Customers of Pennyrile Electric received some mixed news at the cooperative’s annual business meeting held Tuesday afternoon.
President and CEO Alan Gates provided an update on the broadband partnership with Hopkinsville Electric System to provide high-speed internet to its customers, saying it’s approaching 85% completion.
click to download audioMeanwhile, a frequent round of severe weather in the past year across the counties Pennyrile Electric has been costly. Factor in the Tennessee Valley Authority, where the cooperative receives its energy from, increasing its fuel cost adjustments in recent years and Gates said the cooperative expects a rate adjustment later this year.
click to download audioFuel is what TVA uses to generate electricity and includes fuels that power natural gas, nuclear, and coal plants. The last time Pennyrile Electric kept its rates the same was in 2020.
As required through the coop’s bylaws, Pennyrile Electric reinvested $5.5 million in revenue that can be used for capital purposes, new construction, retirement of debt, and working capital.
The cooperative reported $303 million in assets in 2023 with a long-term debt of $124 million.
Anna Herr, owner of Duguid, Gentry, and Associates — the external independent auditor for the cooperative, said Pennyrile Electric received a clean audit for 2023.
In other business, Gates said over 3,500 people attended the five customer appreciation days held throughout the district earlier in the month.
Pennyrile Electric was formed in 1937 and serves over 48,000 customers in nine counties.