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A community of cooperative members gathered at the Merritt Elementary School in Mountain Iron, Minn., for the annual membership meeting on Thursday evening, April25,2024.Morethan300 members and guests gathered to hear that despite the high cost of materials, Lake Country Power did not need to adjust rates in 2024, among other topics of interest.
MarkBakk,LakeCountryPower general manager, reported that material cost increases have stabilized but are still 70% higher than from pre-pandemic levels. Lead times for materials are delayed by months or even years. These challenges have forced Lake Country Power to plan projects up to three years in advance.
Bakk also reported about the value additional crews are bringing to the cooperative during an era when it’s hard to find contractors available to work, and those available are costly to hire. The in-house crews are helping Lake Country Power save money on construction projects, age-related line replacements and right-of-way clearing.
Bakk concluded with remarks about the legislative and regulatory actions in the State of Minnesota. He said, “We take the affordability and reliability of your electric service very seriously and we will continue to advocate for you, our members, at the State Capitol in St. Paul.”
A presentation by Lake Country Power’s wholesale energy provider, Great River Energy, highlighted power supply transition efforts to meet state mandates, regional transmission investments, and other accomplishments. 2023 was a remarkably successful financial year with $25 million patronage capitalreturnedamong27member cooperatives.
Like Lake Country Power, Great River Energy is replacing equipment based on age and condition. GRE replaces 55 miles of transmission every year with plans to increase that number. During the last five years, GRE has invested $8.2 million in Lake Country Power’s service area for age/condition and rebuilds, and in the next five years GRE will invest another $40.5 million. GRE also informed members about its wildfire mitigation plan.
A special presentation during the annual meeting recognized seven school districts within Lake Country Power’s service area with funding through the cooperative’s Education Improvement Program. The program is funded through abandoned and unclaimed capital from previous members who can no longer be located and is allowed by the State of Minnesota.
Reports were given by LCP Board President Craig Olson, General Manager Mark Bakk, Chief Financial Officer Tracy Peterson Wirtanen, Holding Company President Daniel Kingsley, and Priti Patel, Great River Energy’s vice president and chief transmission officer.
Annual meeting videos can be found on Lake Country Power’s website, www.lakecountrypower. coop, or the co-op’s You Tube channel at www.youtube.com/ lakecountrypower, in early May.
The Quad City Food Shelf collected $63 and 25 pounds of food as donations from co-op members. Lake Country Power awarded an electric lawn mower as the grand prize. Two Quilts of Valor were awarded by the Queen of Peace Quilters. MorningBird performed musical entertainment.
Immediately following the adjournment of the annual meeting, the board of directors held a re-organizational meeting. Board officers are: Craig Olson from District 7, President; Daniel Kingsley from District 6, Vice President; Mike Forsman from District 2, Secretary; and Jeff Sheldon from District 4, Treasurer.
Lake Country Power, www.lakecountrypower. coop,isaTouchstone Energy Cooperative serving parts of eight counties in northeastern Minnesota. The rural electric cooperative provides energy services to more than 44,000 members and has offices located in Cohasset, Kettle River and Mountain Iron.
