Dear Members,
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 |