Southwestern Electric Cooperative

The 87th Annual Meeting of members provided an opportunity to discuss the cooperative's status and future direction. Key discussion points included the significant rise in capacity costs for electricity, which increased from $10 per megawatt-day two years ago to $666.50 this year, adding $2 million to operational costs, thereby limiting investments in infrastructure. The CEO advocated for using wind and solar energy in addition to fossil fuels to ensure reliable and affordable power. The meeting agenda also featured a liveline demonstration and the election of three members to the board of directors.

The annual meeting of the Southwestern Electric Cooperative included reports from the Board President, Chief Executive Officer, and Board Treasurer. Key discussion points included the cooperative's strategic plan, infrastructure investments, renewable energy initiatives, and community support efforts. The meeting also covered financial performance, member engagement, and the election of directors.

The board toured co-generation system. The CFO presented a report including a balance sheet review, work-in-progress and cash position status, accounts receivable, accumulated operating provisions and other deferred credits, long-term debt, and a statement of operations. The board discussed the 2020 Annual Meeting and adopted option 3 with clarifications regarding bill credit drawings. Membership applications and terminations were addressed, and the payment of NRECA membership dues was approved. The board also discussed director education, facility needs assessment, the media specialist position, and the member survey results. Other topics included the process for members to contact a director and the application form for rebate bill credits.

The special meeting was convened to discuss how to hold a safe and effective Annual Meeting during the COVID-19 Pandemic. The discussion included the annual meeting timeline and deadlines, venue options, quorum requirements, voting procedures, the credentials committee, logistics, sound system considerations, health and safety guidelines, scholarships, youth involvement, entertainment, cost considerations, potential guideline changes, and inclement weather planning. The board also touched on a new approach to celebrating scholarship recipients and the possibility of an in-person meeting for the regular board meeting in May.

The board discussed the upcoming BP Energy Contract, focusing on requirements, heat rate call options, contractual hours, revenue, payback amounts, peaking status, gas supply coordination, penalties, maintenance depot costs, and the need for an intermediary for the HRCO. The CFO reported on January's financial status, notable disbursements, balance sheet review, work-in-progress, cash position, accounts receivable, long-term debt, and the need for additional capacity and revisions to the budget. The CEO's report included updates on safety, a potential co-generation pilot program, ongoing projects, member contacts, legal matters, and a request to pre-order a digger truck. The board approved membership applications and terminations, revisions to several policies, a contribution to the Bond County Core Community Program, and a sponsorship for the Bond County Academic Foundation gala. They also approved Pinnacle/ConAgra's co-generation interconnection as a pilot program and the pre-ordering of a digger truck, and updated corporate banking resolutions.