Great River Energy recently closed the books on arguably the most financially successful year in its history.
Great River Energy’s initial margin calculation was $69.9 million, more than triple the budgeted margin of $23 million. In accordance with a board resolution passed late last year, excess margins above budget will be utilized and accounted for as follows:
- $10 million refunded to member-owner cooperatives as a bill credit
- $10 million deferred revenue to offset future rates
- $25.8 million to write off non-productive assets on the balance sheet, which will benefit future rates
The final margin after these actions was $24.1 million for 2018. These numbers are a result of strong sales and cost control at Great River Energy. Year-end energy sales were 2.3 percent higher than budget.