Appreciation for Rick Thomas
At its annual meeting in April, the board of the North Carolina Electric Membership Corporation (NCEMC) issued a resolution thanking Richard K. "Rick" Thomas for his 17 years of service. Thomas retired in April as CEO of the power supply cooperative owned by most of the state's electric cooperatives. The resolution included the following summary of his career:
- He devoted more than two decades of his professional career to electric cooperatives and the electric utility industry.
- He guided the construction of approximately 700 megawatts of combustion turbine generation that serves as a valuable peaking resource.
- He negotiated ownership interest in additional nuclear plant capacity to substantially benefit the cooperatives' economic stature.
- His execution of an indenture in 2011 provided access to financial markets that supplement traditional Rural Utilities Service financing and enhance NCEMC's financial flexibility.
- In 2010, NCEMC attained strong investment quality ratings reflecting NCEMC's improved financial standing achieved under his direction.
- His leadership in refinancing $1.2 billion of NCEMC
- debt in 2007 led to annual cost savings of approximately $14 million.