Treasurer’s Report

David Brag

As treasurer for Nodak Electric Cooperative, on behalf of all the directors and employees of Nodak, thank you for your membership in the cooperative this past year.

An all-time high revenue value highlighted the 2022 financials amounting to $142.5 million. The additional revenue received was a result of a full year’s operation of the new data centers that we serve. Nearly 2.1 billion kWh were sold this past year, another record setter. Total expenses were $138 million, the largest expense being wholesale power costs at $121 million. Stable power costs by our wholesale power supplier contribute greatly to our stable retail rates, and we are hopeful that trend continues into the future. Additionally, non-operating margins added $2.4 million; with the largest addition to non-operating margins being a capital credit allocation from our power supplier. Total reported margins were $6.9 million for 2022. Last May’s capital credit retirement amounted to $3.8 million – which again was another retirement record.

Thank you again for your patronage and for allowing us to serve your electricity needs during the past year.