Board Directors

The monthly meeting of MVEC’s Board of Directors was called to order on Wednesday, August 27, 2025 at 8:30 AM. Highlights include:

• Executive staff provided updates on July activity within their departments.
• VP of Finance Randy Erdman reviewed July financials.
• VP of Operations & Power Supply Mike Dietz requested approval to publish a new governance page as part of MVEC’s website rebuild.
• VP of Operations & Power Supply Mike Dietz and VP of Engineering & Key Accounts Sarah Peterson recapped MVEC’s Emergency Response Plan in relation to the July 29, 2025, storm.
• Attorney Chad Felstul reported on case studies involving smart meter installation, net metering, and new legislation in South Carolina and Indiana

Members with questions or comments may contact MVEC’s Chief Executive Officer Marvin Denzer at 952.492.8249 or [email protected].

The monthly meeting of MVEC’s Board of Directors was called to order on Wednesday, July 30, 2025, at 8:30 a.m. Highlights include:

• Chief Executive Officer Marvin Denzer and Executive staff provided an update on June activity within their departments.
• VP Finance Randy Erdman reviewed June financials as well as timelines for MVEC’s 2026 budget process and updates to the new phone system implementation.
• Key Account Executive Joe Green and VP of Finance Randy Erdman shared details relating to a City selected to receive a Rural Economic Development Loan (REDL) from the United States Department of Agriculture (USDA) to expand its industrial park served by MVEC.
• Carr’s Tree Service CEO Jake Carr shared with the Board the value of Carr’s Tree Service (CTS) ownership.
• Executive Team Members presented results of the Q2 Key Performance Indicators (KPI).
• Youth Tour Representative Anne Marie Cline of Southwest Christian Academy shared her experiences from attending MREA’s 2025 Youth Tour trip to Washington, D.C.
• Attorney Chad Felstul reported on case studies involving compensable benefits, negligence, and easement clearance.

The monthly meeting of MVEC’s Board of Directors was called to order on Wednesday, June 25, 2025, at 8:30 a.m. Highlights include:

• Chief Executive Officer Marvin Denzer and executive staff provided an update on May activity within their departments.
• Manager of Accounting Jody Fritzen reviewed May financials.
• VP of Operations and Power Supply Mike Dietz and VP of Engineering and Key Accounts Sarah Peterson provided Reliability/Construction Work Plan (CWP) and legislative updates.
• Attorney Chad Felstul reported on receipt of payment processes, easements, and liability protection.

The monthly meeting of MVEC’s Board of Directors was called to order on Wednesday, May 28, 2025, at 8:30 a.m. Highlights include:

• Chief Executive Officer Marvin Denzer and Executive staff provided an update on April activity within their departments.
• VP Finance Randy Erdman reviewed April financials.
• VP of Member Service Terri Bakken shared results of the Q2 Member Satisfaction Survey.
• VP of Engineering and Key Accounts Sarah Peterson presented a recap of MVEC’s Key Accounts Forum held on April 24.
• VP of Operations and Power Supply Mike Dietz and VP of Engineering and Key Accounts Sarah Peterson shared MVEC’s Energy Transition Roadmap as well as a legislative update.
• Attorney Ryan Fullerton reported on case study involving statutory wildfire liability protection.

The monthly meeting of MVEC’s Board of Directors was called to order on Wednesday, April 30, 2025, at 8:30 a.m. Highlights include:

• VP Finance Randy Erdman reported on March and year-to-date financials.
• VP Member Service Terri Bakken provided a recap of MVEC’s 88th Annual Meeting.
• Manager of Information Technology Nate Reis updated the Board on the phone system/call center replacement project.
• Attorney Chad Felstul reviewed fiduciary duties of cooperative directors.
• MVEC Board directors approved the appointment nomination of Jill Sims Bell as the new director for District 1 of the Minnesota Valley Electric Trust (Operation Round Up) board.
• Materials regarding March’s monthly department updates, Q1 results of newly developed Key Performance Indicators (KPI), as well as progress reports on MVEC’s 2025 Project List were also made available for board review.

