President District 1
Vice President District 1
District 1
Gary Jones
This past year was another eventful year for Rural Electric Cooperative. On the positive side, REC has reached the highest equity level in the Co-op’s history. Many system improvements were made, and equipment updated. Numerous miles of rights-of-way were cleared, to help lessen the number of outages caused by trees and brush getting in the lines. Improving reliability is a constant goal of all the co-ops including REC. Additionally, all these things have been accomplished without a rate increase, in fact, REC has not had a rate increase since 2018.
On the negative side, we have had a rowdy storm season. During the months of May, June and early July we saw several lightning and wind storms. In particular, the storms on July 4 and 7 were quite destructive. Together these two storms cost REC approximately 30 poles and caused considerable outages. The crews were able to restore service fairly quickly, despite the widespread damage. These two storms cost the Co-op about $125,000 to $150,000 to repair the damage. However, we know living in this part of Oklahoma we can expect some kind of storm damage every year.
One of the main goals of REC’s staff, management and Board is to reduce outage time. With this goal in mind, REC prioritizes efforts to clear trees and other obstructions from our rights of way. Staff also studies new technologies to help reduce outage times. The ultimate goal for REC is to provide electricity 100 percent of the time. While we know this is impossible, because of storms and vehicles running into poles, we continue to strive for this goal. However, when outages occur, all members can be sure every effort is being made to restore power as quickly as possible.
CONSOLIDATED BALANCE SHEET
20232022
Net Utility Plant71,007,89868,122,328
Other Property & Investments20,392,00218,377,198
Current Assets & Other Debits8,308,3828,967,697
Total Assets and Other Debits99,708,28295,467,223
Total Margins & Equities55,657,06750,098,337
Total Long Term Debt30,917,03432,253,963
Noncurrent Liabilities2,231,9732,369,053
Current & Other Liabilities10,902,20810,745,870
Total Members’ Equity & Liabilities99,708,28295,467,223
CONSOLIDATED OPERATING STATEMENT
20232022
Operating Revenue and Patronage Capital54,456,61456,851,926
Total Operation and Maintenance Expense45,555,08449,589,905
Total Cost of Electric Service50,594,72254,468,384
Patronage Capital & Operating Margins3,861,8922,383,542
Non Operating Margins2,419,4221,234,021
Net Patronage Capital & Margins6,281,3143,617,563
TOTAL COST OF PROVIDING POWER $50.6 MILLION
26% RESIDENTIAL SALES
54% SMALL COMMERCIAL/INDUSTRIAL
20% LARGE COMMERCIAL/INDUSTRIAL
69% PURCHASED POWER
OTHER COSTS 7% FIXED COSTS
5 % COAL
9% NATURAL GAS
5% HYDROPOWER
20% WIND ENERGY
1% SOLAR POWER
60% PURCHASED POWER
(BLEND OF RESOURCES)
12,572 Meters
589,020,952 kWh Sold
3,052 Miles of Line Served
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