Even in the face of inflation, due to our gains in efficiency, good oversight and leveraging technology, our costs of maintaining and building infrastructure have been level and even decreasing per consumer since 2019. At the same time, managing wholesale power costs has emerged as the premier regional and national issue driving us forward.

Because of our foresight and preparation, BEMC is in a leadership position in our statewide organization’s quest to keep wholesale power costs as low as possible — and this continuing effort will be key in keeping downward pressure on residential rates. Allow me to offer a little background and explain how your efforts contribute to our collective success.

North Carolina’s electricity demand is projected to grow significantly, with Duke Energy forecasting growth at roughly eight times the rate of the previous 15 years. This surge is expected to be driven primarily by organic growth, economic development projects and data centers. On the plus side, these manufacturing facilities and data centers have good load factors, which means a more consistent energy use that NC co-ops can use to our advantage in managing wholesale power costs. And significantly, we’ve been increasing our ownership in generation facilities, so we can rely more on our own resources and be less subject to market fluctuations.

“This is the power of the cooperative business model in action. Rather than giving profits to shareholders, we are able to invest in programs and infrastructure that are valuable to you. Everything we do as a co-op, including providing guidance to our statewide organization, is designed to increase your reliability and improve your affordability.”

We’re one of the fastest-growing co-ops in the nation. While this requires additional infrastructure to keep our system well ahead of future demand, it’s important to note that the additional density of membership per mile of line helps to keep costs down.

The work we’ve done together with demand response programs like Connect to Save, Beat the Peak and Time-of-Use rates has had a significant impact on decreasing wholesale power costs. This benefits us all and has uniquely positioned us to continue to combat these rising costs. Clearly, your participation in these programs matters.

In total, this is the power of the cooperative business model in action. Rather than giving profits to shareholders, we are able to invest in programs and infrastructure that are valuable to you. Everything we do as a co-op, including providing guidance to our statewide organization, is designed to increase your reliability and improve your affordability.

For the third year in a row, we’ve been named one of the Best Employers in North Carolina by Business North Carolina. It’s part of our ongoing effort to ensure that our accessibility, ability to problem solve, and to provide personal service will always be uncompromised. That’s also the cooperative difference, and you deserve nothing less.