Annual Report To Members
Continuing the pursuit of excellence in our service to members
Aristotle once said, “Excellence is never an accident. It is always the result of high intention, sincere effort and intelligent execution.”
The pursuit of excellence is something we strive for each and every day at Cuivre River Electric Cooperative (CREC). Your cooperative is coming off one of the best years in its history.
Excellence in Rate Stability
We’re very proud of the fact that while the cost of most things continues to rise, your electric rates remain stable. Even as CREC has seen increases in demand and energy charges, through growth and sound fiscal management, we have been able to absorb these cost increases without passing them on to you, our members. We have had only one energy rate increase in the past 10 years, and will continue to work as hard as possible to keep your rates low.
Excellence in Return of Capital
We continue to return capital — your money — back to you. The Board of Directors recently announced the largest capital credit retirement in the history of CREC, coming in at over $7.3 million. In addition to this, the Board approved a special early retirement of $3.4 million in December 2018, which appeared as a credit on your December bill. With these amounts combined, over $10.5 million was returned to you in the past year.
Excellence in Service
Your cooperative recently participated in a triennial member satisfaction survey that was facilitated by our power generation company. As part of this survey, questions were asked to help generate an American Customer Satisfaction Index (ACSI) score. We are proud to have received an ACSI score of 89, the highest out of 49 cooperatives that participated in this survey, and one of the highest scores in the nation. Our scores on a variety of areas related to member satisfaction were high across the board.
Excellence in Community Service
As a cooperative, we strive to be more than just another utility. We live where you live, and it’s important to us that CREC is active in the communities we serve. Cuivre Cares, our employee community service group, participated in Troy Story II, a local event to help elderly and disabled residents with home repair projects.
Our Operation Round Up program continues to make a difference in the counties we serve. Through the pennies that our members contribute by rounding up their bill to the next dollar, hundreds of individuals and organizations are assisted each year. Since its inception in 1997, the program has given back over $5.7 million for scholarships, health-related grants, community organizations and more.
Our linemen also helped those in need that were impacted by hurricanes in the southeast. CREC sent line crews to assist other cooperatives with power restoration after the destruction left by Hurricanes Florence and Michael, in South Carolina and Florida respectively.
Excellence In the Future
CREC’s pursuit of excellence never ends. It is a continual process that takes focus, planning and execution. We’ve recently broken ground on a new headquarters facility. This new facility will provide much needed space for our continued growth, lower our maintenance costs and help increase energy efficiencies, as well as ensure safety for employees, members and visitors.
We recently held a strategic planning session to discuss the future direction of your cooperative. Several initiatives resulted from this session that will be executed soon. While some see changes in the industry as challenges, CREC sees them as opportunities.
As we look forward, our focus is and will always be on you, the member, and how we can continue to bring value and benefit to you. Thank you for being members of Cuivre River Electric. It is truly a privilege to serve you.
Doug Tracy, General Manager/CEO
Diane Saale, Board President