Retirement of $4.5 Million on its way to Members Beginning in Late May

United Power is more than your local electric utility and you are more than a consumer. You have probably heard there are benefits to cooperative membership. The decisions we make are not to satisfy investors or generate profits, but to serve our members and our communities, ensuring our system is well maintained and delivers reliable power. It is just part of what makes cooperative membership different. 

Another member benefit that sets us apart is the retirement of capital credits. This year, our members will be part of United Power’s 17th consecutive retirement. If you are unfamiliar with this process, capital credits represent your investment in the co-op.

Becoming a Member

The moment you start receiving electric service from United Power, you become a member and an owner of the cooperative. As a member, you have unique privileges, one of which is economic participation. A portion of each electric bill you pay goes toward the cooperative’s operation and infrastructure, which represents your ownership stake. 

Members may also vote annually in the Director Elections or run for a seat on the Board to make their voices heard. By actively engaging and participating with the cooperative, you will always have a voice in our operation. 

Allocation of Capital Credits

Every spring, United Power looks at the prior year and any funds remaining after all expenses have been paid are allocated to members based on the prior year’s electric consumption — generally the more power you use, the larger your allocation will be. 
The allocation is not a check, but a bookkeeping of your ownership in the cooperative, i.e., the amount of money you invested into the electric system based on your electric consumption the past year. The funds are tracked, but not accessible in the form of cash until they are retired. You are notified of your allocation amount on your bill in May or June each year. 

Retirement of Capital Credits

Annually, the Board of Directors assesses the financial condition of the cooperative and determines what amount of capital credits are eligible for retirement. If the Board decides a retirement is feasible, the money is paid out, or “retired,” from each member’s account. The Board approved a $4.5 million retirement this year. Those retirements will be distributed beginning in late May. 

Anyone who had service in 2021 or earlier will be eligible to receive a refund. Refunds more than $50 will arrive as a check, and members who receive a refund less than $50 will see it reflected on their billing statement as a credit. Look for this credit on your bill in May or June. 

“There isn’t a more tangible benefit of cooperative membership than receiving money back on your investment in the utility itself,” said Mark A. Gabriel, United Power’s President and Chief Executive Officer. “Your investment not only makes you an owner, but helps ensure the resiliency of our system, the reliability of your power, and the affordability of our rates. It is a tangible representation of your value as both a member and an owner.” 

Capital credit retirements have returned a steady stream of money back to members in recent years. During the last 17 years, the cooperative has been able to retire millions of dollars back to its members. 

Want to learn more about capital credits? Frequently asked questions can be found at www.unitedpower.com or you can call a member services representative at 303-637-1300. 

IMPORTANT REMINDERS

• If you move, please be sure to leave your new address with us so we can continue to refund any capital credits you are eligible to receive in the future. 

• Upon death, the deceased member’s capital credit account is available for estate retirement. The representative of the estate should contact United Power to settle the capital credit account. 

My old boss used to have a saying, “Predicting rain is one thing, building the ark is another.” I am proud to say that your cooperative, with support from the Board of Directors, developed and is following Our Cooperative Roadmap — the ark for success now and into the future. This journey will continue the evolution of the electric business as we work to meet the needs of you, our members, wherever you are. 

There continues to be a lot of talk about the energy transition — how the future will look, the challenges of changing power suppliers, and the issues with more people and businesses seeking alternative generation sources. Many of these conversations in the industry revolve around concerns for reliability, resilience, and of course affordability, three watchwords for all of us operating your cooperative.

A distribution cooperative like United Power stands at the crossroads of a changing energy industry. It needs to transition from a simple distribution operator to managing a system that is agnostic to inputs and flexible enough to handle both centralized power and local generation. Very few central power stations are being built today, more fossil fuel generation facilities are closing, and transmission projects lag needs. A distribution system operator (DSO) will be counted on to manage a more complex, yet interlocked, system. This will empower you as members and monetize investments in a shared energy economy.

We are focused on staying closely tied to the economic drivers of the communities we serve to bring tax dollars, revenue, and well-paying job opportunities. We must be good stewards of our resources and build on the solid partnerships with our local businesses. I am proud to say that these partnerships are the cornerstone of the cooperative business model. 

Providing high quality and reliable service is crucial because businesses matter. We are restructuring some staff to focus on business and community partnerships — our key accounts. This will allow us to be more responsive, anticipate needs in areas such as power quality, and leverage available grant dollars and tax incentives. Another benefit in controlling our power supply will allow us to craft rates that work for these members.

As a member-owned cooperative, the concept of “meeting you where you are,” aligns with our goal of delivering mutual value. It has the added benefit of keeping investments in the communities we serve while ensuring the reliability and resiliency required in today’s environment. The quiet transition to localized grids, combined with the advancements in management tools and software, returns to continue the electricity enterprises’ original intent of bringing light, motive power, and comfort to the communities being served.