The monthly meeting of MVEC’s Board of Directors was called to order on Wednesday, March 26, 2025, at 8:30 a.m. Highlights include:

• Chief Executive Officer Marvin Denzer as well as executive staff Team Members provided updates on February activity within their departments.
• VP Finance Randy Erdman reported on February and year to date financials.
• Dave Holt of Brady Martz & Associates presented results of the 2024 annual audit.
• VP Member Service Terri Bakken reviewed the 2025 member satisfaction survey project.
• Attorney Marc Sugden reported on electric utility case law

The monthly meeting of MVEC’s Board of Directors was called to order on February 26, 2025, at 8:30 a.m. Highlights include:

• Chief Executive Officer Marvin Denzer along with executive staff members provided updates on January activity within their departments.
• VP Finance Randy Erdman and VP Member Service Terri Bakken reviewed the 2024/202 Unclaimed Capital Credit distributions and community donation opportunities.

The monthly meeting of MVEC’s Board of Directors was called to order 8:30 a.m. Wednesday, January 29, 2025. Highlights include:

• Chief Executive Officer Marvin Denzer along with executive staff members provided updates on December activity within their departments.
• VP Finance Randy Erdman reviewed Capital Credit Retirement and Equity Management policies along with providing options for 2025 General Retirement.
• VP Member Service Terri Bakken shared development of MVEC’s Team Member Strategy Playbook.
• VP Operations and Power Supply provided a 2024 year-in-review of MVEC’s reliability along with a report summarizing Member Directed Resources (MDRs).
• Attorney Marc Sugden reported on a case study involving the drafting of easement language.

The monthly meeting of MVEC’s Board of Directors was called to order 8:30 a.m. Monday, Dec. 30, 2024. Highlights include:

• Chief Executive Officer Marvin Denzer, along with executive staff members, provided updates on November activity within departments.
• VP Finance Randy Erdman reported on November and year-to-date financials.
• Manager of IT Nate Reis presented a review of 2024’s security status and efforts, as well as a Cyber Business Plan for 2025.
• Attorney Marc Sugden reported on a case study relating to disconnect notices and disconnection of power during winter months.

The monthly meeting of MVEC’s Board of Directors was called to order 8:30 a.m. Wednesday, Nov. 27, 2024. Highlights include:

• Chief Executive Officer Marvin Denzer along with executive staff members provided updates on October activity within their departments.
• VP Finance Randy Erdman received board approval of MVEC’s 2025 budget along with presenting on year-end financial planning.
• Executive Team Members presented an outline of plans for reporting on 2025 Key Performance Indicators (KPI) in relation to strategic planning and 2025 Corporate Goals.
• VP of Engineering and Key Accounts Sarah Peterson and VP of Operations and Power Supply Mike Dietz provided updates on MVEC’s YTD Construction Work Plan (CWP) as well as progress on the Prior Lake Substation.
• Attorney Marc Sugden reported on a New Mexico case study relating to Violation of Automatic Stay as well as sharing details regarding serving mega load requests.

The monthly meeting of MVEC’s Board of Directors was called to order at 8:30 a.m. on Wednesday, Oct. 30, 2024. Highlights include:

• Chief Executive Officer Marvin Denzer and executive staff members provided updates on September activity within their departments along with a preview of items to be discussed at MVEC’s upcoming budget meeting.
• Executive Assistant Cheri Lenzmeier reviewed proposed edits to Member Policy 02 – External Communications.
• Manager of Information Technology (IT) Nate Reis shared the creation of MVEC’s new procedure for using artificial intelligence (AI).
• Attorney Marc Sugden reported on updates to the Environmental Protection Agency’s (EPA) Power Plant Rule.

The monthly meeting of MVEC’s Board of Directors was called to order at 8:30 a.m. Wednesday, Sept. 25, 2024. Highlights include:

• Chief Executive Officer Marvin Denzer and executive staff members provided updates on August activity within their departments.
• HR Generalist Patty Maiers reviewed the 2025 medical and dental insurance renewals.
• VP Operations Mike Dietz provided an overview of MVEC’s Load Management processes.
• VP Member Service Terri Bakken provided ideas on how to create a plan focusing on positive governance and reputation management for the cooperative.
• Attorney Marc Sugden reported on fundamentals of the Bankruptcy Code – Section 366, related to members declaring bankruptcy and their inability to pay their utility bills.

