Being member-focused has been a hallmark of Cuivre River Electric Cooperative (CREC) since 1941. This past year has been no exception. Over the last few years, that focus has endured through challenging times. CREC remains devoted to making life better for our members and the communities we serve.
We are proud of our expanding membership. Already the largest electric cooperative in Missouri, our annual growth rate continues to be around 2%, making CREC one of the fastest-growing electric cooperatives in the country. Housing starts remain strong in our area, and we believe this trend will progress.
Inflation and rising costs have affected your cooperative and the country. The impact of cost increases over the last several months is expected to continue. The costs of some materials and supply items have increased by 5 to 10% over the past two years. Supply chain issues persist, worsening this issue.
Power costs are also climbing. CREC experienced a cost increase from its power supplier earlier this year. Additional increases in power prices are predicted for three of the next four years. Even in this environment of escalating costs, we will do everything we can to absorb these increases while keeping your cooperative financially sound. We are committed to our mission statement which includes, “providing reliable service at the lowest possible cost.”
Reliable service has always been important but due to recent storms around the country, it’s at the forefront of many utilities. As the term “rolling blackouts” echoes throughout the country, reliable power is no longer something to take for granted. CREC is proud to have had this focus during two major storms in the last two years, with the last being Winter Storm Elliott. During this storm in December 2022, CREC set an all-time peak demand for power.
While several utilities around Missouri and across the nation experienced rolling blackouts during the storm, our members continued to have power. The importance of reliable power cannot be overstated; our attention remains on maintaining and enhancing it. CREC’s new work plan includes projects to improve or strengthen reliability. In addition, our power supplier’s balanced approach to power generation includes renewables and baseload generation, to help prevent some of the power delivery issues troubling other parts of the country.
CREC continues to support the communities we serve. Our Operation Round Up program accomplished another milestone in the past year by exceeding $7 million
in grants to individuals and organizations since its inception. These grants have helped thousands in our community, and we look forward to helping more in the future. Our
Cuivre Cares program prospers, with CREC employees holding numerous fundraisers for charities and participating in service projects around our area during the past year.
At CREC, we will continue to focus on you, the member. We are committed to navigating these times in such a way that we can help our members improve their quality of
life. On behalf of the Board of Directors and the employees, we thank you for your continued support as we strive to be your ideal utility. It is truly our pleasure to serve you.
Diane Saale, Board Chairman
Doug Tracy, President/CEO
Click the link below to view the full financial report.