LREC Continues to Grow for You // CEO Column June 2024

The number of LREC active services continues to grow. As I write this column, LREC has 29,955 active services. Since we are approaching the 30,000 active services mark, I thought it would be interesting to find out the years LREC passed the 10,000 and 20,000 active service marks. In 1958, twenty-one years after LREC was formed, we passed the 10,000 active services mark. Thirty-four years later, in 1992, LREC passed the 20,000 active services mark. This consistent growth is all because of you, the member-owners of LREC. I can only imagine what the founders of LREC would think of the growth, but I hope they would be proud of our mission to continue to serve our members in the manner members deserve to be served.

Not only has the number of active services grown throughout the years, but LREC continues to grow the business and the number of services and programs it provides our members. Our generator business has sold 536 generators to members and approximately 90% of them continue to be engaged in LREC’s annual service maintenance contract. Twenty-six LREC members participate in our GoWest Solar Program, and we have 8,972 members participating in various load management programs, with several of these members participating in multiple programs, allowing 14,693 loads to be on some type of load management program. LREC’ s decision several years ago to invest in Carr’s Tree Service, together with creating Lake Region Energy Services (LRES), which now serves natural gas to 1,197 customers, are two other ways LREC continues to grow for the benefit of our members. We remain motivated and committed to growing LREC so your cooperative can be the best cooperative it can be to meet the changing needs of our communities. LREC will never stop growing for all of you—the members of LREC!

2023 Capital Credit Allocation Statement
If you purchased electricity from LREC last year, your 2023 capital credit allocation will be summarized on your July statement. Capital credit allocations are your share of LREC’s margins and reflect your equity and ownership of the cooperative. Each year, your portion of any margins that LREC may have is allocated, or assigned to you, based proportionately on your revenue contribution during the year. Capital credits are a great example of the benefits of being a member-owner of the cooperative that serves you.

June is National Safety Month
You likely have heard me say this before, but nothing matters if we all don’t make it home safely each day or night. June is National Safety Month, but rest assured knowing that every month LREC’s number one priority is safety for our members, employees, and communities.

In the spirit of National Safety Month, I wish you all a safe and great summer!