Great River Energy annual meeting affirms strength, outlines future plans
June 6, 2011 – Maple Grove, Minn. – Electric cooperative leaders from across the Midwest gathered on June 1 for the annual meeting of Great River Energy. Company leaders shared efforts being undertaken to ensure reliable electric service and financial stability while minimizing rate increases.
Great River Energy Board of Directors Chair Don Holl recounted measures taken to provide rate relief to Great River Energy’s member cooperatives in recent years. Holl also signaled a change in company strategy from short-term cost containment to planning for long-term performance.
“All utilities are facing a very challenging economic climate, but Great River Energy has positioned itself very well in these difficult times,” said Holl. “Our focus can now shift to longer term strategies, while at the same time we will continue to focus on affordability and reliability.”
Great River Energy CEO and President David Saggau addressed trends putting financial pressure on the business, and shared what is being done to minimize the effects of those trends on wholesale electricity rates.
“Every year that we’ve been in business Great River Energy’s wholesale power costs have been below the weighted regional average cost of electricity,” said Saggau. “The compound annual rate increases that we’re currently forecasting are about 3.5 percent per year. We’re in strong financial position and extremely well prepared for the future.”
During the board of directors’ reorganization meeting following the annual meeting Don Holl (Connexus Energy, Ramsey) was re-elected board chair, Bruce Leino (North Itasca Cooperative, Inc., Bigfork) was re-elected board vice chair, Jim Haasis, (East Central Energy, Braham) was re-elected secretary, and Clay Van De Bogart (Dakota Electric Association, Farmington) was re-elected treasurer.
Also, during the annual meeting, the following directors were elected to Great River Energy’s 27-member board:
• Howard Abrahamson, Arrowhead Electric Cooperative, Inc., Lutsen
• Brad Leiding, BENCO Electric Cooperative, Mankato
• Reuben Kokesch, Brown County Rural Electrical Association, Sleepy Eye
• James Leroux, Connexus Energy, Ramsey
• Peggy Kuettel, Cooperative Light and Power, Two Harbors
• Robert Kangas, Crow Wing Power, Brainerd
• Don T. O’Brien, Crow Wing Power, Brainerd
• Carl Potter, Dakota Electric Association, Farmington
• Robert Thompson, East Central Energy, Braham
• David Hernke, Goodhue County Cooperative Electric, Zumbrota
• Royce Peterson, Itasca-Mantrap Cooperative, Park Rapids
• Howard Powers, Kandiyohi Power Cooperative, Willmar
• Robert Bruckbauer, Lake Country Power, Grand Rapids
• Sherman Liimatainen, Lake Country Power, Grand Rapids
• Jack Lacey, Lake Region Electric Cooperative, Pelican Rapids
• Lester Ranzau, McLeod Cooperative Power Association, Glencoe
• Dennis Lamke, Mille Lacs Energy Cooperative, Aitkin
• Henry A. Hanson, Nobles Cooperative Electric, Worthington
• Ron Holm, Runestone Electric Association, Alexandria
• Bruce Falk, South Central Electric Association, St. James
• Dennis O’Donnell, Stearns Electric Association, Melrose
• Gary Wilson, Steele-Waseca Cooperative Electric, Owatonna
• Michael Thorson, Todd-Wadena Electric Cooperative, Wadena
About Great River Energy
Great River Energy is a not-for-profit cooperative which provides wholesale electric service to 28 distribution cooperatives in Minnesota and Wisconsin. Those member cooperatives distribute electricity to approximately 645,000 member consumers – or about 1.7 million people. With more than $3 billion in assets, Great River Energy is the second largest electric power supplier in Minnesota and one of the largest generation and transmission (G&T) cooperatives in the United States. Great River Energy’s member cooperatives range from those in the outer-ring suburbs of the Twin Cities to the Arrowhead region of Minnesota to the farmland of southwestern Minnesota. Great River Energy’s largest distribution cooperative serves more than 125,000 member-consumers; the smallest serves about 2,400.
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Contact:Dan Becchetti
763-445-5706
