Highlights from the 2016 Annual Meeting
Nearly 1,100 people gathered on Saturday, March 26, for Inland Power’s 79th Annual Meeting.
Inland’s CEO, Chad Jensen, provided a “State of the Cooperative” address. He discussed the successes of 2015 as well as the two epic outage events that occurred at the end of the year. The main points of the speech included:
The two massive and historic storms had the net effect of lowering Inland’s 2015 margins by over $2 million dollars. The storm costs were carefully considered by your board of trustees and it was agreed to expense these costs in 2015 and to not seek recovery with any current or future rate increase.
BPA wholesale power rates to Inland Power have increased by 25.9% in just the past four years alone.
BPA prepayment is paying off great dividends. To date we have saved close to $6 million dollars and will save an additional $14.8 million in the years to come.
I-937 is a growing concern as Inland Power faces increased requirements.
Growth is slow, but steady in eastern Washington.
Inland Power members are served with some of the lowest cost power in the nation. The Washington state average is 9.37 cents and Inland members have the average retail rate of 7.8 cents per kWh.
Strong member satisfaction.
Partner in the communities we serve.
Financially strong and well positioned for the future.
Members Elect Trustees
One of the unique benefits of co-op membership is local control. This means you elect our board. They are Inland members and understand the issues that face us all. In March 2016, the members voted for trustees in Districts 2, 6 and At-Large Position A. Dick Ziehnert (District 2), Jim Kroll (District 6) and Kristina Bahr (At-Large Position A) were elected to Inland Power’s board of trustees. Trustees are elected every March at Inland’s annual meeting and serve three year terms.
Members Approve Bylaw Changes
In addition to voting on your board of trustees members also voted on a revised set of bylaws, which was approved by the membership. A summary of the majority of the bylaw changes include:
Updating Inland Power’s voting processes to allow for all members to vote either by mail, electronically or in person at the annual meeting with a goal to increase member participation.
Option to use or hire a third party, (i.e. elections and credentials committee, CPA or independent auditor) to handle the elections process as is common with today’s best practices and reduces financial/legal risk.
In accordance with Washington state law, changes to clarify who qualifies to be members of Inland Power along with member responsibilities. The suggested changes also acknowledge Washington’s law accepting registered domestic partners.
Gives the board of trustees the ability to change board districts per board policy instead of with a lengthy bylaw revision. With the ever-changing number of members within each district, this change gives the board the opportunity to establish the boundaries of each district, with the goal of assuring broad geographic representation and more equal membership representation within districts.
One of the advantages of owning your utility is that you are more than just customers; you are member-owners of Inland Power. On behalf of your Inland Power board of trustees and staff we thank you for the opportunity to serve your energy needs and look forward to another successful year in 2016.