DEMCO Releases 2019 Annual Report

Sat, 10/10/2020

Greenwell Springs, Louisiana – DEMCO released its 2019 Annual Report today featuring the cooperative’s financial statement and system statistics January 1, 2019 through December 31, 2019.

 

DEMCO 2019 system statistics show kilowatt-hour sales of $2,131,274,672; 111,777 meters, and 8,787 miles of line. The electric plant in service increased in value from $670,052,629 in 2018 to $688,627,466 in 2019.

DEMCO reported one tropical storm in 2019, Tropical Storm Barry, that impacted over 6,000 members with power outages, and a response of over 250 crew members deployed for restoration.

Randy Pierce, DEMCO CEO and General Manager reported 924,357 manhours worked without a lost time accident. “Reaching this mark is a testament to the day-to-day mental fortitude and spirit of the incredible staff who serve our electric cooperative members,” said Pierce.

In 2019, board members Faye Morris and Frank Johnson decided to retire from the DEMCO board of directors. Mike Anderson is now representing members in District 5, East Feliciana Parish; and Tresa Byrd is representing members in District 11, St. Helena Parish.

“As are all co-ops in America, DEMCO is owned by its members who elect a board to represent them, and together they direct and chart the progress of the corporation,” says Pierce.

 

DEMCO is also working to develop a supply portfolio that will give us the flexibility to buy power at prices that will help stabilize rates for the future. “Affordability is important to us. Paying less for the power we buy helps us lower the cost to each member,” says Pierce.

 

The annual report also highlights DEMCO Foundation disbursements since 1997 include: 734 scholarships totaling $831,416; school uniform awards of $204,668 purchased and distributed to over 800 children; and $236,190 to over 200 families impacted by house fires or tornadoes. Funds of $445,111 have been provided for medication and medical expenses for the elderly and disabled, as well as $446,517 to fund handicap-accessible ramps and critical home repairs. Over $2 million has helped families remain in their homes (rent and mortgage).

 

Funding for the DEMCO Foundation comes from 67% of DEMCO membership who participate each year in a voluntary program called Operation Round Up, that rounds each participating member’s monthly bill up to the nearest dollar and contributes that extra change to the DEMCO Foundation; the average contribution by each participating member is $6.

 

“With lifetime disbursements of over $5.5 million, the DEMCO Foundation” is made possible due to the caring spirit and sacrifices of all participating DEMCO members,” says Pierce. “Together we continue to make our communities stronger.”

 

In a study conducted in 2019 that evaluated the economic impact of DEMCO 2014-2018, DEMCO supported 1,103 jobs annually in the local community; contributed $353 million in the local economy and generated $93 million in state/local taxes.

 

“Economic development is not only a factor of keeping rates low for our members. Our role in providing power is essential to the region’s growth and overall quality of life,” says Pierce.

 

To view the DEMCO 2019 Annual Report, visit https://demco.org/sites/default/files/dem_2019annualreport_web.pdf.

 

DEMCO is the largest electric co-op in Louisiana and among the largest of 900 electric co-ops in the U.S. DEMCO provides electricity to an estimated half million people in seven southeast Louisiana parishes: Ascension, East Baton Rouge, Livingston, St. Helena, Tangipahoa, E. Feliciana, and W. Feliciana.