The monthly meeting of MVEC’s Board of Directors was called to order at 8:30 a.m. Wednesday, Aug. 28, 2024. Highlights include:

• Chief Executive Officer Marvin Denzer provided project updates and program information on various topics currently in progress at the cooperative.
• Cooperative Finance Corporation (CFC) Representative Amanda Seger shared an analysis of MVEC’s 2023 Key Ratio Trend Analysis (KRTA).
• VP Finance Randy Erdman reported on July and year-to-date financials, an audit review proposal, and updates on the cost-of-service study.
• VP Engineering Sarah Peterson and Electrical Power Engineer Spencer Howe provided an overview of the 2025-2026 Construction Work Plan.
• VP Finance Randy Erdman and VP Operations Mike Dietz requested additional funding in the 2024 budget to complete a facility assessment and long-range facility plan.
• Youth Tour Representative Ava Joos of Chanhassen High School shared her experiences attending Minnesota Rural Electric Association’s 2024 Youth Tour Trip to Washington, DC.
• VP Energy Services Ryan Fedie requested the board signature of the Basin Electric Power Cooperative power supply contract agreement to include the Southern Minnesota Electric Co-ops (SMEC) load.
• VP Member Service Terri Bakken provided an overview of MVEC’s payment programs for members along with a notification of phone number changes to the Touch-n-Go telephone payment program.
• Attorney Marc Sugden reported on a case study involving cost responsibilities involving relocation of electric distribution facilities underground lines.

The monthly meeting of MVEC’s Board of Directors was called to order at 8:30 a.m. July 31, 2024. Highlights include:

• Chief Executive Officer Marvin Denzer provided an overview of MVEC’s facility assessment, strategic planning considerations, and next steps on the Basin-SMEC Contract.
• VP Finance Randy Erdman reported on June and year-to-date financials.
• VP of Operations Mike Dietz introduced Journeyman Lineman Wiley Harris who shared his experiences on an NRECA International trip with 13 other Minnesota and Iowa cooperative linemen in bringing electricity to Las Penas, a 35-home village in southeast Guatemala.
• VP Dietz provided updates on Q2 reliability numbers and recent flooding effects.
• Director of Safety/Environmental Compliance Chad Briese shared mid-year key safety metrics and objectives and a summary of the MVEC onsite observation by the Rural Electric Safety Achievement Program (RESAP).
• Michael Hinde, Energy Sales and Product Development, provided an overview of a research project analyzing EV telematics.
• Manager of Information Technology Nate Reis shared the newly created Corporate Policy 35 – Physical/Information Security and Risk Management.
• Attorney Marc Sugden reported on new EPA power plant mandates and federal cyber reporting rules.

The monthly meeting of MVEC’s Board of Directors was called to order at 8 a.m. June 26, 2024. Highlights include:

• Chief Executive Officer Marvin Denzer reviewed the 2025 board calendar, strategic planning processes, staff work schedules, and June community and networking connections.
• VP Operations Mike Dietz and VP Engineering Sarah Peterson presented Q1 reliability updates and results from the Emergency Response Plan (ERP) simulation held in March 2024.
•  VP Finance Randy Erdman reported on May and Year to Date financials.
• VP Energy Services Ryan Fedie gave an overview of the United States Department of Agriculture’s (USDA) New ERA proposal.
• Attorney Marc Sugden shared a case study relating to stray voltage effects on dairy farm milk production along with updates regarding Basin transmission credits and the recent Federal Energy Regulatory Commission (FERC) filing announcement.

The monthly meeting of MVEC’s Board of Directors was called to order on May 29, 2024, at 8:30 AM. Highlights include:

• Chief Executive Officer Marvin Denzer updated MVEC-hosted open houses regarding a substation rebuild and two undergrounding projects involving member right of way; staff work schedule options; and community and networking connections from the past month.
• VP Finance Randy Erdman reported on April and year-to-date financials and the 2025 budget planning timeline.
• VP Energy Services Ryan Fedie reviewed April power supplies, load management, and wholesale power supply contracts.
• Attorney Marc Sugden reported on a case study relating to utility easements.

The monthly meeting of MVEC’s Board of Directors was called to order on April 24, 2024, at 8:30 AM. Highlights include:

• Chief Executive Officer Marvin Denzer provided information on upcoming member engagement events, governance training, and highlights of community and networking connections made in the last month.
• VP Finance Randy Erdman reported on March and year-to-date financials.
• VP Energy Services Ryan Fedie provided reviews of March power supplies and load management.
• IT Supervisor Nate Reis presented a review and update to the Board regarding Information Security, as well as an overview of technology enhancements to the board room.
• VP Member Service Terri Bakken provided a recap of MVEC’s 2024 Annual Meeting along with considerations for the 2025 event and reviewed Q1 member satisfaction survey results.
• Attorney Marc Sugden reported on a cooperative case study.

