Monroe County Electric Cooperative hosted its 86th annual meeting June 8 at the corporate headquarters south of Waterloo. 

MCEC President/CEO Alan Wattles told members  that the cooperative increased its equity percentage to almost 36 percent, with a goal to eventually be above 40 percent yearly. 

Power cost for 2023 was up approximately one-half cent per kilowatt hour over 2022, Wattles said, making MCEC’s power cost 8.41 cents per kWh. 

MCEC purchased 8.4 million kWh less in 2023 than 2022, the closures of three of its top seven accounts showing their full effect for the year. 

Currently year-to-date for 2024, the power cost is lower than 2023 and kWh purchases are above the 2023 amounts by approximately 400,000, he said.

New services were up by 12 accounts in 2023 over 2022, Wattles added, and a June 30 storm last summer caused over $320,000 in damages.

“We did receive FEMA aid for this event and recently received the federal portion of 75 percent of the $210,000 expensed portion,” he said. 

Wattles said power costs will continue to increase in the next few years with a continued push to renewable energy sources, with rate structures to play a part in the co-op’s ability to help members control their costs during this time.

In his report, MCEC Board Chairman George Obernagel concluded by making a wish that the energy policy makers would be honest and state the truth that today’s “energy transition” to wind, solar and batteries will “very likely result in a power system that is significantly more expensive and less reliable than what we have become used to having.” 

Wattles and Obernagel also honored retiring longtime board member Larry Kraft of Smithton at the meeting, welcoming Suzanne Knake of Smithton in his place. 

For more information on MCEC, visit mcec.org or call 618-939-7171.