Annual Report

Dear Members,

Trey Teaff, GM & CEO

An organization’s culture will win over strategy every time. But if you begin with a good culture, and add strategy, you just can’t lose. Our cooperative culture is all about our members and the communities they live in. We want to serve you well with the services we provide – but our culture goes way beyond electricity, and that is the cooperative difference.

Our team works hard each day to keep member costs as reasonable as possible while providing reliable and responsive service. We also lead with transparency and integrity. In addition to this abbreviated report, an expanded version is posted on our website. As we work for you, your trust is the most valuable asset we have. Therefore, we’re always open to hearing your questions and concerns. After review, if you have questions please email us and we will be happy to discuss them with you.

As for the highlights of the report, members generated margins of $7,437,142 in 2022. For every dollar of total expenses, 74¢ was used to pay for the power purchased for members. Depreciation and interest accounted for 10¢ of each dollar. The remaining 16¢ is the amount the cooperative used to operate.

WCEC’s board of directors voted to retire $1.7 million in capital credits, which will be returned in December. Over the last 21 years almost $22 million in capital credits have been returned to our members. It’s one more example of how the cooperative model is working for you.

Another exceedingly successful example of the cooperative model is how our members are working together to benefit our community through Operation Round Up. With the last round of giving in September, the Wood County Electric Charitable Foundation has granted over $725,000 to non-profits and service organizations. Importantly, the money stays right here to uplift the local communities in our 9 county service territory.

Together, through our business model, each member enjoys financial and service efficiencies. Together, through our charitable model, we are all building up and improving our communities.

The co-op model – It’s powerfully good! Thank you for being a part of it.

Our Mission

Providing safe and reliable electric service while improving our communities where we live and serve.

Values Statement

We provide service excellence to our members and our employees by:

  • Operating with respect, integrity, ethics, and fairness in all areas.
  • Communicating openly and honestly.
  • Nurturing continuous improvement.
  • Caring for the communities we serve.

Condensed Financial Report

Expanded report also available. 

Condensed Operating Report 12/31/2022 12/31/2021
Operating Revenue $102,387,629 $ 86,334,966
Purchased Power Cost 71,956,467 57,396,604
Operating Expenses 15,282,179 13,901,452
Depreciation/Interest Expense 9,582,760 9,309,329
Operating Margins $5,566,233 $5,727,581
Generation & Transmission Capital Credits 935,372 845,521
Other Non-Operating Margins 935,547 747,609
Total Margins $7,437,142 $ 7,320,711
Condensed Balance Sheet 12/31/2022 12/31/2021
Net Utility Plant $163,338,306 $163,303,061
Other Property & Investments 34,424,869 33,174,983
Current Assets 15,064,501 9,287,919
Other Assets & Debits 8,004,838 9,111,706
Total Assets $225,832,514 $ 214,877,669
Margins & Equities $107,641,367 $100,684,438
Long-Term Debt Less Current Maturities 92,185,005 91,612,294
Other Non-Current Liabilities 4,656,625 6,187,212
Current Liabilities 21,234,141 16,280,808
Deferred Credits 115,377 112,918
Total Equities & Liabilities $225,832,514 $ 214,877,669
Operating Statistics 12/31/2022 12/31/2021
Electric Sales to Members (kWh) 744,913,028 722,242,086
Purchased Power (kWh) 804,778,678 757,471,937
Number of Meters 40,268 39,285
Total Miles of Line 5,272 5,237
Number of Employees 91 89