Our Cooperative Roadmap makes sure we are invested in the technological changes our members are navigating in our industry. More members want to self-generate or make energy efficient upgrades to their homes. Others are investing in technologies that will change the way we interface with members. United Power must continue supporting technologies that reduce costs for all members. Programs such as United EV, Smart Rewards for thermostats, energy efficiency rebates, and solar interconnections give members control over how they use power. We are here to support members who want to produce their own power and provide financial incentives that align with our goals of affordability and system control. These programs are aimed at sharing savings with our members when they participate in programs that can reduce our costs.

What does this mean in practice? United Power provides the people and tools to help members make decisions about their own energy use, power generation, use of technologies, and safe integration of batteries and solar panels. It means we are continuously scanning the horizon to make sure our distribution system is ready for tomorrow and safe for today.

We are not just predicting the rain of change but building the ark to ensure we sail into this bright new future.

Douglas Wins East District Seat; Three Incumbents Re-elected

Brighton, CO – United Power hosted its 2023 Annual Meeting on April 12. Members were invited to attend the meeting in person at Riverdale Regional Park in Brighton or watch live on the cooperative’s website. Approximately 500 members and guests participated in this year’s meeting, which included a video recap highlighting accomplishments over the last year, an annual financial report, a presentation on the future of the cooperative, and the certification of the 2023 Director Election.

Voting in the Director Election was conducted via mail-in and electronic balloting. The cooperative introduced electronic balloting in 2022 to provide members with a fast, secure, and convenient way to submit ballots and avoid delays in mail handling. Nearly 7,000 member ballots were cast in the election. Mountain District incumbent, Tamra “Tami” Waltemath, ran unopposed and will retain her seat with 5,918 votes. James Vigesaa received 1,960 votes winning the seat in the South District. Jamie Klein, Ken Kreutzer, and Katherine “Kathy” Mills received 1,271, 1,876, and 1,455 votes, respectively. In the West District, Virginia “Ginny” A. Buczek retained her seat after receiving 4,003 votes in this year’s election. Thomas “Tom” Hogan received 2,510 votes. Steven “Steve” Douglas received 3,614 votes to win the East District seat. Robert “Rob” Masden received 2,994 votes. 

Beth Martin, United Power’s Board Chairman, and Mark A. Gabriel, President and CEO, summarized the cooperative’s performance in 2022 with a video presentation. Last year, United Power reaffirmed its decision to exit its wholesale power contract in an effort pursue a more flexible, affordable, and reliable power supply. Over the course of the year, the cooperative achieved record-breaking reliability, and introduced its members to Our Cooperative Roadmap, an ever evolving plan outlining the co-op’s vision for maintaining its strength in a rapidly changing electric industry. 

“No matter what the future holds, providing reliable electric service will always be at the core of our business,” said Martin. “We made great strides in 2022 – strengthening our system, improving reliability, and protecting our communities.” 

Wildfire danger is an element of risk United Power takes seriously, with a continuously updated fire mitigation plan designed to protect our members and communities. In 2022, the cooperative removed vegetation encroaching on approximately 40 miles of line; applied a fire retardant to more than 400 poles; and added red flag warning procedures, which are activated when suitable wildfire conditions are present.

United Power also continued to evaluate opportunities to expand its electric vehicle (EV) offerings for members in 2022. The cooperative energized its third fast charger, rolled out its United EV pilot program, and launched its EV wiring rebate. 

Member Choice grants, which allow members to nominate local nonprofits to receive grant dollars from the cooperative, were renewed for a third year in 2022. Six organizations were selected from dozens of nominations to receive a total of $12,000 through the program. 

“Underlying all of these accomplishments is a dedicated team of United Power employees working to ensure they meet your needs,” said Gabriel. “Over 180 cooperative employees show up every day ready to put you first. They keep our systems secure and strong, take pride in working safely, and make sure that our members’ needs are met.”

Keith Alquist, United Power’s Board Treasurer, presented the cooperative’s financials and reported another strong year. The finance team continues to receive compliments from auditors for their professionalism, completeness, and accuracy in preparing financial statements at year-end and on a monthly basis.

Gabriel concluded the business meeting with a presentation about the future of the electric industry. He highlighted the many ways the cooperative has already begun to proactively address the changing utility environment – from driving economic prosperity for its communities through tax revenue and job creation to how it is meeting the crucial needs of large business members. He also discussed local generation and self-generation as well as the technologies that work in conjunction with a robust electrical system that benefit the cooperative, its communities, and the members. 

