Members from across Powell Valley Electric Cooperative’s service area met for its annual meeting on Saturday, September 21, 2024 at Hancock County High School. Attendees enjoyed breakfast, bucket truck rides, informational and health service booths and live bluegrass music performed by Tennessee 90.
Board President Roger Ball called the meeting to order, and cooperative employee Danny Sexton gave the invocation. John Hoyle, director of accounting and finance, presented the annual financial report, which stated that the cooperative remains financially sound.
Next, General Manager Brad Coppock gave his report, highlighting growth within the cooperative and updates to the system.
“Since our last annual meeting, your cooperative has added nearly 800 new services. To improve reliability, construction crews have built or re-conductored nearly 50 miles of overhead and underground lines and installed or replaced nearly 1,200 poles,” stated Coppock. “These equipment upgrades demonstrate the cooperative’s commitment to providing the safe and reliable service you expect.”
Coppock also reported that broadband availability has played a vital role in Powell Valley Electric Cooperative’s growth. Since 2019, the cooperative has received over $40 million in grants that allowed over 10,000 homes to be connected to PVECFiber, a partnership between Powell Valley Electric Cooperative and Scott County Telephone Cooperative.
Along with investing in upgrades, the cooperative has also invested into the communities it serves. Since the last annual meeting, cooperative employees have visited schools to educate future members about electrical safety and career opportunities at the cooperative and sent four bright students on the Washington Youth Tour. Additionally, Powell Valley Electric Cooperative has hosted electrical training for local first responders and, along with our partners at TVA, contributed $20,000 to assist families struggling to pay their electric bills.
Last, Coppock discussed the co-op’s long-term partnership with TVA and addressed upcoming rate changes. He reported that TVA has announced a 5.25% increase to wholesale rates across the region. This increase comes as a result of the need to fund the immediate and future construction of power plants, which will be used to increase generation across the valley.
In addition, Coppock highlighted that the cost of goods, materials and services necessary to support operations has doubled, and in some cases tripled, in price since 2020. In 2019, Powell Valley Electric Cooperative began passing through a partnership credit from TVA directly to its members, even as many utilities chose to retain the credit. Due to rising inflationary pressures, Powell Valley Electric Cooperative’s board of directors voted to end the pass-through of this credit at the end of September. It is important to note that Powell Valley Electric Cooperative’s residential rates remain 29% below the national average.
“While rates may change from time to time, one thing remains the same,” says Coppock. “We are committed to improve the lives of our members by providing the best possible service at the lowest possible price.”
The highlight of the 2024 Annual Meeting was the formal resolution honoring Powell Valley Electric Cooperative’s retiring board president, Roger Ball. The cooperative recognized Ball for his 36-year tenure on the board of directors. It was a touching scene as employees lined up at the close of the meeting to shake Ball’s hand and thank him for his service and contributions to both the members and employees of Powell Valley Electric Cooperative.
After votes were tallied in the director election, Ricky West was elected to the board to represent District 2. Incumbent directors Mike Shockley, District 7; and Logan Shepard, District 8, were re-elected to the board.
During the reorganizational meeting of the board, officers elected were Bill J. Surber III, president; Tracey Sharp, vice president; and Judith Robertson, secretary-treasurer.
— Brad Coppock