A message from your local electric cooperative

MVEC remains grounded amidst industry changes

Jordan, Minn. – While the energy sector is facing many changes in the coming years, Minnesota Valley Electric Cooperative’s focus will always remain on putting members first and the unique needs of the co-op’s service area in 2024.

Addressing these industry challenges head on was the theme of MVEC’s 87th Annual Meeting, held April 9 at Jordan High School. Observing his first full year as CEO, Marvin Denzer spoke of the decisions made on the state and federal level that will affect electric cooperatives for years to come. This includes state legislation to move Minnesota to 100 percent carbon-free energy by the year 2040, with a mid-goal to hit 80 percent by 2030. And at the federal level, the Environmental Protection Agency proposed a 2023 rule to eliminate carbon dioxide from the power sector by 2035.

“Though we are not opposed to clean energy, and our energy mix already includes renewables, there must be a balance,” said Denzer who is guiding a co-op that pushed total services to more than 47,000 in 2023.

Looking into the future, the co-op is positioned well and will maintain a balanced approach by continuing to invest in safety and reliability, while ensuring rates stay competitive. MVEC will also focus on working with its statewide power advocate, Minnesota Rural Electric Association, to educate state and federal legislators on the current state of the energy sector at a local level.

“I want to assure you, our member-owners, we are looking out for you,” said Denzer. “We will work hard to ensure our wholesale power contracts and our portfolio mix, maximize your cooperative’s dollars.”

Denzer’s presentation and accompanying all-department video lined up with the cooperative’s values of Safety, Innovative, Accountability and Connected.

Erdman highlights a positive 2023 for co-op financials

Giving his first Annual Meeting Financial Report since joining MVEC in 2023, Vice President of Finance Randy Erdman highlighted the cooperative’s Balance Sheet and Income Statement. Erdman reported member equity grew by 4.9 percent in 2023, which raises the membership’s total equity to more than $85 million. In addition, MVEC’s yearly expenses decreased by 3 percent, which helps with rate stabilization. Lastly, the co-op paid out $1.39 million in Capital Credits last year.

Eighteen $1,500 scholarships were handed out at the meeting, an increase from the $1,000 scholarships awarded in previous years.

Follow-up materials, including a video presentation, election results and scholarship winners, are available at mvec.net/annualmeeting.