The monthly meeting of MVEC’s Board of Directors was called to order on Wednesday, March 27, 2024, at 8:30 a.m. Highlights include:

• Chief Executive Officer Marvin Denzer shared the results of recent cooperative training exercises, highlights from meetings attended this past month, and the upcoming schedule of community and industry-related events to be attended.
• VP Finance Randy Erdman reported on February and year-to-date financials.
• Dave Holt of Brady Martz presented the results of the 2023 audit.
• VP Energy Resources and Services Ryan Fedie provided reviews of February power costs and load management along with a portfolio overview of MVEC’s energy resources.
• VP Engineering Sarah Peterson and VP Operations Mike Dietz provided updates on grant opportunities as well as overviews of the Laketown and Prior Lake substations.
• Attorney Marc Sugden shared a case study on grid reliability.

The monthly meeting of MVEC’s Board of Directors was called to order on Wednesday, Feb. 28, 2024, at 8:30 a.m. Highlights include:

• Chief Executive Officer Marvin Denzer shared an overview of key activities throughout the co-op.
• VP Member Service Terri Bakken presented a communication document relating to the cooperative’s approach to energy transition.
• VP Finance Randy Erdman reported on January and year-to-date financials along with providing a historical overview of Line of Credit limits, interest rates, and Operating Expense Budgets after consulting with MVEC’s auditor.
• VP Finance Randy Erdman and VP Member Service Terri Bakken reviewed the 2023/2024 Unclaimed Capital Credit distributions and community donation opportunities.
• VP Energy Services Ryan Fedie provided reviews of January power costs and energy markets.
• Safety and Compliance Director Chad Briese presented 2023’s Safety year in review.
• Key Account Executive Joe Green presented an economic development grant request.
• Attorney Marc Sugden reported on the 2024 congressional outlook along with a Colorado Generation and Transmission (G&T) case law study.

The monthly meeting of MVEC’s Board of Directors was called to order on Wednesday, Jan. 31, 2024, at 8:30 a.m. Highlights include:

• Chief Executive Officer Marvin Denzer provided information relating to the upcoming 2024 legislative session, recently attended conferences/events, and community/networking connections made in the last month.
• VP Finance Randy Erdman reported on December and Year-to-Date financials along with providing options for the 2024 Capital Credit retirement.
• VP Energy Services Ryan Fedie provided reviews of December’s power supply, load management, energy resources portfolio/upcoming actions, and an update on Energy Services.
• VP Operations Mike Dietz provided a 2023 year-in-review of MVEC’s reliability.
• Board President Deb Erickson presented approval of Jamie Paget as a new District I board director of the Minnesota Valley Electric Trust (ORU) Board of Directors.

The monthly meeting of MVEC’s Board of Directors was called to order 8:30 a.m. Wednesday, Dec. 27, 2023. Highlights include:

• Chief Executive Officer Marvin Denzer provided an overview of MVEC events as well as completed projects in 2023.
• VP Finance Randy Erdman reported on November and year-to-date financials. VP Erdman was also available for questions relating to the proposed 2024 budget.
• VP Energy Services Ryan Fedie provided updates on November’s Energy Resources and Services.
• Attorney Marc Sugden reported on various current events and an amendment request from Great River Energy (GRE).

The monthly meeting of MVEC’s Board of Directors was called to order at 8:30 a.m. Monday, Nov. 27, 2023. Highlights include:

• Chief Executive Officer Marvin Denzer shared a variety of notes relating to recent and future cooperative activities along with updates on 2024 Corporate Goals.
• MVEC Team Members reviewed current and proposed cooperative values to ensure they resonate with the changing electrical environment.
• VP Member Service Terri Bakken presented a recap of the Strategic Planning session held this past October with a list of projects proposed for 2024.
• VP Finance Randy Erdman reported on October and Year-to-Date financials. Discussion was also held on the 2024 budget. The processes in place to locate former members who are eligible for receipt of capital credits were also reviewed.
• VP Energy Services Ryan Fedie provided reviews of October power costs and energy markets along with details of the transition of the Conservation Improvement Program (CIP) to the Energy Conservation and Optimization (ECO) program.

