Great River Energy’s senior staff and board of directors logged hundreds of miles along Highway 169 in early February to host member-owner meetings in Mankato and Onamia.
Approximately 250 member-owner directors and key staff heard presentations from company leaders and asked questions about the business.
Board Chair Bob Bruckbauer opened the meeting asserting Great River Energy’s responsibility to inform and engage its membership.
“Great River Energy is a cooperative,” Bruckbauer said. “It is our responsibility to provide you with information about our business and answer your questions. That is what we are here to do.”
Great River Energy President and Chief Executive Officer David Saggau detailed the remarkable financial and operational successes of 2023.
“Between consistent power cost adjustment credits and very strong margins, 2023 was the best financial year in our history. Our wholesale rates are approximately 20% below the weighted regional average, and we have reserve margins on hand to reduce rate pressure.”
— David Saggau, Great River Energy President and Chief Executive Officer
Great River Energy Vice President and Chief Financial Officer Michelle Strobel expanded on financial information, including a report on Great River Energy’s standing among credit rating agencies. Fitch Ratings upgraded Great River Energy to A (stable) in 2023 based on consistently strong financial results.
Eric Olsen, Great River Energy vice president and general counsel, provided a preview of expected energy-related activity during the upcoming Minnesota legislative session.
Great River Energy Vice President and Chief Power Supply Officer Jon Brekke laid out the cooperatives’ strategy to comply with Minnesota’s carbon-free standard. The cooperative is in good position to comply with early milestones and is preparing a strategy to achieve the standard in 2040.
The upcoming buildout of the regional transmission system was detailed by Great River Energy Vice President and Chief Transmission Officer Priti Patel. According to Patel, the projects will improve reliability in the Midwest and facilitate the interconnection of more renewable energy. Investing in projects is a cost mitigation strategy for Great River Energy.
Jim Jones, vice president and chief information officer, described how the electric system is becoming increasingly digital, which is opening new capabilities while elevating the importance of cybersecurity.
Great River Energy Vice President and Chief Corporate and Member Services Officer Lisa Orpen shared how her part of the company develops and operates programs that enhance the service Great River Energy provides to member-owners, reduce wholesale electricity costs and improve the reliability of electric service.
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