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C A N A D I A N October 2013


V SUPPLEMENT TO OKLAHOMA LIVING


A ELECTRALITE By George


Excerpts from Manager's Mes- sage at 2013 Annual Meeting


I love what the electric cooperative program stands for and have had first- hand witness to the last 41 years of the electric cooperative's growth as a servant. That is especially true at Canadian Valley Electric Cooperative. Each year we have been able to report to you, the owners, a stronger, more reliable and financially sound electric cooperative.


CVEC Considers Consolidation with Neighboring Co-op


On Sept. 3, Canadian Valley Electric Cooperative and Central Rural Electric Cooperative in Stillwater announced the two cooperatives have entered discussions to review possible operations efficiencies gained by working together in finding solu- tions for current and future energy challenges. A preliminary review indicates probable economic benefit and increased long- term membership value from the opportunities for economies of scale, increased financial strength, rate stability, elimination of duplicate services and additional oper- ating efficiencies.


An extensive review is expected to take up to one year to complete and will be conducted with diligence and the best interests of our members in mind. This collabo- ration and how the two cooperatives are working to Build Our Energy Future To- gether will be discussed at future meetings, and information can also be found on the website, www.buildingourenergyfuturetogether.com, as well as in the Building Our Energy Future Together newsletter that will be forthcoming.


Please know the boards of trustees of CVEC and CREC have not made any deci- sions, other than to explore the potential opportunities. Leadership at both coopera- tives believe they are accountable to you, our members, to manage risk and oppor- tunities, as well as to ensure your cooperative maintains a positive equity position during the changing times. You can join us in Building Our Energy Future Together by sharing in the open dialogue about the purpose and value of this collaboration. We will continue to update you on the progress of this journey, but feel free to visit www.buildingourenergyfu- turetogether.com, to find out more information and to ask questions about this col- laboration. Continue to watch your mail for issues of Building Our Future Together newsletter as more information unfolds.


The financial strength that has been reported here today is demonstrated by the fact major hits from an ice storm or a huge tornado no longer force the coop- erative to run to the members for large rate increases or plead with our lenders to finance picking up the pieces. Cana- dian Valley Electric Cooperative is more financially strong and electrically sound than it has ever been. A successful electric cooperative is supported by a board of trustees that provides consistent, principled leadership and direction. A management group that doesn't mess up that direction, and an employee team that embraces that vision and performs at a high level every day. One other key element of a success- ful electric cooperative is a supportive and involved membership. I know you are all supportive of your electric coop- erative. But as an electric utility we test that support a little each month when we send you your monthly electric bill. Most years, at annual meeting, I have been able to report to you the coopera- tive would not be increasing the portion of your electric bill that goes to pay debt service and cost of running Canadian Valley Electric Cooperative. I cannot promise that to you for the coming year. We have not changed our current


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