The members of Powell Valley Electric Cooperative met for its annual meeting on Saturday, September 17, 2022. Due to ongoing concerns regarding the COVID-19 pandemic, the social activities, such as health checks, lunch, live music and bucket truck rides, were limited to ensure the safety of its members.
Board Vice President David Kindle 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. In his report, he highlighted PVEC’s growth and stated that the cooperative is financially sound.
General Manager Brad Coppock discussed challenges faced by the cooperative due to the COVID-19 pandemic, high inflation, supply-chain issues, and labor shortages.
“The past year has been very challenging for our Cooperative, as it has with other electric utilities,” he stated. “Nevertheless, it has been filled with growth and progress.”
Coppock reported that, despite the high inflation, the cooperative has seen growth in membership as more families relocate to the Southwest Virginia and East Tennessee regions.
PVEC has also been working on several projects. Over the last year, the cooperative has installed or replaced nearly 700 transformers for 881 new services. Nearly 1,100 poles have been built or replaced, and over 63 miles of overhead and underground lines have been re-conductored. In addition to an update on construction, Coppock also gave an update on our vegetation management program, stating that both traditional tree-cutting crews and new equipment are being utilized.
“The equipment upgrades and renewed focus on vegetation management demonstrate your cooperative’s commitment to provide the safe and reliable service you’ve come to expect,” reported Coppock.
Also noted was PVEC’s partnership with Scott County Telephone Cooperative. Coppock stated that over 1,8000 miles of fiber backbone has been built, connecting nearly 4,800 families and businesses with high-speed broadband.
Last, Coppock highlighted the co-op’s long-term partnership with TVA. He reported that TVA’s board of directors approved a 2.5% credit to all electric utilities through fiscal year 2023, and PVEC’s board of directors voted to pass the credit through to its members.
“Most utilities are keeping all or a portion of the credit to offset rising material and labor cost,” said Coppock. “I’m happy to report, at the last Powell Valley board meeting, your board of directors has, once again, made the decision to pass the entire 2.5% credit, approximately $1.5 million, directly to its members.”
After votes were tallied in the director election, incumbent directors Tracey Sharp, representing District 1; Allen Parkey, representing District 4; Lena Short, representing District 5; and Gary Russell, representing District 9, were reelected to the board of directors.
During the reorganizational meeting of the board, officers reelected were Roger Ball, president; David Kindle, vice president; and Judith Robertson, secretary-treasurer.