The monthly meeting of MVEC’s Board of Directors was called to order Monday, Oct. 30, 2023. Highlights include:

• Chief Executive Officer Marvin Denzer provided an update on strategic planning activities, the progress of 2023 projects, planning for the 2024 director election, as well as MVEC’s involvement with an upcoming international electrification project being offered through the National Rural Electric Cooperative Association (NRECA).
• VP Finance Randy Erdman reported on September and Year-to-Date financials, along with budget updates and proposed labor additions for 2024.
• VP Energy Services Ryan Fedie presented a review of September’s power supply and load management portfolios.
• Energy Sales and Product Development specialist Michael Hinde shared Energy Service’s areas of focus supporting the Membership with EnergyWise and Electric Vehicle (EV) programs.
• VP Engineering Sarah Peterson provided an overview of the upcoming 2024 Construction Work Plan.
• VP Operations Mike Dietz presented Quarter 3 reliability indices and mitigation efforts.
• HR Generalist Patty Maiers presented 2024 Benefit Renewals.
• Director of Safety/Environmental Compliance Chad Briese highlighted key safety initiatives from Quarters 1 and 2, along with a summary of key safety indicators and enhanced safety training.
• VP Member Service Terri Bakken reviewed results from the American Customer Satisfaction Index (ACSI) surveys performed in Quarters 1 and 3, along with sharing information about possible funding opportunities for community organizations.
• Attorney Marc Sugden reported on utility case law involving trespassing.

The monthly meeting of MVEC’s Board of Directors was called to order at 8:30 a.m. Sept. 25, 2023. Highlights include:

• Board President Deb Erickson welcomed new board-appointed director Michael Lins to the Cooperative.
• Chief Executive Officer Marvin Denzer provided an overview of a variety of co-op-related topics including team development, member engagement, and networking opportunities.
• VP Finance Randy Erdman reported on August and Year to Date financials and provided updates on the property tax appeal and Employee Retention Credit filings.
• VP Finance Randy Erdman and VP Operations Mike Dietz presented a review of August’s power supply and load management calculations.
• VP Mike Dietz shared opportunities to support a 24/7 System Operations Center.
• VP Engineering Sarah Peterson and VP Operations Mike Dietz presented Quarter 3 Construction Work Plan and Reliability updates.
• Attorney Marc Sugden shared case studies on the evolution of fiduciary Board duties.

The monthly meeting of MVEC’s Board of Directors was called to order at 8:30 a.m. on Aug. 28, 2023. Highlights include:

• Chief Executive Officer Marvin Denzer provided recaps of meetings attended in August along with the upcoming schedule and connections made within the community.
• VP Finance Randy Erdman reported on July and Year-to-Date financials and provided information on the upcoming budget process.
• Cooperative Finance Corporation (CFC) Representative Amanda Seger provided a picture of MVEC’s distribution system operations performance.
• VP Energy Services Ryan Fedie provided updates on August power supply numbers and load management. Fedie also shared information on external funding opportunities from the USDA.
• VP Member Service Terri Bakken gave an overview of plans for 2023 Strategic Planning.
• Key Account Executive Joe Green provided information on a revolving loan application from the City of Montgomery.
• Youth Tour Representative Brandon Busch shared his experiences attending MREA’s 2023 Youth Tour Trip to Washington D.C.
• Attorney Marc Sugden reported on topics covered at the NRECA Legal Seminar.

The monthly meeting of MVEC’s Board of Directors was called to order on July 31, 2023, at 8:30 AM. Highlights include:

• Chief Executive Officer Marvin Denzer provided an update on strategic planning arrangements, member satisfaction survey plans, and community engagement.
• Marketing/Communications Supervisor Susan Larson presented CEO engagement plans developed to strengthen MVEC’s exposure in our local communities.
• VP Finance Randy Erdman reported on June and Year to Date financials, property tax valuation changes, and updates to the Wholesale Energy Supply Adjustment and Wholesale Power Supply Adjustment (WESA/WPSA).
• VP Ryan Fedie reviewed June power costs, land management, energy resources, and services.
• VP Operations Mike Dietz presented information on reliability and mitigation efforts.
• Attorney Marc Sugden provided case studies relating to the utility industry.

