Great River Energy annual meeting highlights organization’s success
Elk River, Minn. - Over 300 electric cooperative leaders gathered on June 8 in St. Cloud for Great River Energy’s annual meeting. The theme of the meeting: “Working together for the greater good” was a recurrent message throughout the proceedings.
“Everything we do as a company, we do for the collective whole,” said president and CEO, David Saggau, as he addressed the attendees. “All of us at Great River Energy operate under the same philosophy: the reason we exist is to serve our members,” Saggau added.
“Our research tells us that our members want three things: reasonable rates, reliable electric service and environmental stewardship,” continued Saggau. “It is not only good business; it is the right thing to do.” In 2005, Great River Energy’s generation facilities operated at nearly full capacity with a combined capacity rate of 97 percent. Great River Energy’s commitment to the environment and to the community is evident through projects such as the Trimont Area Wind Farm and our record setting fly ash sales.
Great River Energy Board Chair Henry Hanson focused his remarks on the dedication and commitment of the board of directors over the past year. “Our board of directors established an overall strategy for our growing organization,” Hanson said. “They continued to plan for our generation resources, to ensure transmission reliability and to pursue new business opportunities.”
Financially, 2005 was an exceptional year for Great River Energy. The organization earned a record margin (or profit) of $33.6 million on revenues of $713 million in 2005, according to Larry Schmid, vice president and chief financial officer. “Great River Energy’s 28 member cooperatives add to our financial strength,” Schmid said. “Combined, with our members, our equity is 20.5 percent,” he added.
North Dakota Gov. John Hoeven also addressed the meeting attendees. Hoeven congratulated Great River Energy on its innovative new business developments. Projects like Blue Flint Ethanol and the Spiritwood Industrial Park are important to our nation’s energy future, he added.
During the annual meeting, three new directors were elected to the Great River Energy board:
Also, all existing directors were re-elected to Great River Energy’s 34-member board. They include:
