam Kinchen, and Gerry Geis, during the PRECorp All-Team Meeting Feb. 26 in Gillette.

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

GILLETTE 200 Garner Lake Road • P.O. Box 937 • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

www.precorp.coop

SHERIDAN 1095 Brundage Lane • P.O. Box 5087 • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

Board Highlights AP R I L

The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 9:26 a.m. on Monday April 14, 2014, in Sundance by President Walt Christensen. All members were present.

Approved Items

Financials System sales for February 2014 are down 1.0% compared to February 2013. CFAO Curtis Mock gave an update on revenues and expenses. Accountant Hazel Smith provided data on EFT’s. Financial Analyst Libby Opstedahl reported on the RUS Form 7.

EideBailly representatives Derrick Larson, Tim Cook, and Nick Crank, introduced themselves to the Board as the new corporate auditors.

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•

Town of Moorcroft rebuild

•

Windy Ridge

•

Recluse area pole replacement

•

Hulett area pole replacement

•

Three-year alliance with HD Supply Utilities

•

Resolution 2014-05 - Revenue deferral

Guests to the Meeting: PRECorp employees Libby Opstedahl, Tim Velder, Hazel Smith, Josh Gray, Karri Blasi, Ray Miner; auditor representatives from EideBailly Derrick Larson, Tim

Safety The safety minutes for the March 2014 safety meetings were accepted.

Cook, and Nick Crank; Ken Miller of Millennium Bulk

CEO Report CEO Mike Easley followed up on the rate case proceedings with the Wyoming PSC. Easley also discussed the Wyoming energy strategy and updates on cooperative outreach and the Wyoming Integrated Test Center.

May 20, in Gillette.

Terminals in Washington.

The next meeting will be held at 9:30 a.m. Tuesday,

Board Highlights

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

Executive Staff Reports VP of Member Service Schloredt prepared information related to the Annual Meeting and member attendance and voting procedures.

VP of Engineering Matt Davis provided information on investigations into power quality in Hulett.

CIO Wilson discussed the first quarter Balanced Scorecard metrics.

General Information Ken Miller of Millennium Bulk Terminals in Washington presented information on the planned coal export facility.

Ray Miner reviewed utility supply pricing trends.

CFAO Mock discussed revisions to the revenue deferral plan based on rate case and revenues.

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

Photo by Tim Velder/PRECorp

PRECorp lineman Rick Gill demonstrates how dangerous electrical current travels through a small-scale piece of heavy equipment when it comes in contact with a padmount transformer.

GILLETTE 200 Garner Lake Road • P.O. Box 937 • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

www.precorp.coop

SHERIDAN 1095 Brundage Lane • P.O. Box 5087 • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

Board Highlights MAY

The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 9:26 a.m. on Tuesday, May 20, 2014, in Sundance by President Walt Christensen. All members were present except Tom Davis.

Financials System sales for March 2014 are down 0.4% compared to March 2013. CFAO Curtis Mock gave an update on first quarter revenues and expenses.

Safety The safety minutes for the April 2014 safety meetings were accepted.

CEO Report CEO Mike Easley followed up on the rate case proceedings with the Wyoming PSC. Easley also discussed the Wyoming energy strategy, updates on cooperative outreach and the Wyoming Integrated Test Center.

Board Highlights

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

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Employee C.J. Griffith discussed her recent attendance at the NRECA annual meeting in Nashville, Tenn.

Approved Items • Mader rebuild and tree clearing; • Spacer replacement Sundance to Osage line; • Pole replacement in Weston County; • Avian protection projects in Campbell and Sheridan counties; • Pole testing and inspections system wide; • Pumping station tap at Moorcroft; • Autotransformer configuration at Hulett; • Ucross line rebuild; • Hilight to Mush Creek tie line; • Kaycee to Clear Creek staking.

Guests to the Meeting: PRECorp employees Cynthia Wollen, Libby Opstedahl, Tim Velder, C.J. Griffith, Ray Miner; Bryce Freeman, Wyoming OCA administrator.

The next meeting will be held Monday and Tuesday, June 16-17, in Sheridan.