The monthly meeting of MVEC’s Board of Directors was called to order on June 26, 2023, at 8:30 AM. Highlights include:

• Chief Executive Officer Marvin Denzer shared information relating to the 2023 Team project list, CEO member engagement, strategic plans, 1:1 team member visits, community/networking connections, and credit reports relating to G&T ratings.
• VP Finance Randy Erdman reported on May and year-to-date financials.
• VP Energy Services Ryan Fedie provided reviews of May power costs, load management, MVEC’s portfolio, and wholesale contract updates.
• VP Engineering Sarah Peterson reviewed possible federal funding opportunities for future reliability infrastructure.
• Manager of Information Technology Nate Reis provided an overview of MVEC’s existing phone system migration to a future Cloud-based platform.
• VP Human Resources Brandi Adelmann presented an overview of August 1, 2023, legislation related to the legalization of recreational marijuana (Cannabis and Hemp-derived products) and updates to MVEC’s Total Rewards Program.
• VP Member Service Terri Bakken reviewed MVEC’s Corporate Policy C-29 – Identity Theft Prevention.
• VP Engineering Sarah Peterson and VP Member Service Terri Bakken presented an addition to the existing corporate goals.
• Key Account Executive Joe Green provided information relating to a member interested in MVEC’s revolving loan program.
• Attorney Marc Sugden reported on allocations and donations of capital credits and a purchase agreement.

The monthly meeting of MVEC’s Board of Directors was called to order on May 30, 2023, at 8:30 AM. Highlights include:

• Chief Executive Officer Marvin Denzer introduced MVEC’s new Vice President of Finance and reported on a variety of co-op-related activities.
• Financial Advisor Gerry Mareck reported on April and Year to Date financials and provided an update on 2022 Capital Credit allocations.
• VP Energy Service Ryan Fedie provided reviews of April load management along with updates on MVEC’s energy resource portfolio.
• Key Account Executives Joe Green and Jeff Langeberg, along with Energy Sales and Product Development Michael Hinde shared information relating to a large commercial solar project.
• VP Human Resources Brandi Adelmann provided an update on MVEC’s 2023 summer interns.
• Attorney Marc Sugden reported on co-op-related work in progress along with an employment law case study.

The monthly meeting of MVEC’s Board of Directors was called to order on April 24, 2023, at 8:30 a.m. Highlights include:

• Chief Executive Officer Marvin Denzer shared activities related to onboarding the new District III Director, individual team member discussion sessions, and recent community connections activity.
• Financial Consultant Gerry Mareck reported on March and Year-to-Date financials, along with a follow-up to the Annual Audit.
• VP Energy Services Ryan Fedie provided reviews of March power supplies, load management, and predicted summer forecasts.
• VP Operations Mike Dietz reviewed Quarter 1 reliability numbers and mitigation efforts.
• VP Energy Services Ryan Fedie, VP Operations Mike Dietz, and VP Engineering Sarah Peterson discussed improving reliability and member experience with a Grid Modern distribution system, budget obligations, and future grant opportunities.
• VP Member Service Terri Bakken provided a recap of the 2023 annual meeting and considerations for 2024’s event.
• Attorney Marc Sugden reviewed tasks accomplished for MVEC in March with updates on industry discussions relating to the physical security of electric facilities.

The monthly meeting of MVEC’s Board of Directors was called to order on March 27, 2023, at 8:30 AM. Highlights include:

• Chief Executive Officer Marvin Denzer shared information relating to a recent outage, rate communications, and various cooperative-related subjects.
• Financial Consultant Gerry Mareck provided an Annual Report update along with February and year-to-date financial reviews.
• VP Energy Service Ryan Fedie presented outlines of power supply, load management, and the Member Directed Resources (MDR) portfolio.
• VP Member Service Terri Bakken reviewed policy considerations relating to Unclaimed Capital Credits.
• Attorney Marc Sugden recapped tasks worked on this past month along with providing an update on the federal-level physical security of electric facilities.

The monthly meeting of MVEC’s Board of Directors was called to order on February 27, 2023, at 8:30 AM. Highlights include:

• MVEC’s Board of Directors appointed Marvin Denzer as MVEC’s Chief Executive Officer.
• Chief Executive Officer Marvin Denzer shared Annual Meeting communications timelines, updates of cooperative meetings attended along with upcoming scheduled meetings.
• CFO Joanne Kolb reported on January and Year to date financial statements.
• VP Energy Service Ryan Fedie presented outlines of Energy Resources and Services along with external relations.
• VP Member Service Terri Bakken reviewed Board policy, funds processing, and distribution amounts of Unclaimed Capital Credits.
• Attorney Marc Sugden provided considerations for board vacancies.

