We've all witnessed the tremendous increase in the costs of goods and services in our daily lives over the past few years. Like most folks, we are working hard to balance our needs with the purchasing power we have within our budget.
Crow Wing Power takes great pride in maintaining affordable electric rates while delivering reliable service. However, that responsibility becomes more challenging as electric utility material prices have increased in unprecedented manner in recent years.
The reality is that those equipment costs cannot be avoided as we must continue to invest in utility poles, transformers, meters, trucks, cable wire, and dozens of other things that enable us to provide reliable, affordable power at the quality service you expect.
As an at-cost service provider, we diligently work to find ways to manage operational costs.
Our historic investments in rights-of-way clearing and use of advanced technologies are greatly improving our efficiencies and we've found ways to work with purchasing partnerships to secure equipment during periods of short supply and high demand.
We are also trying to provide tools to help members save money through our website's energy expert blog and energy conservation initiatives. And, our staff has continued to thrive under the slogan of "do more with less".
The Board of Directors will be working during the next couple of months to approve next year's budget to enable us to continue to provide the service you've come to expect with rates that remain affordable and can get the job done.
It's the annual fiduciary responsibility of the Board to determine whether rates need to be adjusted to cover the cost of service. At the time of this writing (late October) there's been no review and no decisions made for 2024.
In light of current trends, we may need to adjust rates at some point. We understand the importance of being mindful of our members' needs and will strive to make decisions that align with the best interests of the members of this Cooperative.
I'll keep you informed,
Bruce L. Kraemer, CEO
