Brighton, CO –- United Power President and CEO Mark A. Gabriel was joined by the cooperative’s board of directors for the historic signing of a funding agreement as members were welcomed to the cooperative’s 85th Annual Meeting on April 17. The funding agreement, scheduled to close later this month, will provide the cooperative with $627 million toward its exit fee for its current wholesale power contract, with at least $179 million of that amount for prepayment for use of Tri-State Generation and Transmission’s transmission system. The prepayment amount will be credited back monthly with interest against United Power’s transmission bills.     

“This year’s annual meeting marked a key celebration for our cooperative,” stated Gabriel. “And it is especially meaningful to know we have the support of investors as we leave our restrictive wholesale power contract and create a new energy portfolio that better meets the needs of our members. Remaining nimble and responsive to the needs of our membership and the energy market will help to create a more predictable power supply and more stable costs into the future.”

United Power filed its intent to leave its wholesale power supplier two years ago, starting the countdown clock on the required notice period to terminate the contract. The cooperative executed a withdrawal agreement on April 11, and will exit the wholesale power contract on May 1. The decision to leave the contract was driven by a desire to exercise control over the cooperative’s wholesale power mix, to better leverage local generation opportunities, and to cut additional costs that were disproportionately allocated to United Power’s members.

“United Power had very little control over our power supplier, even though we were their largest member,” stated Beth Martin, United Power Board Chair. “The decisions they made about power supply, financing, even day-to-day spending did not align with what we believe our membership needs. Today’s agreement ensures that we can be better stewards of the investment our members have made in the cooperative. Today we are taking back our cooperative.”

The historic agreement was signed by United Power as the annual meeting doors opened and the cooperative celebrated its 85th anniversary with more than 500 members and guests in attendance. The annual event provides members with updates about the accomplishments of the past year, as well as a report on the financial health of the cooperative. Martin and Gabriel shared a video presentation highlighting the cooperative’s significant achievements over the previous year. Highlights included reporting on the many new power contracts United Power has in place to provide a mix of local generation and new renewable resources. The power mix will be supplemented by innovative energy projects, such as localized utility-scale battery storage, which will mitigate expensive energy purchases during peak power windows. These projects were the result of long-term planning laid out in United Power’s Our Cooperative Roadmap. 

“Our vision of generating power close to where it is consumed – known as hyper localization – is one of the key strategies we are using in developing our power supply,” Gabriel said. “Why not use power generated next door or in your neighborhood, rather than transporting it hundreds of miles from centralized generation plants? It is an efficient, reliable, and cost-effective power delivery system.”

The cooperative also continued its excellent record in system reliability and resiliency in 2023. United Power’s outage duration and response rates rank among the best when measured against electric utilities nationwide, including other cooperatives and investor-owned utilities. 

“Our excellent service record can be tied to several important factors,” Gabriel said. “Our crews’ focus on maintenance of existing infrastructure, coupled with identification and targeting of aging or damaged equipment before it causes an outage, is key to keeping the lights on.”

The presentation also highlighted the expansion of United Power’s electric vehicle programs and rebates and the launch of its all-new battery storage pilot program; celebrated the success of its online member chat feature, with its intuitive navigation connecting members to the information they need quickly and efficiently; and acknowledged the cooperative’s first Sustainability Report, which highlights key operational areas, provides performance metrics, and recaps several important cooperative focus areas.

“There are a lot of exciting developments on the horizon, and we are looking forward to a new energy future,” Martin said. “But it’s important to know that we are still concentrating on the core business of being a utility.”

Keith Alquist, United Power’s Board Treasurer, presented the cooperative’s financials and reported another strong year. The efforts of the co-op over the past year resulted in United Power receiving an ‘A’ rating and stable outlook from Fitch Ratings. Fitch is one of the three nationally recognized credit rating agencies and publishes forward-looking opinions on the relative ability of an entity to meet financial commitments. 

Gabriel concluded the business meeting with a presentation about the innovative steps the cooperative is taking to embrace the industry’s shifting direction. His presentation highlighted the cooperative’s plans to meet the future energy needs of its members, and how the co-op plans to respond to growth on its system. 

“The resolution of the issue with our power supplier is really a new beginning for United Power’s exciting and bold vision for the future,” Gabriel said.

Results of the Director Election were announced at the conclusion of the meeting. Voting in the Director Election was conducted via mail-in and electronic balloting. Nearly 5,500 member ballots were cast in the election, which also introduced new, redrawn district boundaries. Mountain District incumbent Stephen Whiteside retained his seat with 4,819 votes in an uncontested race. North District incumbent Brian A. McCormick and South District incumbent Brad Case also ran unopposed and retained their seats with 4,776 votes and 4,767 votes, respectively. Paige Wagner-Maul received 3,064 votes to win election in the Central District. Incumbent Tim Erickson received 2,197 votes.

Members also voted to approve a bylaw amendment on this year’s ballot to extend director term lengths from three years to four years. 

Videos and information presented at the 2024 Annual Meeting, including the cooperative’s 2023 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 co-ops 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 and reforming the traditional generation and transmission business model. For more information about United Power, visit www.unitedpower.com or follow the cooperative on Facebook, X, LinkedIn, YouTube, and Instagram.

