2025 Annual Report
Board of Trustees
Gary Jones President District 1
Scott Christian Vice President District 1
Randy Griswold District 3
Brent Bacon Secretary-Treasurer District 1
Johnny Harrel District 2
Larry Anderson District 2
Sonny Harrison District 3
Terri Hays District 2
Mark Finch District 3
President’s Report As always, the past year has been eventful. While we have not had any big, damaging storms we did have several small ones. We were able to restore power quickly - which is always our goal. We have had several retirement announcements this past year, thankfully management was able to fill these positions with skilled individuals to help fill these significant positions. Now, our CEO/General Manager has announced his retirement. Dusty Ricks has been with REC for six years and has served the Cooperative well. REC has made a lot of progress during his tenure. While we hate to see him go, we wish him well in his retirement. Our Board of Trustees have four main goals: safety, financial strength, reliability and the lowest possible cost. All decisions we make are spent with many hours studying and discussing how we can best accomplish these goals. Gary Jones
While inflation and supply chain issues have lessened, they are still a problem. Costs for transformers and poles have continued to escalate and some of the trucks and equipment have nearly doubled in the past few years. The rise in fuel price has certainly added to our expenses. Our power supplier, Western Farmers Electric Cooperative, is building new power plants to supply our needs so the “demand cost” for our power has also increased. All these additional costs mean we have had to begin discussion about a rate increase. Our rates have remained the same for the last eight years. However, our sales have stopped rising and are starting to decrease some. In order to keep REC financially strong, we will need to consider a rate increase. As we continue to make decisions about the future, you have the pledge, from the Board of Trustees, to keep our goals in mind as we work towards the best solution for the members.
2025 Financial Data CONSOLIDATED BALANCE SHEET Net Utility Plant
2025 76,376,948
2024 73,382,823
Other Property & Investments
22,978,463
22,184,536
Current Assets & Other Debits
8,844,721
9,254,764
108,200,130
104,822,123
Total Margins & Equities
63,530,973
61,033,044
Total Long Term Debt
28,070,928
29,519,387
Noncurrent Liabilities
1,973,617
2,173,680
Current & Other Liabilities
14,624,612
12,096,012
108,200,130
104,822,123
2025
2024
Operating Revenue and Patronage Capital
63,239,387
57,007,428
Total Operation and Maintenance Expense
55,523,849
47,803,238
Total Cost of Electric Service
60,905,333
52,986,066
Total Assets and Other Debits
Total Members’ Equity & Liabilities CONSOLIDATED OPERATING STATEMENT
Patronage Capital & Operating Margins
2,334,054
4,021,362
Non Operating Margins
1,172,014
2,113,044
Net Patronage Capital & Margins
3,506,068
6,134,406
2025 Financial Data WHERE THE MONEY COMES FROM
24% RESIDENTIAL SALES 52% SMALL COMMERCIAL/INDUSTRIAL 24% LARGE COMMERCIAL/INDUSTRIAL
TOTAL COST OF PROVIDING POWER $61 MILLION
72% PURCHASED POWER 14% OTHER COSTS 14% FIXED COSTS
2025 Highlights WFEC GENERATION FUELS
TOTAL ASSETS IN MILLIONS
11% COAL 6% NATURAL GAS 19% WIND ENERGY 2% SOLAR 5% HYDROPOWER 57% PURCHASED POWER (BLEND OF RESOURCES)
2025 Highlights
CAPITAL CREDITS RETIRED OVER THE LAST FIVE YEARS
12,682 Meters 687,329,749 kWh Sold 3,084 Miles of Line Served
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