The monthly meeting of MVEC’s Board of Directors was called to order on January 30, 2023, at 8:30 AM. Highlights include:

• Interim Chief Executive Officer Marvin Denzer discussed a variety of co-op-related subjects and upcoming conferences.
• CFO Joanne Kolb reviewed the December and year-end financial statements along with a review of Capital Credit retirements.
• VP Energy Services Ryan Fedie provided an update on energy resources and services.
• Manager of Information Technology Nate Reis discussed IT’s security overview.
• Director of Safety/Environmental Compliance Chad Briese presented 2022’s safety statistics, goal results, and accomplishments.
• Operations Manager Mike Dietz and Engineering Manager Sarah Peterson shared an overview of MVEC’s 2022 system reliability, mitigation efforts, and planned system enhancements.
• VP Member Service Terri Bakken presented a summary of 2022’s bad debt write-offs.
• Attorney Marc Sugden reported on Indiana case law and updates on additional substation challenges.

The monthly meeting of MVEC’s Board of Directors was called to order on December 27, 2022, at 8:30 AM. Highlights include:

• Chief Executive Officer Ryan Hentges shared 2023 project planning, corporate goals, and energy legislation.
• CFO Joanne Kolb reported on November month-end and Year-to-Date financials along with review of 2023 expense, capital, and capital expense budgets.
• VP Member Service Terri Bakken presented an overview of 2023 residential rate communication efforts.
• VP Energy Services Ryan Fedie outlined energy resources, energy services, federal funding, and external relations.
• Attorney Marc Sugden discussed takeaways relating to current events relating to G&Ts and distribution electric utilities.

The monthly meeting of MVEC’s Board of Directors was called to order on November 28, 2022, at 8:30 AM. Highlights include:

• Chief Executive Officer Ryan Hentges shared trending energy impacts and 2023 Corporate goals.
• CFO Joanne Kolb provided October and year-to-date financials and updates to equity management policy.
• Power Systems Engineering presented an updated Cost of Service Study.
• VP Energy Services Ryan Fedie discussed MVEC’s power supply philosophy.
• The Board approved a capital project to increase reliability at the Prior Lake Substation.
• Attorney Marc Sugden shared utility case law study from Tennessee and Pennsylvania lawsuits.

The monthly meeting of MVEC’s Board of Directors was called to order on October 31, 2022, at 8:30 AM. Highlights include:

• Chief Executive Officer Ryan Hentges provided an update on macro trends relating to natural gas and power prices.
• CFO Joanne Kolb presented September and Year-to-Date financial information, 990 filing, and the CFC Line of Credit increase. She also reviewed 2021 key ratios and Equity Management.
• VP Energy Services Ryan Fedie reviewed MVEC’s MDR position and cost of open position by supplier.
• Chief Operating Officer/VP Engineering & Operations Marvin Denzer shared reliability enhancements to the Prior Lake substation.
• HR Director Brandi Adelmann reviewed 2023 medical and dental insurance renewals.
• Key Account Executive Joe Green provided an update on the Shakopee territory transition.
• Attorney Marc Sugden discussed results of a case law study involving Georgia Power Company.

The monthly meeting of MVEC’s Board of Directors was called to order 8:30 a.m. Sept. 26, 2022. Highlights include:

• Chief Executive Officer Ryan Hentges shared his continued discussions with various co-op CEOs on the importance of safety awareness and also provided updates on Power Supply.
• Controller Jolaine Bowman presented August and Year-to-Date financial information.
• Chief Operating Officer/VP Engineering & Operations Marvin Denzer provided Quarter 3 reliability numbers along with a recent study on MVEC field equipment needs to meet reliability and safety objectives.
• Attorney Marc Sugden provided information on the NRECA Infrastructure and Investment Jobs Act along with a review of case law.

The monthly meeting of MVEC’s Board of Directors was called to order 8:30 a.m. Aug. 29, 2022. Highlights include:

• Chief Executive Officer Ryan Hentges reviewed a variety of co-op-related subjects including safety, rates/budgets, staffing, municipal activity, and strategic planning.
• CFO Joanne Kolb provided July and Year-to-Date financials.
• Youth Tour Representative Savannah Berg shared her experiences while attending the 2022 Youth Tour in Washington, D.C.
• CEO Hentges provided an overview of the Connexus Energy Customer contract for Board consideration.
• VP Member Service Terri Bakken presented recent staffing changes and opportunities within the Member Service department.
• VP Energy Services Ryan Fedie provided an overview of the Energy Services department.
• HR Director Brandi Adelmann reviewed the 2023 proposed Total Rewards compensation/benefits program.
• Attorney Marc Sugden recapped information learned from a recently attended legal seminar.

