Despite a $2.5 million hit from restoration efforts due to the High Park Fire, Poudre Valley Rural Electric Association remains financially healthy. The member-owned, not-for-profit electric distribution cooperative serving more than 35,000 consumer-members in Boulder, Larimer and Weld counties has more than $97 million in operating revenue and $221 million in assets.
At PVREA’s annual meeting in March, CEO Brad Gaskill explained that the fire affected 1,700 services, destroyed 250 homes, 400 power poles and damaged 14 miles of wire. Crews worked long hours to replace poles and restore damaged wires. PVREA has applied to the Federal Emergency Management Association (FEMA) for reimbursement and expects to receive $500,000.
Because it is a member-owned cooperative, profits are returned to members at the end of each year. In 2012, $2.5 million were returned to members. Year-end operating margins are at $1,695,256 and total margins to be allocated to members are $6,019,943.
During 2012, new construction cost $5.1 million, $3.8 million was spent in replacement and upgrades, $7.7 million went for system operations and maintenance, and $9.7 million was tagged for construction work in progress.
Members of the board of directors elected at the annual meeting held at Embassy Suites in Loveland are as follows: Thaine Michie and Steven Anderson representing Larimer County, and Georglyn Diehl representing Weld County. The meeting was attended by 1,200 members.