MVEC’s Annual Meeting

Press Release

Link to Annual Meeting video

Link to Department Report video

Minutes of the 86th Annual Meeting
Minnesota Valley Electric Cooperative

7 p.m. Tuesday, March 28, 2023, at Jordan High School in Jordan, MN

Board President Lawrence welcomed everyone to the 86^th Annual Meeting of Minnesota Valley Electric Cooperative.

President Lawrence led the Pledge of Allegiance. MVEC’s Spirit of our Co-op was read by Director Fran Barten. President Lawrence recognized the efforts of MVEC’s Operation Round Up Trust Board Members: John Miller, Dwayne Glenn, Connie Meeker, Diana Brenke, Paul Jacobus, Dick Peterson, Carol Ragan, and Jeanne Zwart.  Operation Round Up Trust Board Director Dick Peterson spoke of ORU’s charitable purpose thanks to members who round up their electric bills and presented a grant of $3,500 to Brad and Pat Schultz of the Belle Plaine Baseball Association. President Lawrence introduced the Board of Directors: Fran Barten, Jim Connelly, Deb Erickson, Kevin Gibbs, Gary Haberman, Bill Heinlein, Brent Lawrence, Michelle Morrison, and Tom Wolf. Also introduced were District III director candidates: Anthony Albright from Prior Lake, Julie Bifano from Montgomery, and Elizabeth (Liz) Krocak from Montgomery. Attorney Marc Sugden and Chief Executive Officer Marvin Denzer were also introduced.

President Lawrence called the meeting to order and announced a quorum was present; proof of publication was confirmed. The 2022 Minutes were approved by the membership as printed.

Chief Executive Officer Marvin Denzer provided a review of 2022, focusing on challenges MVEC overcame, including inflation and supply chain issues, government mandates, and power grid balance. The co-op saw growth with 1,590 new members pushing the service total to over 46,000. MVEC is positioned well for the future and will maintain a balanced approach by continuing to invest in safety and reliability while ensuring rates stay competitive. MVEC focuses on energy transition initiatives that will balance the use of renewable and carbon-free resources in a manner that manages risk, cost, and reliability. CEO Denzer asked if there were any questions.  Questions answered included how will the 2040 mandate impact future electric bills and what programs and financing options are available for low-income members.

Financial Consultant Gerry Mareck reviewed 2022 audited financials. Mareck highlighted the cooperative’s 2022 Balance Sheet and reported that member equity grew by $3.7 million, around 35 percent of MVEC’s total assets. This lower equity percentage means lower electricity rates for members. In addition, MVEC paid out $1.8 million in Capital Credits last year. President Lawrence asked for and received a motion and second to accept the report as presented; the motion carried.

President Lawrence asked for Unfinished Business; there was none.

President Lawrence asked for New Business; there was none.

MVEC awarded $1,000 scholarships to fifteen high school seniors – five from each of the three districts. The winner of the 2023 Youth Tour representative and the runner-up were also announced.

Attorney Marc Sugden read the results for the Director Elections, noting 1,930 ballots were received. Attorney Sugden also conducted voice votes to elect Brent Lawrence of District I and Michelle Morrison of District II by acclamation.

• District I – 3-year term
  • Brent Lawrence – Unopposed
• District II – 3-year term
  • Michelle Morrison – Unopposed

District III – 3-year term

• Anthony Albright – 479 votes
• Julie Bifano – 463 votes
• Elizabeth (Liz) Krocak – 984 votes
  

President Lawrence thanked employees, fellow directors, candidates, and the membership for making this a successful meeting.

President Lawrence asked for and received a motion and second to adjourn; the motion carried.

MVEC awarded 18 $1,500 scholarships to graduating high school seniors. 

Three At-Large Scholarships

Porter Knowles
Henry Pedersen
Lauren Zanto