PVEC: ‘growing and financially sound’
Published 12:26 pm Saturday, October 1, 2022
Powell Valley Electric Cooperative is enjoying a financially-sound growth spurt, according to John Hoyle, director of PVEC accounting and finance. Hoyle presented the Cooperative’s report during its annual membership meeting.
Brad Coppock, PVEC General Manager, spoke of ongoing challenges as the COVID-19 pandemic continues to rear its head. High inflation, supply-chain issues and labor shortages have worked together to stress all manner of business and industry and PVEC is no different.
“The past year has been very challenging for our Cooperative, as it has with other electric utilities. Nevertheless, it has been filled with growth and progress,” said Coppock, during his report.
Despite high inflation, PVEC has seen growth in membership as more families relocate to southwest Virginia and east Tennessee – the areas serviced by the electric company.
The Cooperative is working on several projects including the installation and replacement of nearly 700 transformers that will meet the needs of 881 new services. Some 1,100 poles were built or replaced with more than 63 miles of overhead and underground re-conductor lines being completed.
Coppock said the vegetation management program is using new equipment alongside the more traditional tree-cutting crews.
“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,” said Coppock.
He spoke of the partnership between PVEC and Scott County Telephone Cooperative. Over 1,800 miles of fiber backbone was built that connects nearly 4,800 homes and businesses to high-speed broadband, he said.
Coppock reported that the Tennessee Valley Authority, with whom PVEC has enjoyed a long-term partnership, has approved a 2.5 percent credit for all electric utilities through fiscal year 2023.
“Most utilities are keeping all or a portion of the credit to offset rising material and labor costs. 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 percent credit – approximately $1.5 million – directly to its members,” said Coppock.
The annual vote was taken deciding just who will garner the director seats this time around. All five district directors retained their positions. Tracey Sharp, Allen Parkey, Lena Short and Gary Russell will continue as Districts 1, 4, 5 and 9 directors respectively.
The reorganizational meeting saw no new faces as Roger Ball retained his seat as president of the board of directors. David Kindle and Judith Robertson were reelected vice-president and secretary/treasurer respectively.