Executive Staff Reports COO/Deputy GM Les Penning reported on activities with the PRECorp Foundation. Penning also facilitated the presentation of the Touchstone Energy Cooperatives Brand Champion award to Mike Easley during the board meeting.

VP of Member Service Schloredt presented information related to the Annual Meeting member attendance, voting procedures, and entertainment.

CFAO Mock updated the board on investment accounts, financing, and cost of service rate filing.

VP of System Operations Mike Pommarane discussed the meter testing program.

General Information Board members exchanged ideas with the OCA administrator Bryce Freeman regarding processes for rate cases at the Wyoming Public Service Commission. Freeman explained the structure of the office and laws that guide the OCA regarding rate cases. Board members offered insights into the cooperative’s story.

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

Photo by Tim Velder/PRECorp

PRECorp lineman Jeff Pillow, left, builds an osprey nesting platform from old materials, as PRECorp Land and Environmental Services Manager Tracy Jones looks on. The platform was created to make a place for a family of ospreys to nest away from power lines near Keyhole Reservoir.

GILLETTE 200 S. Garner Lake Road • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

SHERIDAN 1095 Brundage Lane • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

www.precorp.coop Powder River Energy Corporation is an equal opportunity provider and employer.

Board Highlights JU N E

The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 12:50 p.m. on Monday, June 16, 2014, in Sheridan by President Walt Christensen. All members were present.

The board recessed and reconvened at 8 a.m. Tuesday, June 17, at the Sheridan Best Western.

Financials System sales for April 2014 are down 0.4% compared to April 2013. CFAO Curtis Mock gave an update on revenues and expenses. Mock also explained line loss concepts. Libby Opstedahl shared information on equity management procedures.

Safety The safety minutes for the May 2014 safety meetings were accepted.

CEO Report CEO Mike Easley discussed cooperative outreach and the Wyoming Integrated Test Center.

Easley also discussed some pending items from the PSC, Wyoming Business Council, and other business opportunities.

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saves the members in outage costs and inconvenience.

The Board met with representatives of southern Montana electric cooperatives to discuss matters of common interest.

Approved Items • 2014 PRECorp Scholarships and transfer review process to PRECorp Foundation • Sundance Voltage Conversion Phase 6 • Avian protection retrofitting Guests to the Meeting: PRECorp employees Libby Opstedahl, Tim Velder, Kristin Kelly, Caren and Jim Smith; Andy Glover, CoBank; representatives from southern Montana electric cooperatives.

The next meeting will be held Tuesday, July 14, in Sundance.

Board Highlights

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

Executive Staff Reports COO/Deputy GM Les Penning reported on activities with the PRECorp Foundation.

VP of Member Service Schloredt answered questions regarding the monthly member surveys.

General Information Board members reviewed the Cost of Service Study and rate analysis with consultant Dave Hedrick.

CoBank representative Andy Glover reviewed happenings at this rural utilities lender.

Employee Caren Smith and her husband Jim discussed their recent attendance at the NRECA Legislative Rally in Washington, DC. VP of System Operations Mike Pommarane presented information on PRECorp’s five-year maintenance plan and efforts to find structural problems during prescribed inspections. This plan ultimately

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

PRECorp photo

PRECorp line crews use the temporary mobile sub, pictured above, to keep power flowing while inspecting the equipment in substations for the detailed maintenance plan.

GILLETTE 200 S. Garner Lake Road • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

SHERIDAN 1095 Brundage Lane • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

www.precorp.coop Powder River Energy Corporation is an equal opportunity provider and employer.

Board Highlights J U LY

The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 8:32 a.m. on Monday, July 14, 2014, in Sundance by President Walt Christensen. President Christensen announced VP Paul Baker was at a Basin Electric Board meeting. All other members were present.

Financials System sales for May 2014 showed no change compared to May 2013. CFAO Curtis Mock gave an update on revenues and expenses. Mock reviewed the audit calendar and fiscal year schedule. Mock also discussed unbilled revenues and billing cycles, and a cost of service study.

Safety The minutes for the June 2014 safety meetings were accepted.

