Egyptian Electric holds annual meeting
<span>STEELEVILLE - Nearly 650 members and guests attended Egyptian Electric Cooperative Association's 77</span><span>th</span><span> Annual Meeting of the Membership on Thursday, July 23. The meeting was held at the American Legion in Steeleville.</span>
<span>Board Secretary-Treasurer Steven Prest reported to the membership that their cooperative was in sound financial condition and that the cooperative finished 2014 with a positive margin on operations.</span>
<span>Board President Randall Campbell discussed what the responsibilities of being a board member entail, including hiring a general manager, setting policy and providing direction for the long-term stability and physical requirements of the cooperative.</span>
<span>"While I most likely won't be on this board 20 years from now, as a board member I have the responsibility to ensure my neighbors will continue to have reliable and affordable electricity and a cooperative that is there to supply that energy 20 years from now," said Campbell.</span>
<span>Executive Vice President/General Manager Jim Riddle addressed the audience and talked about Egyptian's current and future rates.</span>
<span>"Our goal is to take no more of your dollars than are necessary to meet our costs and financial obligations. Egyptian Electric Cooperative belongs to you, the members, and there are no stockholders to pay dividends to," Riddle stated.</span>
<span>Riddle reported that the cooperative is currently having a Cost of Service/Rate study prepared by a third party to determine the adequacy and accuracy of the rates.</span>
<span>While Riddle reported there is no anticipated need to increase the Cooperative's revenue by increasing rates, the board does want to ensure the present rate structure is fair and appropriate for each rate class.</span>
<span>"We want to make sure the residential rates do not subsidize the commercial/industrial rate class, or vice versa," Riddle stated.</span>
<span>According to Riddle, about $2.5 million in system improvements are scheduled in 2015 in order to continue providing reliable energy to the member-owners.</span>
<span>Improvements include pole replacements and replacing aging underground cable, as well as continuing the rights-of-way maintenance program.</span>
<span>Riddle also stated that the cooperative and its power supplier, Southern Illinois Power Cooperative (SIPC) strive for a balanced wholesale power portfolio.</span>
<span>SIPC is a member of the National Renewable Cooperative Organization (NRCO) and has a purchase power agreement for renewable wind energy from the Pioneer Trail Wind Farm as well as hydro-electric power from the Southeast Power Administration.</span>
<span>Egyptian electric supports renewable energy through its voluntary contribution to the Illinois Renewable Energy Trust fund which allows Egyptian members to apply for state grants for solar and wind installations.</span>
<span>Egyptian also offers NET metering for solar and wind projects to help support these systems. </span>
<span>Riddle also reported that Egyptian and SIPC strive for long term stability and reliability in its power supply.</span>
<span>"Over 72 gigawatts (GW) of electric generation have been closed due to new environmental regulations. How much is 72 GW? It's enough to supply power to over 44.7 million homes, or every home west of the Mississippi River, excluding Texas," said Riddle. "Or closer to home, it would be like closing 263 SIPC power plants at the Lake of Egypt."</span>
<span>Riddle reported that losing this much generation from the national grid will cause wholesale prices in the market to climb, as was the case in the recent capacity auction held by MISO in Illinois.</span>
<span>The auction saw prices increase from $16.75 per MW-day last year to $150 going forward. </span>
<span>During the meeting, members re-elected Randall Campbell, Chester; Paul Hicks, Carbondale; and Paul Pyatt, Pinckneyville, to the Board of Directors for three-year terms.</span>
<span>Following the meeting, the Board of Directors held an organizational meeting and selected Randall Campbell, Chester, as president; Ken Jarrett, Jacob, as vicepresident; and Steve Prest, Coulterville, as secretary-treasurer.</span>
<span>Egyptian Electric Cooperative is a member of Touchstone Energy - an alliance of more than 750 local, consumer-owned electric utilities around the country.</span>
<span>Egyptian Electric is committed to providing superior service based on four core principles: integrity, accountability, innovation and commitment to community.</span>
<span>The co-op serves more than 14,880 members over 2,280 miles of line in parts of Jackson, Perry, Randolph, St. Clair, Washington and Williamson counties.</span>
<span>For more information visit www.eeca.coop.</span>
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