The 2007 Eastern Illini
Annual Meeting of Members

Annual Meeting Picture Archive

PAXTON — Members of Eastern Illini Electric Cooperative (EIEC) were told the future cost curve for electric energy is rising at a 45-degree angle at the co-op’s 20th annual meeting held Thursday, June 14, at the cooperative’s headquarters in Paxton.

Members got an opportunity to tour the EIEC facility and they learned more about how they can help control their energy costs through simple energy efficiency measures. The co-op hosted Doug Rye, a nationally known energy efficiency expert and talk show host. He gave several seminars during the day-long event.

The co-op provided both lunch and dinner to members, and offered many prizes to attendees, including 20 $100 checks, and five $100 gift certificates to be used towards the purchase of a child’s bike.

During the meeting, members re-elected Kay Horsch of Dewey, Harold Loy of Beaverville and Charles Day, Jr. of Bement to the co-op’s board of directors.

Chairman Loy in his written report said that although the co-op has paid off its stranded debt associated with the Clinton Nuclear Power Station, the co-op is trying to mitigate future rate increases by leaving current rates in place and initiating a revenue deferral plan. “This will allow us to collect revenues at current levels during 2007 and 2008 and apply those revenues to 2009 and 2010 power costs,” said Loy.

President/CEO Wm. David Champion, Jr. in his report said that the co-op is working on long-term power supply options that should provide below market rate power. Those options include two new coal plants. Both of these coal-fired plants have been delayed and will not be ready when the co-ops current power supply contract expires in 2009. “There are serious pricing risks in anything we do,” said Champion. “One thing we know for sure is that the prices that we are currently paying will go up as of January 1, 2009.”

Champion said a moderate rate increase will be necessary in 2009 and again 2011, but he said unlike other utilities the co-op would continue to offer the same rate options that are currently offered and will only adjust them to reflect power supply increases. Members on these electric heat and interruptible rates can save substantially on their electric bills. He encouraged members to call on the co-op’s energy efficiency experts and to go to the co-op’s Web site – www.eiec.coop, for energy efficiency help.

The financial report submitted by Treasurer Herbert L. Aden of Newman indicated that although total operating revenue was approximately the same in 2006 as it was in 2005, net margins were half what they were in 2005. In 2005 the co-op had net margins of $1,874,471. In 2006 net margins dropped to $969,349. Long-term debt was reduced by nearly $2 million. Net utility plant now equals $47,421,678 and total assets equal $61,493,580.

Eastern Illini Electric Cooperative is a member-owned rural electric cooperative based in Paxton, Ill. that supplies electricity to 13,606 members.  Eastern Illini offers a full range of energy solutions along with water quality and telecommunication solutions.  Eastern Illini is a member of Touchstone Energy – an alliance of over 620 electric cooperatives serving over 22 million customers around the country. For more information, visit www.eiec.coop.