The monthly meeting of MVEC’s Board of Directors was called to order 8:30 a.m. July 25, 2022. Highlights include:

• Chief Executive Officer Ryan Hentges provided a variety of city updates.
• CFO Joanne Kolb provided an update on June and YTD financials, along with contractual obligations involved with the Shakopee territory swap.
• COO Marvin Denzer shared an overview of crew staffing.
• HR Director discussed staffing and recruitment efforts.
• Marketing/Communications Supervisor Susan Larson presented information on MVEC’s external communications strategy.
• Attorney Marc Sugden reported monthly activities and a case study involving Walter Family Grain Growers vs Inland Power and Light.

The monthly meeting of MVEC’s Board of Directors was called to order 8:30 a.m. June 27, 2022. Highlights include:

• Chief Executive Officer Ryan Hentges provided an update covering system performance and transmission discussions, as well as a variety of co-op-related subjects.
• CFO Joanne Kolb reported on May and Year-to-Date financials, power supply history and results, RUS applications, and distributed generation rules.
• VP Member Service Terri Bakken shared communication plans and recapped the Annual Meeting.
• Human Resources Director Brandi Adelmann reviewed NRECA’s RS Pension restatement.
• Attorney Marc Sugden shared information on case law relating to the early termination of wholesale power contracts.

The monthly meeting of MVEC’s Board of Directors was called to order on May 26, 2022, at 8:30 AM. Highlights include:

• Chief Executive Officer Ryan Hentges covered a variety of co-op-related subjects.
• CFO Joanne Kolb provided April and Year-to-Date financials along with strategies for MVEC’s open energy position.
• Attorney Marc Sugden provided information on case law around easement rights.

The monthly meeting of MVEC’s Board of Directors was called to order on April 25, 2022, at 8:30 AM. Highlights include:

• Chief Executive Officer Ryan Hentges provided a report on possible electrification partnerships and staffing updates.
• Chief Financial Officer Joanne Kolb provided March and year-to-date financials.
• Operations Manager Mike Dietz and Engineering Manager Sarah Peterson provided an update on Quarter 1 outage numbers, mitigation efforts, and work plans.
• Chief Financial Officer Joanne Kolb discussed options for managing power supply contracts for the summer of 2022.
• Attorney Marc Sugden discussed the importance of using documentation to establish the basis for certain Cooperative actions.

The monthly meeting of MVEC’s Board of Directors was called to order at 8:30 a.m. March 28, 2022. Highlights include:

• Chief Executive Officer Ryan Hentges discussed a variety of co-op-related subjects and strategic planning for 2022.
• CFO Joanne Kolb reported on February and Year-to-Date financials along with information relating to MVEC’s open energy position and distributed generation rules and tariffs.
• Attorney Paul Johnson provided information on roles relating to audit reviews, solar legislation, and the board of directors’ responsibilities relating to business safety risks.
• Dave Holt of Brady, Martz & Associates presented the results of the 2021 audit.

The monthly meeting of MVEC’s Board of Directors was called to order at 8:30 a.m. Monday, Feb. 28, 2022. Highlights include:

• Chief Executive Officer Ryan Hentges reported on power supply, MREA Annual Meeting, NextEra Conference, unclaimed Capital Credit payouts, and transmission investments.
• CFO Joanne Kolb reviewed January and year-end financial statements, along with a variety of subjects relating to renewable energy credits, distributed generation, and qualifying facilities reporting.
• Attorney Paul Johnson presented updated Operation Round Up bylaws.

The monthly meeting of MVEC’s Board of Directors was called to order 8:30 a.m. Monday, Jan. 27, 2022. Highlights include:

• Chief Executive Officer Ryan Hentges presented a recap of successes and challenges the co-op experienced in 2021.
• CFO Joanne Kolb reviewed a variety of subjects relating to December and year-end financial statements, information technology security, Capital Credit retirement, bad debt and accounts receivable KRTA’s, co-generation rates, and the 2022 proposed Schedule of Charges.
• CEO Hentges presented Great River Energy’s plan to sell Coal Creek Station and the associated High-Voltage Direct Current transmission line. CEO Hentges recommended supporting the sale. The Board voted to support the sale.
• Director of Safety Chad Briese reviewed 2021 safety goals, training, statistics, and accomplishments.
• Operations Manager Mike Dietz presented an overview of 2021 reliability issues, mitigation efforts, and industry-wide comparisons.
• Attorney Paul Johnson reviewed Coal Creek Station and HVDC line updates, along with providing information relating to pole inspection contracts.