Central Virginia Electric Cooperative held its 85th annual meeting on June 22.
Board Chair Kinckle Robinson called the meeting to order at Nelson County High School, while Bruce Maurhoff, CVEC’s chief operating officer, delivered the invocation.
Robinson said CVEC’s 2021 accomplishments included more than $321,000 in capital credits retirement, improved service reliability, expanded solar offerings and increased broadband activity through its Firefly Fiber Broadband subsidiary.
Treasurer Brian Bates said CVEC had a strong financial year in 2021, selling 843 million kilowatt-hours. Total assets increased by 20% to $392 million, primarily because of investments in electric equipment and plant infrastructure. Operating revenue increased by about $10 million to $108.5 million.
President and CEO Gary Wood said the cooperative continues to emphasize a balanced power supply so that it is not dependent on any single fuel, and has two solar arrays at 13 megawatts underway in Albemarle and Fluvanna counties.
Firefly continues to grow, with the goal of providing high-speed internet to all of its interested 38,000 members, Wood said. “We’ll end up with over 4,000 miles of fiber that will bring benefits to every member,” he said. “We’re working to overcome the digital divide in Central Virginia.”
“In summary, your cooperative has had an excellent year in the past year,” he said, adding the CVEC team continues to be focused on the needs of its rural area.
The meeting concluded with several giveaways and a gift celebrating CVEC’s 85th birthday.
Reelected to serve three-year terms on the board were Frank H. Baber of the South District, Roberta I. Harlowe of the East District and Henry Chiles of the West District.
—Report by Steven Johnson, Vice President, Communications, VMD Association