CEO Report CEO Mike Easley discussed cooperative outreach and the Wyoming Integrated Test Center. Easley also discussed some pending items from the PSC, and other business opportunities.

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

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Executive Staff Reports COO/Deputy GM Les Penning reported on activities with the PRECorp Foundation.

CFAO Mock reported on a filing with the PSC for a loan extension.

CEO Easley commented on recent board review of the strategy map and intitiatives associated with alignment with the strategy.

General Information CIO Doug Wilson presented a mid-year update on the balanced scorecard.

Eric Anderson of the CFC introduced himself to the board and reviewed industry trends and analysis.

Approved Items • Detailed line inspection pole replacements Guests to the Meeting: PRECorp employees Libby Opstedahl, Tim Velder, Ray Miner; and CFC Regional Representative Eric Anderson.

The next meeting will be held Tuesday, August 19, in Gillette.

Board Highlights

THE 2014 PRECORP ANNUAL MEETING WILL BE HELD SATURDAY, AUGUST 23, AT THE MOORCROFT HS GYM 10 AM

Registration Begins

11 AM

Lunch is served

NOON

Entertainment by Gordy Pratt

12:45 PM Business Meeting, Election results and

door prizes

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

GILLETTE 200 S. Garner Lake Road • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

SHERIDAN 1095 Brundage Lane • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

www.precorp.coop Powder River Energy Corporation is an equal opportunity provider and employer.

Board Highlights AU GU ST The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 9:30 a.m. on Tuesday, August 19, 2014, in Gillette by President Walt Christensen. All members were present.

Financials System sales for June 2014 showed a .2% decrease compared to June 2013. Year-to-date sales are 2.3% over budget. CFAO Curtis Mock gave an update on revenues and expenses.

Mock reviewed the growth rate analysis for specific rate classes.

Finance is working with engineering on load forecasts for the 2015 budget.

CEO Report CEO Mike Easley discussed cooperative outreach and the Wyoming Integrated Test Center. Easley also discussed some pending items from the PSC, and other opportunities.

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

Executive Staff Reports COO/Deputy GM Les Penning reported on activities related to the Balanced Scorecard.

CFAO Mock reported on the potential disposition of stock shared PRECorp owns.

VP of Member Service Dolly Schloredt updated the board on member surveys. PRECorp is nominated as a 2014 Business of Excellence by the Gillette Chamber of Commerce.

General Information Discussion was held on apportionment of unclaimed capital credits.

The annual meeting schedule and anticipated guests list was reviewed.

Jim Tarpey reviewed PRECorp’s rate case strategies and long-term rate design.

Ray Miner delivered a report on the 2014 physical inventory.

Approved Items • Capital Credit allocation • Bill Durfee Substation Earthwork Contract Award • Knox Insulator replacement • Adon North Rebuild • Financial resolutions Guests to the Meeting: PRECorp employees John Tieman, Tim Velder, Ray Miner, Betty Finn; and attorney Jim Tarpey.

The next meeting will be held at 8 a.m. Monday, September 15, in Sheridan.

Board Highlights

Mock also updated the Board on the most recent visit by Eide Bailly, PRECorp’s new auditors. A final report will be delivered during the October board meeting.

Safety The minutes for the July 2014 safety meetings were accepted.

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PRECorp photo

More than 400 members of Powder River Energy attended the 69th Annual Meeting August 23 in Moorcroft.

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

GILLETTE 200 S. Garner Lake Road • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

SHERIDAN 1095 E. Brundage Lane • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

www.precorp.coop Powder River Energy Corporation is an equal opportunity provider and employer.

Board Highlights SE P TE MBE R The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 9:30 a.m. on Monday, September 15, 2014, in Sheridan by President Walt Christensen. All members were present except Dave Hoyt.

reviewed. Easley discussed outreach, research, and other business opportunities available for PRECorp.

Financials System sales for July 2014 showed a .5% decrease compared to July 2013. CFAO Curtis Mock gave an update on revenues and expenses.

Safety The minutes for the August 2014 safety meetings were accepted.

Executive Staff Reports COO/Deputy GM Les Penning reported on activities related to the Balanced Scorecard.

