2022 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 Annual Meeting is a time to report and reflect on the activities of the Co-op this past year. Things have gone well. Due to the decrease in natural gas prices, the price for your electricity is two to three cents less per kilowatt hour than last year, which is shown on your bill as a lower PCA (Power Cost Adjustment). Prices for supplies and equipment have continued to increase, although supplies are more available than they were several months ago, some large equipment still has a two-year waiting period from order until time of delivery. Due to the increased wait time for some equipment, better long-range planning is required for staff and management.
Gary Jones
We have been fortunate with the weather this year as we have had no major widespread storms. The outages we had were due to wind and lightning. The staff have been concentrating on ways to decrease outage times by replacing worn poles and upgrading the lines. The stress of the COVID pandemic has decreased significantly, however there are still a few cases, but they are fewer and less severe. Nearly all of REC’s employees were affected by COVID, but they performed their jobs well. The employees of REC are an incredible group. When there is an outage or a problem, they react quickly to get it corrected, as they care about REC’s consumer-members. Our goal at REC is when a member flips a switch or plugs in a device, the power is there and ready for them.
2022 Financial Data CONSOLIDATED BALANCE SHEET
2022
2021
Net Utility Plant
68,122,328
67,270,906
Other Property & Investments
18,377,198
17,921,109
Current Assets & Other Debits
8,967,697
8,858,751
Total Assets and Other Debits
95,467,223
94,050,766
Total Margins & Equities
50,098,337
46,750,231
Total Long Term Debt
32,253,963
33,599,425
Noncurrent Liabilities
2,369,053
2,832,411
Current & Other Liabilities
10,745,870
10,868,699
Total Members’ Equity & Liabilities
95,467,223
94,050,766
2022
2021
Operating Revenue and Patronage Capital
56,851,926
45,827,881
Total Operation and Maintenance Expense
49,589,905
39,604,686
Total Cost of Electric Service
54,468,384
44,355,687
CONSOLIDATED OPERATING STATEMENT
Patronage Capital & Operating Margins
2,383,542
1,472,194
Non Operating Margins
1,234,021
2,159,279
Net Patronage Capital & Margins
3,617,563
3,631,473
2022 Financial Data WHERE THE MONEY COMES FROM
29% RESIDENTIAL SALES 50% SMALL COMMERCIAL/INDUSTRIAL 21% LARGE COMMERCIAL/INDUSTRIAL
TOTAL COST OF PROVIDING POWER $54.5 MILLION
72% PURCHASED POWER 22% OTHER COSTS 6% FIXED COSTS
2022 Highlights WFEC GENERATION FUELS TOTAL ASSETS IN MILLIONS $94
$95
$90 $87 $84
2018
2019
2020
2021
2022
7 % COAL 4% NATURAL GAS 4% HYDROPOWER 26% WIND ENERGY 1% SOLAR POWER 58% PURCHASED POWER (BLEND OF RESOURCES)
2022 Highlights
CAPITAL CREDITS RETIRED OVER THE LAST FIVE YEARS 2022
$913,113
2021
$891,708
2020
$888,261
$874,547
2019
2018
$860,204
12,471 Meters 523,939,569 kWh Sold 3,052 Miles of Line Served
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