Dairyland Power's 77th Annual Meeting
LA CROSSE, Wis., June 6, 2018 /PRNewswire/ -- Approximately 600 electric cooperative leaders and guests attended Dairyland's 77th annual meeting at the La Crosse Center earlier today. Roger Tjarks, Chairman of the Board and Director representing Heartland Power Cooperative, presided over the meeting.
The theme of the meeting was Renewed Commitment, emphasizing the long-term commitment Dairyland has with its member distribution cooperatives to serve co-op energy consumers. Barbara Nick, President and CEO, spoke about how future success hinges on understanding the "job" cooperative members "hire" Dairyland to do. "We provide competitively priced, reliable and sustainable power. Today is about renewing our commitment to that job."
Nick emphasized the importance of evolving in step with a changing energy environment. "Providing competitive service in the future will look different, and we are committed to preparing for it. Dairyland is investing in the future of beneficial electrification. In 20 years, we will be ready to thrive in a smart new energy world... whatever it looks like."
Rob Chapman, Electric Power Research Institute's Vice President, Energy & Environment, provided the keynote speech, Efficient Electrification. Chapman's address underscored how new efficient technologies will benefit society and consumers, while also enabling continued economic growth. "It is a win-win-win outcome," said Chapman. "Technology advances, economics, policy and environmental drivers will lead to increased adoption of electric end-use technologies replacing their fossil fuel equivalents."
Dairyland Chief Financial and Administrative Officer (CFO/CAO) Phil Moilien provided a 2017 Financial Report: "I'm pleased to report that Dairyland is financially strong and stable. We remain in alignment with our Strategic Priority of maintaining and enhancing financial strength, which must be balanced with maintaining competitive rates and service.
"2017 total margins were $27 million, compared to 2016 margins of $23.1 million. Dairyland's net generation and purchased power totals were up slightly at 6 billion kilowatt-hours (kWh), compared to 5.7 billion kWh in 2016. Class A member loads had a slight increase to 4.9 billion kWh from 4.8 billion kWh. Total operating revenues for 2017 increased to $441.4 million, compared to $414.8 million in 2016, due to increased sales to our Class A members and higher market prices.
"Dairyland focuses on maintaining strong credit ratings and financial strength to maintain access to economical financing. Dairyland has credit ratings of "A3" with a stable outlook from Moody's and "A+" also with a stable outlook from Standard & Poor's.
"In 2017, Dairyland's Board approved Capital Credit retirements of $4.1 million. Over its 77-year history, Dairyland has returned $120 million to its Class A members."
Longtime Dairyland employees received service awards at the annual meeting. Employees staffed informational displays on beneficial electrification, solar energy, Touchstone Energy and the Nemadji Trail Energy Center.
About Dairyland Power Cooperative: Dairyland, a Touchstone Energy Cooperative, was formed in December 1941. Headquartered in La Crosse, Wis., Dairyland provides the wholesale electrical requirements for 24 distribution cooperatives and 17 municipal utilities. These cooperatives and municipals, in turn, supply the energy needs of more than a half-million people in the four-state service area. Today, the cooperative's generating resources include coal, natural gas, hydro, wind, solar and biogas. Dairyland delivers electricity via 3,200 miles of transmission lines and 300 substations located throughout the system's 44,500 square mile service area. Visit www.DairylandPower.com.
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SOURCE Dairyland Power Cooperative
