The video of the 2020 Annual Meeting held on September 26 is available for viewing at bemc.org. It includes important information on the state of the cooperative, and leadership’s vision for the future. Here are some of the highlights.
In the Treasurer’s Report, Board Secretary/ Treasurer David Gore notes that in 2019 we sold more than 1.4 billion kilowatt hours, and paid over $1.7 million in real estate taxes to local counties and municipalities. We served more than 79,000 members with over 6,900 miles of energized line, and are an industry leader in financial metrics.
“The future of our cooperative will be bright, as we serve you in new and innovative ways into the future.”
In a COVID-19 update, Vice President of Finance Lisa Fitzgerald reports that our strong financial position and favorable bond ratings gave us access to capital that allowed us to maintain normal operations while working with members who are struggling financially. Our past due repayment plans exceed the Governor’s executive order, and those of other utilities.
Board President Fred Tedder reflects on the successful, rapid growth of 2019, and then how the cooperative responded when the pandemic hit. “Our main objective was to be flexible in our response, to ensure our power supply while proactively assisting each member to the best of our ability. We normally pride ourselves on individual attention, and we knew in this case it was critically important.” After reviewing board responsibilities and the motivation behind directors’ dedication, he concludes that “The future of our cooperative will be bright, as we serve you in new and innovative ways into the future.”
CEO Josh Winslow delivers an address, noting that “One of the things I’m most proud of is having the financial standing to return nearly $5 million in equity to our members in the form of capital credits. This is one of the key elements of the cooperative difference.” After reviewing the successes and challenges of the last 20 months, he turns to the future: “We need you to partner with us as we implement new energy programs, technologies, and even specialized rates. By taking advantage of opportunities like battery storage, EV charging and Wi-Fi enabled thermostats, you will be equipped to better manage your home energy use, and we can make better use of the grid.”
He later concludes, “Our core values are integrity, agility, service, safety, cooperation, innovation, stewardship and excellence. We live these values every day as we work to create a brighter future with and for our members and communities.”
BEMC attorney Dennis Worley reports that in a non-contested election, the following directors were elected to three-year terms: District 3, Moses C. Herring; District 4, Philip Cheers; District 6, Larry Fowler; District 7, David Gore.
Lastly, Josh Winslow and Corey Thurlow respond to members questions on topics including how rates are structured, the new Time-of-Use rate option, coal ash charges, and SmartHub.
View the Annual Meeting
We encourage you to watch the meeting for a more complete perspective on the state and future direction of the cooperative.