“A distribution utility like United Power stands at the crossroads of a changing energy industry and needs to transition from a simple distribution operator to managing a system that is agnostic to inputs and flexible enough to handle both centralized power and local generation,” he said.

Videos and information presented at the 2023 Annual Meeting, including the cooperative’s 2022 Annual Report, are available here. 

United Power is a member-owned, not-for-profit electric cooperative, delivering electricity to homes, farms, and businesses throughout Colorado’s northern front range. The cooperative is one of the fastest-growing electric cooperatives in the nation, and in June 2021 joined the elite ranks of cooperatives serving more than 100,000 meters. The 900-square mile service territory extends from the mountains of Coal Creek and Golden Gate Canyon, along the I-25 corridor and Carbon Valley region, to the farmlands of Brighton, Hudson, and Keenesburg. United Power is also a founding member of the NextGen Cooperative Alliance, which is dedicated to expanding the power supply and procurement options available to distribution co-ops, reforming the traditional generation and transmission business model. For more information about United Power, visit www.unitedpower.com or follow the cooperative on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

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Co-op Members Double National Average in Solar Installations

Brighton, CO – On Saturday, United Power recognized Cory and Jaime Wagner of Keenesburg for connecting the utility’s 10,000th rooftop solar system. Rooftop solar has quickly become a preferred solution for electric utility customers who are looking to offset their regular energy usage with more renewable options. The growth rate for solar installations on United Power’s system has increased at a rapid pace over the last three years, placing the cooperative at the forefront in connected solar across electric utilities nationwide. 

United Power has added more than 1,000 rooftop solar installations in less than eight months and doubled the number connected to its system in the last three years. Nearly 11% of United Power’s residential members now generate power from solar systems at their homes, which is higher than both the state and regional solar penetration averages and more than double the national average. The combined generation potential of these systems is approximately 62 megawatts (MW), which represents a significant part of the cooperative’s 600 MW peak.  

“More than 5,000 residential solar systems have been connected to our grid since early 2020, demonstrating our members’ desire to make autonomous energy choices that fit their daily needs,” said Mark A. Gabriel, United Power’s President & Chief Executive Officer. “We are constantly working in our communities and behind the scenes to develop programs and processes that empower member choice as the energy landscape evolves.”

United Power Board members and cooperative leadership, along with Colorado Solar and Storage Association (COSSA) President Mike Kruger, gathered Saturday to congratulate the Wagner family. United Power presented them with a prize package recognizing the achievement.

“We are really excited to be in our first home, and happy to be generating our own solar power,” said Jaime Wagner. “Being a United Power member has been great. Once we got our system installed, United Power came right out and connected it, and we are ready to watch the panels start producing.”

United Power is proud to support a robust solar community and is committed to providing a member-friendly connection process. To ensure members like the Wagners realize the most value out of their solar systems, the cooperative offers additional resources like MyGen, an online tool where members can track their system’s production alongside energy use in their Power Portal account. For more information about going solar with United Power or to answer questions about how to size a solar system and choose a contractor, members may visit www.unitedpower.com/going-solar.

“I’m excited to be here with United Power to celebrate the cooperative’s 10,000th residential solar member,” said Kruger. “It’s phenomenal how many of its members are generating solar power from their homes. United Power is beating large investor-owned utilities, municipals, and other Colorado cooperatives in interconnected solar.” 

Since powering Colorado’s first community solar farm – Sol Partners – in 2009, United Power has added five utility-scale solar farms and one of the state’s largest battery storage facilities. The solar farms generate a combined 50 MW, enough to power more than 10,000 homes. United Power’s energy portfolio also includes a 3.2 MW methane-capture project at the Erie Landfill. In recognition of these efforts, the cooperative was named one of COSSA’s 2022 Solar and Storage Champions. The cooperative continues to explore renewable and innovative energy projects with the greatest member benefits, including reliability, resiliency, and affordability.

“We appreciate the vision that the United Power community has put forth for a clean future and the ability to partner with them in that,” said Kruger. “I’m happy to celebrate today, and I think it’s a bright future for us all.”

United Power is a member-owned, not-for-profit electric cooperative, delivering electricity to homes, farms, and businesses throughout Colorado’s northern front range. The cooperative is one of the fastest-growing electric cooperatives in the nation, and in June 2021 joined the elite ranks of cooperatives serving more than 100,000 meters. The 900-square mile service territory extends from the mountains of Coal Creek and Golden Gate Canyon, along the I-25 corridor and Carbon Valley region, to the farmlands of Brighton, Hudson, and Keenesburg. United Power is also a founding member of the NextGen Cooperative Alliance, which is dedicated to expanding the power supply and procurement options available to distribution co-ops, reforming the traditional generation and transmission business model. For more information about United Power, visit www.unitedpower.com or follow the cooperative on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

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