CFAO Mock reported on process changes and the budget.

HRO Brian Mills reported on the continuous-improvement safety initiative.

VP of Member Service Dolly Schloredt updated the board on scholarships and grassroots programs.

CEO Report CEO Mike Easley discussed the 2014 Annual Membership Meeting in Moorcroft. Attendance data was

General Information Peter Barron Stark reviewed the results from the 2014 Employee Opinion Survey.

Board Highlights

Bruce Olson reviewed the fleet vehicle replacement schedule, as well as the program for servicing and inspections.

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

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Approved Items •

Resolution to provide power to Fergus Electric Cooperative;

•

Set the 2015 PRECorp Annual Meeting for Saturday, August 22, at Newcastle High School;

•

Kaycee to Clear Creek line replacement;

•

Hauber Line Rebuild;

•

Avian Retrofitting Project;

•

Ucross Line Rebuild.

Guests to the Meeting: PRECorp employees John Tieman, and Bruce Olson; and Bob Evans, Fergus REC; Peter Barron Stark; and Leo Ankney.

The next meeting will be held at 9:30 a.m. Tuesday, October 21, in Sundance.

PRECorp photo by Tim Velder

Autumn colors are on full display in this valley below Warren Peak near Sundance.

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

GILLETTE 200 S. Garner Lake Road • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

SHERIDAN 1095 E. Brundage Lane • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

www.precorp.coop Powder River Energy Corporation is an equal opportunity provider and employer.

Board Highlights OC TOBE R

The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 9:30 a.m. on Tuesday, October 21, 2014, in Sundance by President Walt Christensen. All members were present.

Financials System sales for August 2014 showed a 0.3% decrease compared to August 2013.

CFAO Mock gave an update on operating and capital budgets. Mock reviewed the cost of power adjustment application to the Wyoming PSC. Safety The minutes for the September 2014 safety meetings were accepted.

CEO Report CEO Mike Easley discussed cooperative outreach and the Wyoming Integrated Test Center.

Easley also discussed some pending items at the state level and other business opportunities.

Legal Report Attorney Kara Ellsbury of Hughes Law Office reported on legal issues relevant to PRECorp.

!

packet for area contractors to give to field employees who are working near overhead and underground power lines and equipment.

General Information Josh Gray presented a third quarter update on the balanced scorecard.

Steve Eliason gave a presentation on his experience at the CFC Forum.

VP Schloredt presented capital credit general retirement options to the Board.

Derrick Larsen of Eide Bailly delivered a report on the audit of the 2013 financial statements.

Approved Items • Detailed line inspection pole replacements • Benefit plans resolutions • RUS loan extension • Bill Durfee Substation construction contract Guests to the Meeting: PRECorp employees Karri Blasi, Sandi Wagaman, Cindy Stoddard, Danea Crowder, Hazel Smith, Libby Opstedahl, Tim Velder, Steve Eliason, Josh Gray, John Tieman, and Dennis Edwards; Eide Bailly auditor representative Derrick Larsen; Montana cooperative guests, Dee Dee Isaacs, Bob Evans, Jr., and Mike Vlastalic.

The next meeting will be held Tuesday, November 18, in Gillette.

DANGER

YOU ARE WORKING NEAR

HIGH VOLTAGE

OVERHEAD LINES & BURIED CABLE For more information CALL PRECorp Safety

1-800-442-3630 ext. 4917

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

GILLETTE 200 S. Garner Lake Road • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

REPORT AN OUTAGE: 1-888-391-6220

Board Highlights

Executive Staff Reports COO/Deputy GM Les Penning reported on activities with the PRECorp Foundation.

HRO Mills reviewed ongoing safety improvement initiatives. PRECorp will provide a safety

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SHERIDAN 1095 Brundage Lane • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

www.precorp.coop Powder River Energy Corporation is an equal opportunity provider and employer.

Board Highlights N OVE MBE R The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 9:32 a.m. on Tuesday, November 18, 2014, in Gillette by President Walt Christensen.

Financials System sales for September 2014 showed a 0.3% decrease compared to September 2013.

Safety The minutes for the October 2014 safety meetings were accepted.

