Southern Indiana Power’s annual meeting has always been a place for old friends to converse and new friendships to form. We also glance into the past and look into future of the cooperative. The main purpose of the annual meeting is to hold elections for the board of directors, share financial information and listen to cooperative updates.
After careful consideration, several changes were made to the 2020 annual meeting. It was decided to change the annual meeting format to a business style meeting and move it back to Tell City High School. One major change was a new registration/voting option for members beginning in 2020. The major objective behind these changes was to encourage member participation. Unfortunately, due to the COVID-19 pandemic, the 2020 annual meeting had to be conducted telephonically with only board members present.
I am pleased to report that the cooperative did not experience a serious accident or injury in 2019. Since 2008, the cooperative has been recognized for attaining the National Rural Electric Cooperative Association National Standard of “Safety Achievement.” I would like to congratulate all employees for this accomplishment and their continued dedication to safety.
As a cooperative, we operate “at cost” so any profit generated at the end of the year is assigned back to you in the form of capital credits. Over time, these capital credits are paid back to members. In 2019, we paid back over $170,000 in capital credits to members who received electric service in 1994. This year, your board of directors voted to pay back approximately $600,000 in capital credits for the year 1995. All members who had service in 1995 will receive their capital credit distribution in November. Since 2012, the co-op has paid back over $6 million in capital credits to our member-owners. I want to remind you that the co-op began paying out estates in 2018. If interested in estate retirements, please contact the office.
Last year, 14 Indiana electric cooperative linemen volunteered to travel to Guatemala to bring electricity and a new way of life to the village of San Jacinto and the surrounding area. Southern Indiana Power’s Travis Goffinet was one of those volunteers. Electricity was brought to 90 homes, two churches and one school in the area. This work was completed without the aid of modern equipment and in extremely difficult conditions. I want to thank Travis for helping bring hope and light to the people of San Jacinto.
Electric rates and cost control
Here at Southern Indiana Power, we strive to keep your electric rates as low as possible. In 2019, we were able to control costs, execute our work plan and retire capital credits without increasing members’ electric bills. Our last rate increase dates all the way back to October 2014.
Resource planning efforts and rate forecasts from Hoosier Energy are showing rate stability over the next several years. The forecast from Hoosier Energy is critical since 78 cents of every $1 you paid in 2019 was passed on for power supply.
Our most recent audit pointed out that from 2010-20, the average member bill has increase only 20 cents per month. I could not be more proud of that statistic, and I would like to thank employees and the board of directors for their continued efforts to control costs.