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United Power Celebrates 85 Years of Service at This Year’s Annual Meeting

United Power has been proudly serving members along the Colorado Front Range for 85 years — setting the standard for innovative excellence in system performance, technological adoption and deployment, member engagement, and commitment to community growth and development. The cooperative has accomplished a lot in the past year as it prepares for the upcoming exit from its wholesale power contract in May, including record reliability and groundbreaking energy partnerships, a renewed dedication to supporting key accounts while maintaining the same level of local involvement, and expanding member programs and self-serve options. Members are invited to attend the 2024 Annual Meeting on April 17 and join the cooperative in celebrating the many ways it is “Here for Good.” 

Voting in the annual Director Election also provides United Power members the unique opportunity to have a voice in the cooperative’s future. Each year, your votes determine who will serve on the Board of Directors. Member participation in the election is crucial to helping the cooperative better serve you. 

Five candidates are running for election to the Board of Directors this year. One seat in the Mountain, North, Central, and South Districts is up for election. The director candidates are Stephen Whiteside (incumbent) in the Mountain District; Brian A. McCormick (incumbent) in the North District; Tim Erickson (incumbent) and Paige Wagner-Maul in the Central District; and Brad Case (incumbent) in the South District. Consider attending the Meet the Candidates event on March 19 to learn more about director candidates or read their candidate statements here. 

A bylaw amendment is included on this year’s ballot regarding director term lengths. Members are being asked if director terms should be changed from three years to four years. 

Balloting opens on March 15. United Power encourages all members to cast their votes in the election. Members may vote electronically through their online account or via mail ballots, sent to all members. Online and mail-in ballots must be received by 11:59 a.m. on April 16, or members can vote in person on April 17 at the meeting. Ballot drop boxes will not be available in cooperative offices this year, however a ballot drop box will be available on-site at the Annual Meeting from noon to 4 p.m. Directors represent all members and are therefore elected on an “at-large” basis. This means members may cast a vote for a director in each district and not just their own. Directors serve in geographic districts to ensure accessibility for members and to provide a representative cross-section of United Power’s member base in the co-op’s governing body.

Attend the Annual Meeting

The 2024 Annual Meeting will be held at Riverdale Regional Park on April 17. Registration opens at 4:30 p.m. and balloting closes at the beginning of the official business meeting at 6:30 p.m. Members may also view a livestream of the meeting posted here. 
 

I have spent much of my 30+ year career in the utility industry. Through the years, people have often asked me what the “best” business model is to provide electricity. There are basically three choices: investor-owned utilities, municipal utilities, and cooperatives like United Power.

I try to reflect on the various pluses and minuses of each business model when answering the question, but always come back to the same conclusion — cooperatives are the closest to their member-owners, focus clearly on the communities being served, and can make changes quickly as technology transforms the energy enterprise.

Commitment to our member-owners is deeply embedded in the cooperative mindset. Our employees work diligently each day to meet the needs of United Power members, while also anticipating future needs. This is why we have been able to handle the tremendous growth in our service territory across all the sectors we are proud to serve: residential, small commercial, and large commercial/industrial. Our attitude and culture is to meet needs when and where they arise, based on the members’ time frame.

Members have an active voice in the utility’s future direction through the annual Director Election. The dedicated women and men on United Power’s Board of Directors spend many hours alongside management preparing for what is to come. This is particularly important with the rapidly changing environment we find ourselves in today.

The Board had the foresight to pilot the largest battery storage facility in the West in 2018. It provided understanding and experience in operating battery storage systems, and paved the way for the cooperative to add another 115 megawatts of battery storage to our system this spring and summer. This battery deployment ensures reliability and allows us to manage the system locally. We will be one of the first utilities in the nation to energize utility-scale batteries at our substations. Moving quickly and taking advantage of innovative technologies is a hallmark of the cooperative world, and certainly at United Power.

Our theme for this year — United Power’s 85th anniversary — is Here for Good. This captures our belief in building a reliable and resilient distribution system and our enduring presence in the communities we serve. United Power fosters local relationships and partners on economic development to support community growth. The cooperative also partners with members who want to give back to those less fortunate through Operation Round Up. More than 25,000 of you participate in the program, which has distributed more than $3 million since 1995. This is why the cooperative business model is so strong — the proximity to the people we serve as “members” and not just “customers.”

As a member, you are also an owner with a vested economic interest in United Power. A part of every monthly statement is an investment in your utility — a key difference in the three business models. Every year, the Board of Directors evaluates our financial condition and determines if we can return margins to members. In the last five years alone, we have returned more than $25 million to members. This only happens in the cooperative world (unless you own stock in an investor-owned utility, of course).

Electric cooperatives are based on seven principles: open and voluntary membership; democratic member control; members economic participation; autonomy and independence; education, training, and information; cooperation among cooperatives; and concern for community. We take these principle to heart in everything we do at United Power.

My third anniversary at the helm of United Power is March 15. I am thankful every day to live and work in a community powered by an electric cooperative, and to work with the amazing women and men of this utility.

As always, please feel free to reach out with your questions, comments, or concerns. I enjoy hearing from our members and appreciate your continued support.