The 86th Annual Meeting of Yellowstone Valley Electric Cooperative (YVEC) was a great event. With well over 400 folks in attendance, the participation by members was inspiring and impressive. Additionally, 12 local students each won a $500 scholarship at the meeting, employees were recognized for their years of service, and 3 trustees were re-elected to 3-year terms on the Board. (31890000)
The theme of the meeting this year was “We Power Life”. What a timely theme that truly is for YVEC. We are growing faster than any electric co-op in Montana and are still working hard to preserve the values that got us to this point. We strive to both power our members and empower them to improve their communities.
With the exception of a few years in the late 1980s and early 1990s, YVEC has grown very consistently. Lately, we have seen quite an uptick in that growth. Over the previous 5 years, our cooperative has averaged the addition of 400 meters per year. However, since the end of 2020, we have seen that the average climb has been to 500 new meters per year. The same type of growth can be seen in our plant additions.
In order to keep up with and stay ahead of this truly outstanding growth, we have invested a lot in our total utility plant. In 2020, our total utility plant had a total value of about $94 million. Since then, we’ve installed additions, including substation upgrades, pole change-outs, and line re-conductors, that brought our total utility plant to $124 million at the end of 2024. We have averaged $6 million in additions per year since the end of 2020.
Through all the growth, we have kept the membership as our true focus. As you have read above, it’s expensive to grow. However, through some very solid financial planning and excellent internal decisions regarding technology and equipment, we have become extremely efficient. Our number of consumers per employee is top among electric co-ops in the country.
The average electric cooperative in the U.S. serves 309 members per employee. At YVEC, we serve 438 members per employee, which speaks volumes to our efficiency. Additionally, we also rank as 1 of the best electric co-ops in the U.S. at controlling expenses for our members. Our internal or variable expenses are about $100 per consumer lower annually than the electric cooperative average nationally.
2025 promises to be a busy year once again. We will see a lot of activity regarding new subdivisions, commercial development, and large infrastructure changes, which will require a tremendous amount of work from our employees over the next 12-18 months. We are well-staffed, equipped, and ready for the challenge.
We are indeed Powering Life!!
Brandon J. Wittman
Chief Executive Officer