Dairyland’s 2023 Annual Meeting was held June 7 at the La Crosse Center. Jenny Scharmer, Chair of the Board and Director representing MiEnergy Cooperative, presided over the meeting. The theme of the meeting was ALL IN, representing Dairyland’s commitment to its Mission to improve the quality of life for cooperative members.
“Dairyland is 100 percent all in on the clean energy transition as we look to bring significantly more wind and solar to our generation portfolio, in addition to exploring zero-carbon nuclear and pumped energy storage systems,” said President and CEO Brent Ridge. “We will meet our sustainability goals - and our obligation to ensure reliable, cost-competitive electricity - through investment in renewable energy and the ‘always available’ resources that support them.”
Ridge also emphasized his gratitude for the people behind the power. As a certified Great Place to Work®, Dairyland strives to be both a premiere wholesale energy provider and workplace by planning with foresight and advancing People First practices. “The Dairyland team is ready to bring you their best every day with a focus on safety, innovation, financial strength, investment in critical infrastructure and, last but not least, a culture rooted in growth and development.”
Miss America 2023, Grace Stanke, provided the keynote address: Energy Advocacy Beyond the Midwest: How the Culture of Wisconsin Influenced My Future. Crowned Miss Wisconsin on her way to achieving the Miss America title, Stanke discussed how her Wisconsin roots helped shape her passions and determination to better the world.
“My journey in advocacy was not always crowns and sparkles - sometimes, it was working with people who I thought I would never be able to convince,” said Stanke. She emphasized Wisconsin’s role in the clean energy transition. “I wouldn’t be the clean energy advocate that I am, nor Miss America, if it weren’t for my Wisconsin upbringing. I now ask you, what is Wisconsin doing to move its energy portfolio forward, and how can we as Wisconsinites help?”
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Dairyland Executive Vice President and Chief Financial Officer (EVP/CFO) Phil Moilien provided a 2022 Financial Report: “I’m pleased to report that Dairyland Power Cooperative is financially strong and stable. We remain in alignment with our Strategic Priority of maintaining financial strength balanced with providing our members safe, reliable and cost competitive electricity, while purposefully diversifying our generating resources, which currently include wind, solar, renewable-enabling natural gas, coal, hydro and biogas.
“Despite supply chain disruptions, including coal deliveries, rising interest rates and inflationary pressures, Dairyland had strong financial performance in 2022. Total margins were $18 million, exceeding budgeted margins of $16.5 million.
“Higher sales to Class A members and higher market prices resulted in an increased demand for our generation resources, resulting in higher fuel costs. The Dairyland system reached a new winter peak load of 1,038 MW on Dec. 22, 2022. Higher market prices also resulted in significantly higher purchased power costs.
“Our equity position remains strong and solidly within the range of ‘A’ rated Generation and Transmission cooperatives. Dairyland has credit ratings of ‘A3’ with a stable outlook from Moody’s and ‘A+’ also with a stable outlook from Standard & Poor’s.
“In 2022, Dairyland’s Board of Directors approved capital credit retirements of $4.9 million, continuing its strong history of capital credit retirements. Over its 81-year history, Dairyland has returned $149.6 million to its Class A member cooperatives,” said Moilien.
The annual meeting, which was live streamed for employees and members who were unable to attend, included a Q&A session with Executive Team members and Miss America, recognition of award recipients, electric vehicle displays and an Energy Expo with educational booths.