Hendricks Power Cooperative

The meeting included an invocation and national anthem, followed by the introduction of board candidates and the announcement of the election results. The board secretary read the proof of the annual meeting notice. The CEO discussed power outages, infrastructure investments, employee development programs, and the cooperative's financial performance, including capital credits and time of use rates. The meeting also touched on youth programs and customer satisfaction.

The 89th annual meeting included online voting conducted prior to the event for Areas 1, 2, and 3. During the meeting, the Board of Directors election for Directors in Areas 1, 2, and 3 was held, which resulted in the uncontested re-election of the incumbents. The CEO provided an update on recent power outages and reliability efforts, followed by a video presentation detailing the Cooperative's accomplishments, strategic initiatives, completed projects, youth programs, capital credit distribution, and member satisfaction scores from the past year. The meeting concluded with the announcement of bill credit winners.

The annual meeting included an invocation and the introduction of several guests. Key discussions focused on the election process for the 2022 Board of Directors, noting that voting occurred between July 1st and July 20th, with final in-person voting concluding at 6 o'clock on the meeting day. The minutes of the 2021 meeting were approved. Operational updates highlighted strong financials leading to improved retirement benefits and the distribution of nearly $3 million in capital credits for years 2001-2002 to approximately 11,000 members. The success of the HP Connect joint venture for providing advanced telecommunications services was noted, with over 3,000 members connected. Discussions also covered efforts to maintain stable rates despite economic changes, the repeal of the utility receipts tax resulting in $1.4 million in annual savings for members starting July 1st, and progress on the seven long-term focus areas, including safety milestones (longest period without a lost-time accident since August 2018), system reliability (less than two hours of outage for the average customer in 2021), and addressing supply chain issues. Furthermore, the recent completion of the Jackson substation and associated transmission lines was announced, enabling automatic switching capability. Finally, the commencement of construction for a new seven-megawatt solar array with Celestial Energy was reported.

The meeting included an invocation and national anthem, followed by the introduction of board candidates and the reading of the proof of annual minutes notice. The minutes of the 2023 annual meeting were approved. The CEO and board chair reported on the co-op's strong financials, a patronage retirement, and the success of HP Connect. Redistricting was approved, and the co-op received a high customer satisfaction score. Discussions covered strategic planning, risk mitigation, cyber security, reliability, renewable energy integration with a pilot program for battery energy storage, and participation in a community integrated distributive energy resilience initiative. The meeting concluded with the announcement of newly elected board members and energy credit winners.

The 89th annual meeting, themed as a look to the future, recognized significant progress and growth, noting that Hendricks Power serves over 40,000 members across Hendricks, Putnam, Morgan, and Montgomery counties and added over 1,000 new services in 2024. Key discussions included an uncontested election for areas 1, 2, and 3, resulting in the reelection of board members Brent Sheay, Andy Lynch, and Matt Cushion. The board also approved a Patternage Retirement for the year 2004, totaling over $2.7 million. Furthermore, the cooperative emphasized support for the next generation through existing programs and new partnerships for hands-on field experiences, highlighting a record-high American Customer Satisfaction Index score of 90 for 2024. The session concluded with the announcement of two $500 energy credit winners.