Your board of directors previously set a 45 percent equity target for Lake Region Electric Cooperative (LREC). I am excited to announce that we recently hit that target and we should hover around the 45 percent equity mark for quite some time. In 2004, our cooperative’s equity was around 30.4 percent. Equity is extremely valuable to LREC because it demonstrates the financial strength of the cooperative. We will utilize our 45% equity to continue to move LREC forward in ways that will serve current and future members of the cooperative for years to come.
LREC has had only one rate increase in the last nine years. While the costs of gas, food, and other products and services we use and utilize each day have soared in recent years, LREC’s planning has enabled the cooperative to keep rates stable for its members. We will continue to work hard and do whatever we can to keep rates stable moving forward.
Member Satisfaction Survey
We recently received the results of our member satisfaction survey and are pleased that our overall satisfaction number has increased from 8.8 to 8.9. LREC continues to strive to increase member satisfaction. I want to thank all our members who took the time to complete the survey, and I want to thank our LREC team for the great work they do that results in our positive member satisfaction feedback. One of my favorite parts of the survey is the comment section. This provides us direct feedback from our members regarding topics like rates, energy policies, reliability, and performance in all capacities.
Part of our plan of action this summer and fall has been to get out to the local coffee shops and other establishments to put on “Coffee with the Co-op” and “Brews + Your Views”. They were a lot of fun and I am so glad we held these events because they provided a casual and informal opportunity for members to engage with LREC employees, which in turn, provided another opportunity for our members to ask questions and discuss generally the things happening at LREC. Thank you to all the members who were able to attend! This was our first attempt at these types of member events, and we will continue to put them on moving forward based upon the responses and feedback we received on them.
Operation Round Up
The LREC Operation Round Up Board, made up entirely of volunteer LREC members, reviewed applications and disbursed over $24,000 to area organizations. Thank you to all of you who have volunteered to serve on the Operation Round Up Board! If you have not already enrolled in the Operation Round Up program, please consider doing so. If you would like to sign up for the program, contact us or go to our website at lrec.coop. It is truly amazing to see the generosity of our members!