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Hancock-Wood Electric Co-op announces election results and solid financial footing

Hancock-Wood Electric Co-op announces election results and solid financial footing

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HWE Attorney Bob Hollister Administers the oath of office to newly elected board members.

 

FINDLAY, OHIO – June 13, 2017 – More than 1,200 member-owners and their families enjoyed food, games and entertainment June 10 at the 79th annual Hancock-Wood Electric Cooperative Business Meeting and Member Appreciation Day at the Hancock County Fairgrounds in Findlay. 

The day consisted of a business meeting, to announce election results for the Board of Trustees, to give financial and status reports, and award special recognitions; and a member appreciation day with food, family-friendly entertainment, kids games, and prizes.

Three seats on the Board of Trustees were up for election this year. Bill Kale was re-elected to his seat representing District 2 defeating Michael Rose; Ann Demler won against Scott Rhodes to represent District 7; and current board chairman Tom Kagy was re-elected to his seat in District 8 defeating Robert Kemp. All three were administered the oath of office.

A special recognition award was presented to former trustee John Edie for his devoted, caring work with the Hancock-Wood Community Trust Fund Board, which administers the distribution of Operation Round Up fund contributions of co-op members.

Board chairman Tom Kagy and President and CEO George Walton updated members on important cooperative news during their reports.

Kagy highlighted the completion of Hancock-Wood’s community solar program, OurSolar, and said subscriptions to all 304 panels had sold out within the first two weeks they were available to members. The array has generated more than 58,000 kilowatt hours of electricity and offset more than 87,000 pounds of CO2 emissions since it began operation. He also noted an increase in members’ participation in ACRE Co-op Owners for Political Action and how that had helped influence the decision to at least temporarily halt the Clean Power Plan in Washington D.C.

Walton said Hancock-Wood ended its fiscal year with a “very positive financial performance,” resulting in operating and total margins of $1.7 and $2.9 million, respectively. Several key ratios where the cooperative is obligated to meet minimum requirements established under our bank covenants were also met last year.  Equity, another key financial ratio ended the year at 50.83 percent and operating and Total Times Interest Earned Ratios were 1.75 and 2.29 respectively.

Walton did, however, also note some challenges ahead for Hancock-Wood — mainly from the encroachment of an investor-owned utility on the Cooperative’s service territory within the city of Findlay that has cost the co-op part of its commercial base. The commercial accounts, he said, help stabilize rates for all members. “But where was that IOU when rural America needed electric service?” said Walton. 

Along with the special recognition, the co-op also recognized affiliate Prism Propane Solutions of Ohio Board Members James Demler, Don Barker, David George, James Werner, Ed Crawford and Don Barker. Also in attendance were members of the Hancock-Wood Electric Community Trust Fund, Inc. board, who administer the co-op’s Operation Round Up grants. They are: Chairman Dan Branson and members Darlene Petkwitz,and Karen Schuh, as well as special guests LouAnn Cooke, Ohio Governor John Kasich’s Western Ohio Liaison; and Doug Miller, Ohio's Electric Cooperatives' vice president of statewide services.

Following the business meeting, the crowds took advantage of the catered lunch and family activities, children’s rides, face painting, balloon animals, and entertainers Families also enjoyed energy savings demonstrations and exhibitor booths. All members received a door prize and grand-prize winners were announced. As part of its annual tradition, Hancock-Wood members brought more than 200 pounds of non-perishable goods that are donated to a local food pantry.

Those who helped make the event possible were sponsors Clouse Construction Corp., Power Line Supply Co., First Federal Bank, Utility Systems Engineering, Inc., Perry Protech and Flag City Water Systems.

Hancock-Wood Electric Cooperative, established April 20, 1938, serves 13,000 accounts and more than 10,000 members in portions of Hancock, Wood, Allen, Erie, Hardin, Henry, Putnam, Sandusky, Seneca and Wyandot counties. The annual meeting is presented in accordance with one of the co-op’s operating principles - concern for community. For more information about Hancock-Wood Electric Cooperative, visit www.hwe.coop or call 800-445-4840.

 

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We demonstrate our Concern for Community by volunteering and donating to local charitable causes. Nearly $500,000 in grants have been distributed in the last decade through grants and Operation Round Up funds to individuals and organizations in need. We also provide assistance to Habitat for Humanity, schools, churches and community events. To learn more, click on Community Involvement above. learn more

Members benefit from electric service reliability, competitive rates, money after co-op bills are paid in the form of patronage/capital credits, discounts, informative co-op publications, easy-to-access payment plans, rebates, scholarships, family-friendly Member-only events and a vote in the direction of Hancock-Wood Electric Co-op. To learn more, click on Member Benefits above. learn more

Hancock-Wood keeps Member owners informed about legislation that could impact their rights or lead to unstable energy costs. Your voice has been heard at the highest court in the land. In response to petitions by electric co-ops, states and industry, the U.S. Supreme Court granted a stay of the Clean Power Plan. This is an unprecedented act by the Supreme Court. To learn more, click on "Legislation" above or go to action.coop learn more