As we near the end of the first quarter of the year, I’d like to share some relevant business updates.
We continue to show great progress with our right-of-way program. In fact, based on our 2020 operations review, our five-year average lost consumer hours per member has dropped 17% with tree- related outages dropping by 67%. This correlates to our aggressive vegetation management program supported by the board-approved budget.
The blended interest rate is above the state’s median as our debt has been secured with fixed interest in the past and we have not borrowed new, low-interest money. Total controllable expenses are 17% under the state average while our equity as a percent of assets is 4.8% higher than the states average. These financials and the long-term debt plan require DCREMC to have an operating margin 40% higher than the state average. Additionally, our annual capital credits retired per total equity is in line with our peers, which means we are in a good place with our current capital credit retirement plan.
Additionally, our employees are developing projects as teams to accomplish goals identified in board-adopted strategic initiatives. Strategic plan focuses include:
- Providing differentiated value
- Internal and external system modernization
- Managing risk for long-term sustainability
Finally, we remain committed to connecting and engaging with you so to sweeten the deal, we are offering a $25 bill credit to the first five members who call to schedule a member engagement meeting with me. Be among the first five to schedule by calling the office at 812-663-3391.
The future of this co-op and the unlimited potential for our communities is exciting and Decatur County REMC is proud to be your trusted resource for 84 years and counting