Over the last few years, your management team has been focused on rate stability. We’re driven by our mission to deliver best-in-class reliability at the lowest-possible cost, and providing customer service and engagement that gives you control over consumption. As a result of these efforts, I’m pleased to report that we have no plans for a rate increase in 2023. We will be able to maintain the same high level of service in an uncertain economic environment, and a growing consumer demand for optionality and control, for reasons I thought you’d appreciate knowing.

We haven’t had to pass on the significant increases we’re experiencing in materials and fuel because we’ve been able to control costs internally. We’re continually working to put processes in place that reinforce efficiencies across all departments. We’ve taken advantage of elements of our wholesale power cost agreements to minimize our costs at times of peak demand. And we’ve increased our collaboration with the other NC electric cooperatives to achieve favorable wholesale power terms for the next several years.

Within the last three years we’ve designed, developed and rolled out four demand-control programs that contribute significantly to cost containment. Your participation in our Connect-to-Save thermostat programs, Beat the Peak action alerts and Time-of-Use rate option have a positive impact on our wholesale power costs, and there are more in development.

We’ve closely watched energy legislation in our state, and through our statewide organization, NCEMC, have participated in the stakeholder process to make sure that carbon reduction goals don’t put an unnecessary burden on our membership. Our early investment in nuclear energy and expansion of renewables puts our energy mix at 57% carbon free. Because we were proactive, and have embraced innovative energy solutions on your behalf, we have achieved favorable outcomes in the legislative process.

Moving forward, we’re going to build on the foundation that we’ve established. We’ll be working continuously to improve in the areas that we’re good at — cost and reliability — making decisions increasingly based on data.

In the context of today’s energy landscape, the cooperative model is more relevant than ever. Our member-owned business structure allows us to reinvest in the power system, which leads to better outcomes. Rest assured, we’re positioned to maintain better reliability and rate stability, increase the insight into what matters most to you, and deliver the level of service you require. You can count on it.