Lake Country Power reports $4.4 million net margin
GRAND RAPIDS -- Nearly 400 Lake Country Power members, guests and employees met in Hibbing May 4 for the electric cooperative's sixth annual membership meeting. The co-op reported the outcome of three director elections and provided members with ...
GRAND RAPIDS -- Nearly 400 Lake Country Power members, guests and employees met in Hibbing May 4 for the electric cooperative's sixth annual membership meeting. The co-op reported the outcome of three director elections and provided members with an update of its operating results in 2001.
Lake Country Power reported operating revenues of $42.2 million and a comprehensive net margin of $4.4 million last year. Operating revenues for the electric utility were up more than $1.5 million over 2000 primarily because of increased energy sales. Lake Country Power also paid $2.4 million in capital credits in 2001.
During the meeting, cooperative officials focused on progress -- both financially and in the area of customer satisfaction. Recognizing the volatility of the energy industry the last three years, General Manager Rick Lemonds reinforced the cooperative's commitment to its members.
"By operating as a cooperative, we do not have to split our allegiance between serving member-owners and providing profits to shareholders," said Lemonds.
Lemonds said an adequate supply of low-cost power is one of the cooperative's biggest challenges and that Great River Energy, its wholesale power supplier, continues to be the best long-term option to meeting members' future power requirements. He also emphasized the need for investments in technology as the co-op analyzes future changes to better serve members.
Lake Country Power Holding Company President Susan Hankner reported the co-op's subsidiary operations declared $270,000 in dividends in 2001. Hankner said the dividends are applied to help pay down debt.
Director election results for a three-year term were: District 3 -- George Harvey, 633 votes; Lorne Middlestead355 votes. District 6 -- Edward Erickson, 307 votes; Don Simons, 774 votes. District 7 -- Richard Andree, 249 votes; Richard Wallin, 596 votes.
Simons and Wallin were incumbents.