2019 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
President’s Report
Looking back, 2019 was a good year. During the year, REC did not have any major storms causing damage to our system, our margins were good, we retired capital credits, made improvements, had an annual meeting, conducted Co-op business, gave away many prizes and visited with old friends.
As 2020 began, it started with great promises. In mid-February we began to hear of COVID-19 and a pandemic, the prices for oil and natural gas collapsed, agriculture commodity prices plummeted, and people were being laid off from their jobs leading to great economic hardship in our area.
During this time, REC’s management and staff reacted quickly to the problem. Daily operations changed and employees began daily temperature checks, social distancing by at least six feet and started working in smaller crews.
With the recommendation of management and staff, the Board of Trustees approved the return of the 2019 margins to the membership. This decision was made to help those struggling financially and allowing for the biggest financial impact for our current membership. While we do not know how long the pandemic will last, REC’s Board of Trustees, management and staff will do their best to keep electricity available.
Also, 2020 brought the announcement our CEO, Dale Nye, is going to retire at the end of the year. Mr. Nye has been with us for 15 years and during his time we have built a new headquarters and made many improvements to our system while keeping our rates some of the most competitive in the state and region. Mr. Nye’s tenure has been successful. He will be missed and we wish him well in his retirement.
As we look to the future and new leadership, we hope the new CEO will be as successful as Mr. Nye.
Gary Jones
CONSOLIDATED BALANCE SHEET
20192018
Net Utility Plant63,106,86561,123,152
Other Property & Investments16,431,23616,138,483
Current Assets & Other Debits8,263,9046,942,636
Total Assets and Other Debits87,802,00584,204,271
Total Margins & Equities42,958,25341,864,953
Total Long Term Debt31,642,77231,058,038
Noncurrent Liabilities2,716,0722,672,153
Current & Other Liabilities10,484,9088,609,127
Total Members’ Equity & Liabilities87,802,00584,204,271
CONSOLIDATED OPERATING STATEMENT
20192018
Operating Revenue and Patronage Capital37,537,79536,499,716
Total Operation and Maintenance Expense31,841,25030,489,068
Total Cost of Electric Service36,489,48435,308,333
Patronage Capital & Operating Margins1,048,3111,191,383
Non Operating Margins862,5651,536,751
Net Patronage Capital & Margins1,910,8762,728,134
2019
Financial Data
THE MONEY COMES FROM 37% RESIDENTIAL SALES 44% SMALL COMMERCIAL/INDUSTRIAL 19% LARGE COMMERCIAL/INDUSTRIAL TOTAL COST OF PROVIDING POWER $36.5 MILLION 63% PURCHASED POWER 28% OTHER COSTS 9% FIXED COSTS 2019 Financial Data
WHERE
TOTAL ASSETS IN MILLIONS WFEC GENERATION FUELS 2019 Highlights 20152019 2018 2017 2016 $78 $87 $84 $83 $82 4 % COAL 7% NATURAL GAS 7%
20%
1%
61%
(BLEND
HYDROPOWER
WIND ENERGY
SOLAR POWER
PURCHASED POWER
OF RESOURCES)
CAPITAL CREDITS RETIRED OVER THE LAST FIVE YEARS 11,893 Meters 405,522,886 kWh sold 3,003 Miles of Line Served 2019 2015 2016 2017 2018 $874,547 $772,590 $906,554 $846,983 $860,204 2019 Highlights
In accordance with Federal civil rights law and U.S. Department 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.
