2020 Annual Report
Board of Trustees
Gary Jones President District 1
Scott Christian Vice President District 1
Brent Bacon Secretary-Treasurer District 1
Larry Anderson District 2
Charles Crawford District 3
Mark Finch District 3
Randy Griswold District 3 Johnny Harrel District 2
Terri Hays District 2
Dan Williams Attorney
What a year! Since our last Annual Meeting, we have had a late October, early November ice storm. In February we had a “Polar Vortex” with 13 days below freezing, 10 to 15 inches of snow and a record low temperature of -18 degrees Fahrenheit. When we thought COVID-19 was over, a new strain appeared and the number of positive cases rapidly increased. While it has been a difficult time with positive cases, quarantines and a death, our great employees have continued to make sure power was delivered.
The Polar Vortex presented problems we have never faced. Our power supplier Western Farmers Electric Co-op and the Southwest Power Pool could not get enough natural gas to run all generators, therefore, for the first time in history, we experienced rolling blackouts. During this period, REC was paying about 25 to 30 cents per kHw and selling it to our members for about 11 cents per kHw. These costs have not been recovered, but the Board of Trustees and Management are working on a plan to help spread the cost over a period of time to minimize the effect on rates to our consumer-members.
Our employees continue to stay busy connecting new services including marijuana grow houses and new oilfield loads. In addition to new services, our employees have been upgrading lines to provide better service and keep outage time low. REC has great employees who are all interested in providing the consumer-member the best possible service.
In spite of the ice storm, the COVID-19 pandemic, a Polor Vortex and other problems, REC is financially strong. Our equity remains strong, we have maintained competitive rates and our system is reliable with few, long-term outages.
REC’s Board of Trustees, management and staff continue to provide our member-consumers with reliable power at an affordable rate.
Gary JonesPresident’s Report
CONSOLIDATED BALANCE SHEET
20202019
Net Utility Plant65,244,77263,106,865
Other Property & Investments17,222,63816,431,236
Current Assets & Other Debits7,709,7288,263,904
Total Assets and Other Debits90,177,13887,802,005
Total Margins & Equities43,349,02142,958,253
Total Long Term Debt36,276,09431,642,772
Noncurrent Liabilities3,052,9272,716,072
Current & Other Liabilities7,499,09610,484,908
Total Members’ Equity & Liabilities90,177,13887,802,005 20202019
CONSOLIDATED OPERATING STATEMENT
Operating Revenue and Patronage Capital37,645,63137,537,795
Total Operation and Maintenance Expense32,538,63131,841,250
Total Cost of Electric Service37,254,15336,489,484
Patronage Capital & Operating Margins391,4781,048,311
Non Operating Margins942,266862,565
Net Patronage Capital & Margins1,333,7441,910,876
2020 Financial Data
THE MONEY COMES FROM 36% RESIDENTIAL SALES 40% SMALL COMMERCIAL/INDUSTRIAL 24% LARGE COMMERCIAL/INDUSTRIAL TOTAL COST OF PROVIDING POWER $37.3 MILLION 64% PURCHASED POWER 27% OTHER COSTS 9% FIXED COSTS 2020 Financial Data
WHERE
TOTAL ASSETS IN MILLIONS WFEC GENERATION FUELS 2020 Highlights 2019 2018 2017 2016 2 % COAL 5%
8%
21%
1%
63%
(BLEND
2020 $82 $83 $84 $87 $90
NATURAL GAS
HYDROPOWER
WIND ENERGY
SOLAR POWER
PURCHASED POWER
OF RESOURCES)
CAPITAL CREDITS RETIRED OVER THE LAST FIVE YEARS 11,989 Meters 437,242,095 kWh sold 3,019 Miles of Line Served 2020 Highlights 2016 2019 2018 2017 2020 $906,554 $888,261 $874,547 $860,204 $846,983
In accordance with Federal civil rights law and U.S. Depar tment of Agriculture (USDA) civil rights regulations and policies, the USDA, its Agencies, offices, and employees, and institutions participating in or administering USDA programs are prohibited from discriminating based on race, color, national origin, religion, sex, gender identity (including gender expression), sexual orientation, disability, age, marital status, family/parental status, income derived from a public assistance program, political beliefs, or reprisal or retaliation for prior civil rights activity, in any program or activity conducted or funded by USDA (not all bases apply to all programs). Remedies and complaint filing deadlines vary by program or incident. Person with disabilities who require alternative means of communication for program information (e.g., Braille, large print, audiotape , American Sign Language, etc.) should contact the responsible Agency or USDA’s TARGET Center at (202)720-2600 (voice and TTY) or contact USDA through the Federal Relay Service at (800)877-8339. Additionally, program information may be made available in languages other than English. To file a program discrimination complaint, complete the USDA Program Discrimination Complaint Form, AD-3027, found online at http://www.ascr.usda.gov/complaint_ filing_cust.html and at any USDA office or write a letter addressed to USDA and provide in the letter all of the information requested in the form. To request a copy of the complaint form, call (866) 632-9992. Submit your completed form or letter to USDA by: mail: U.S. Department of Agriculture Office of the Assistant Secretary for Civil Rights, 1400 Independence Avenue, SW Washington, D.C. 20250-9410; fax: (202) 690-7442; or email: program.intake@usda.gov USDA is an equal opportunity provider, employer, and lender.