CEO Report CEO Mike Easley discussed cooperative outreach and the Wyoming Integrated Test Center. Easley also discussed some pending items regarding territorial integrity and other business opportunities. He updated information on the comments to EPA, including a stack of personal letters from members outlining concerns about electricity affordability and reliability.

Easley reported on cooperative outreach discussions including power supply and shared services with neighboring cooperatives in Wyoming and Montana.

Executive Staff Reports COO/Deputy GM Les Penning reported on activities with the PRECorp Foundation.

General Information CFAO Mock highlighted aspects of the 2015 budget. Mock also updated the board on the adjustments for the 2015 cost of power.

Quentin Rogers discussed the 2015 purchased power budget.

VP Schloredt discussed member voting eligibility for owners of rental property.

HRO Mills presented a proposal for the 2015 CAT safety program.

Approved Items • 100 MVA transformer • 69 kV ONEOK transmission line • 2015 budget Guests to the Meeting: PRECorp employees Karri Blasi, Cindy Stoddard, Libby Opstedahl, Ray Miner, Quentin Rogers, Tim Velder, Tracy Jones, Cindy Sarles, Josh Gray, and John Tieman; Montana cooperative guests, Dee Dee Isaacs, Bob Evans, Jr., and Mike Vlastalic.

The next meeting will be held Tuesday, December 16, in Sheridan.

Board Highlights

Legal Report Attorneys Mark Hughes and Kara Ellsbury of Hughes Law Office reported on legal issues relevant to PRECorp.

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SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

GILLETTE 200 S. Garner Lake Road • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

SHERIDAN 1095 Brundage Lane • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

www.precorp.coop Powder River Energy Corporation is an equal opportunity provider and employer.

Board Highlights D E C E MBE R

The Regular Meeting of the Board of Directors of Powder River Energy Corporation was called to order at 8:02 a.m. on Tuesday, December 16, 2014, in Sheridan by President Walt Christensen. All members were present.

general operations and the PRECorp Foundation.

Financials System sales for October 2014 are up 0.1% compared to October 2013. Chief Finance and Administration Officer Curtis Mock gave an update on revenues, budget, and cost of power.

nology upgrades.

Safety The safety minutes for the November 2014 safety meetings were accepted.

Legal Report Attorney Mark Hughes reported on legal issues relevant to PRECorp.

CEO Report CEO Mike Easley provided updates on relations with the city of Gillette, XPrize, and spreading the cooperative business model internationally. CEO Easley also reported on state funding for an integrated test center for carbon capture research, and plans for leadership development.

Executive Staff Reports COO/Deputy GM Penning discussed items related to

Board Highlights

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CFAO Mock reported on cost savings as part of the 2014 TeamShare program, and cushion of credit analysis, CIO Wilson presented information on options for techGeneral Information Those present reviewed the process for rate structure and cooperative outreach for wholesale power agreements with Montana cooperatives.

Approved Items •

CoBank Line of Credit

•

ACA loan

•

Power transformer

Guests to the Meeting: PRECorp employees Tim Velder, John Tieman, and Kristin Kelly. Guernsey rate consultant Dave Hedrick attended telephonically. Representatives from Montana cooperatives from Fergus and Tongue River were also in attendance.

The next meeting will be held at 9:30 a.m. Tuesday, January 20, in Sundance.

Photo by Tim Velder/PRECorp Marketing Communications

Representatives from Fergus and Tongue River electric cooperatives joined PRECorp Board members to review cooperative outreach opportunities at the Tuesday, December 16, meeting in Sheridan.

SUNDANCE – CORPORATE HEADQUARTERS 221 Main Street • P.O. Box 930 • Sundance, WY 82729 (800) 442-3630 Phone • (307) 283-3527 Fax

GILLETTE 200 S. Garner Lake Road • Gillette, WY 82718 (800) 442-3630 Phone • (307) 682-0733 Fax

SHERIDAN 1095 E. Brundage Lane • Sheridan, WY 82801 (800) 442-3630 Phone • (307) 674-9018 Fax

www.precorp.coop Powder River Energy Corporation is an equal opportunity provider and employer.