Marshall county native John Moses was re-elected to a three-year term on the DREMC Board of Directors for Zone 5 (Marshall and Giles counties). Moses defeated challenger R.L. Williams by a margin of 128-49 in the election held August 12-16 at the co-op’s Lewisburg and Chapel Hill offices.
Election results were announced at the annual membership meeting held Saturday, Aug. 17, before approximately 200 DREMC members, employees and guests at Franklin County High School in Winchester.
Four unopposed directors were re-elected to new terms, and board officers were named in the reorganizational session following the meeting. Baxter White, Zone 1 (Coffee and Warren counties); Laura Willis, Zone 2 (Franklin, Grundy & Marion counties, University of the South); Buford Jennings, Zone 3 (Moore and Lincoln counties); and Dana Salters, Zone 6 (Maury, Hickman, Lawrence, Lewis and Williamson counties) returned to the board of directors by acclamation vote.
Barry Cooper was re-elected chairman of the DREMC board, and other officers include Buford Jennings, vice chairman; John Moses, treasurer; and Laura Willis, secretary.
Board Treasurer John Moses reported that DREMC is financially strong, with assets of just over $254 million and system equity under $115 million which represents approximately 45% of total assets. Operating revenues and other income are just over $204 million.
Moses also reported the cooperative realized over $300,000 in savings on last year’s wholesale power bill to TVA due to the Beat the Peak program.
“Approximately 75% of our total expenses for 2019 went to pay TVA for power with the remaining margin used for capital improvements, taxes, loan repayments and operating expenses,” said Moses.
Board Chairman Cooper assured attendees the financially sound cooperative continues to invest in the network of substations, circuits and lines that maintain the reliability of electric service in DREMC’s 16-county footprint and thanked the cooperative’s current employees and those who retired in the last year.
Cooper also introduced new President and CEO Scott Spence. Spence, one of 74 applicants for the position, comes to DREMC most recently from Arab Electric where he served as CEO.
“I am excited to begin my time with DREMC and look forward to working with the employees and members in moving DREMC forward,” Spence said.
Spence began work at the cooperative’s Shelbyville location on Monday, Aug. 19.
“It is projected the cooperative will grow to more than 80,000 members within a four-year period, up from approximately 76,000 today, with the estimated capital cost to maintain reliability and meet anticipated growth equaling $72 million,” said Interim President and CEO Charles McDonald. “Maintaining reliability and supporting our communities is our priority.”
Plans for DREMC’s expected growth include two new substations, a private 35-megawatt solar farm within our service area and the introduction of new state of the art light emitting diode (LED) security lighting program, which will take effect in October of this year.
Duck River EMC is a not-for-profit, member owned organization providing electric and other services to more than 76,500 homes and businesses in southern Middle Tennessee. Duck River EMC serves an area of approximately 2,500 square miles in Bedford, Cannon, Coffee, Franklin, Giles, Grundy, Hickman, Lawrence, Lewis, Lincoln, Marion, Marshall, Maury, Moore, Rutherford, and Williamson counties in southern Middle Tennessee.
For a more detailed report of the cooperative’s annual meeting, go to www.dremc.com and visit What’s Happening.