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“The cost savings is always greater than expected,” Moran said.


Moran stated both cooperatives are very sound in the areas RUS exam- ined: service, availability, quality, affordability and added services.


“What we fi nd is bigger cooperatives have smaller unit costs per consumer and per kilowatt hour, but the biggest incentive is what you can do in the future,” Moran said. “Savings in tech-


nology is the biggest industry driver. Everything is moving to technology.”


The meeting served as an informa- tional session for cooperative CEOs, trustees and staff from across the state. If successful, CVEC and CREC will become the fi rst electric cooperatives in the state to consolidate.


“The meeting was a great way to pro- vide electric cooperative leadership and staff from across the state with infor-


Watch the interviews with these industry professionals by searching “Cenergy Utility” on YouTube, or by scanning the QR codes below to watch on your smart- phone or tablet.


Meet the Industry Leaders:


mation about what CVEC and CREC are doing,” said David Swank, CEO of CVEC and CREC. “The magnitude of this consolidation is evident in the suc- cess of this meeting. Two CEOs from national lending institutions speaking on the fi nancial benefi ts of the consoli- dation is really powerful.”


Sheldon Petersen CEO CFC


Sheldon Petersen has been the CEO of CFC since March 1995. He began his career in the rural elec- trifi cation program in 1976 with Nishnabotna Valley REC in Har- lan, Iowa. In November 1980, he became General Manager of Rock County ECA, Janesville, Wisconsin. He joined CFC in August 1983 as an Area Representative and provided fi nancial management and consulting services to the states of Minnesota, Wisconsin, Montana and the Dakotas. In 1990, Petersen moved to CFC head- quarters where he held various management positions.


Bob Engel CEO CoBank


As CoBank’s CEO, Bob Engel is responsible for implementing the bank’s strategic and business direction as set by the board of directors. Prior to joining CoBank in 2000, Engel was chief banking offi cer at HSBC Bank USA in New York. He has more than 25 years of banking experience, primarily with HSBC Bank USA, and eight years of accounting experience, including an agribusiness specialization, with the fi rms of KPMG and Deloitte & Touche. During his 14-year tenure at HSBC, he served in a variety of management and credit positions, including chief credit offi cer, before being named chief banking offi cer.


Edward Moran Oklahoma’s Field Representative with RUS


Moran began work for the Rural Utilities Service (RUS), which was called the Rural Electrifi cation Administration (REA) at the time, in April 1975. He worked in the Washington offi ce as a loan special- ist, then as a management analyst before becoming the general fi eld representative for Oklahoma in 1982. Moran worked with Howard Barnes in developing ‘the Forecast’, an Excel-based model that can be used to meet RUS fi nancial forecasting requirements. Mo- ran currently resides in Norman, Oklahoma. His territory includes cooperatives in Oklahoma, Kansas and Texas.


Spring 2015 3


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