Fitch upgrades Great River Energy

Fitch upgraded Great River Energy’s credit rating to A with a stable outlook, one notch up from the prior rating of A- with a stable outlook.

Fitch looks favorably on  Great River Energy’s power supply strategy, strong financial metrics and the divestiture of its ethanol business.

“This credit action will have a positive impact on Great River Energy’s capital market activities and help us remain competitive for our member-owners,” said Great River Energy President and Chief Executive Officer David Saggau.

Great River Energy has been thoughtfully planning and executing the transition of its power supply portfolio for more than a decade. By reducing coal-based energy and more than doubling renewable energy, Great River Energy anticipates that by 2035 its retail electric sales will be provided by a 90% carbon-free power supply in alignment with the Minnesota carbon-free standard, and its power supply will be 90% decarbonized from 2005 levels.

Great River Energy is also coming off several years of solid financial results. A strong 2022 performance allowed the cooperative to issue a total of $38 million in bill credits throughout the year. The cooperative also issued patronage capital payments to member-owners for the fifth year in a row.