Chris Jones, President
Our most important objective is to keep your lights on in a reliable, affordable, safe manner, but we also want to support the communities with exceptional service and value for our members. This is our commitment to you. Please take the time to enjoy the video above to find out about your electric cooperative and what your membership means.
Gordon Bone, Chairman
I feel better about the cooperative today than I ever have. We’re very pleased to present our very first digital interactive annual report for our members. As you watch the videos and scroll through our site, we hope you’ll learn a little about where we’ve been this past year, but we also hope you see the bigger picture and where Middle Tennessee Electric is headed.
Concern for Community
While the primary mission of the electric cooperative is to deliver reliable, affordable, safe electricity, a secondary mission has always been to make a difference in the communities we serve.
In the 1930s, it was going from community to community teaching farmers and homeowners how to use electrical appliances. In the 1950s, we began working with local high schools in the Washington Youth Tour program. In the 1970s, it was developing energy conservation programs.
Recently the cooperative has focused attention on the largest community-impact effort it has ever undertaken with the formation of the Middle Tennessee Electric Customers Care, Inc. Customers Care is an avenue through which the cooperative assists worthy community causes and families in emergency situations.
Concern for community - another way the electric cooperative distinguishes itself as something more than just a power company.
$6.5 Million Operation Round Up
MTEMC’s Operation Round Up has awarded $6.5 million to local charities and community organizations over the last ten years. From volunteer fire departments and rescue squads to food banks, hospices and youth programs, MTEMC members have made a difference through the Customers Care Foundation. By rounding members’ bills to the next highest dollar, the foundation has turned individual resources into a community-wide benefit, essentially turning excess change into change for the better.
Members may donate $1 or more on their monthly bills to assist others - elderly, disabled or economically challenged members - in paying their electric bills.
4-H Electric Camp/4-H Electric Project
In a four-day camp on the University of Tennessee-Knoxville campus, more than 200 students participate in hands-on learning, computer training, building projects and other camp activities. The camp is a joint effort between Tennessee’s 23 rural electric cooperatives and the UT Agricultural Extension Service. In addition to the camp sponsorship, each year counties within the cooperative service area name winners who participate in the district, state and national 4-H Electric Project competition.
6th Grade Energy Projects
MTEMC encourages students to bring inexpensive, energy-related projects to school to compete in informal three-week “science fairs.”
MTEMC Group Presentations
Throughout the year, the cooperative offers programs on electrical safety and how electricity is used to audiences of all ages. For more information about MTEMC presentations, please call 615-494-1065.
Customers Care Scholarship
Each July, 10 students from the MTEMC service area are awarded $2,000 scholarships to attend two- or four-year accredited colleges or trade schools. The scholarships, established through MTEMC’s Operation Round Up program, are based on financial need, GPA, a written essay, and community service and leadership.
Each spring, MTEMC brings an educational initiative to area students that is entirely focused on trees. Students participate in classroom activities and discussions on how to transport, plant and care for trees (as well as their importance to the environment).
Washington Youth Tour Writing Contest
Each year, high school juniors from MTEMC’s service area write an original essay about rural cooperatives to compete for school, county, area and statewide prizes. In June, winning students from MTEMC’s service area receive an all-expenses-paid trip to Washington, D.C., to participate with other finalists from around the nation.
Youth Leadership Summit
Two students from each of the 23 rural electric cooperatives in Tennessee receive an all-expenses-paid trip to the three-day summit in Nashville. Participation in the summit includes visits to the Legislative Plaza, the state Senate and House of Representatives, and a tour of the Capitol, in addition to leadership development and cooperative learning sessions.
EPA recognizes MTEMC with award
The Environmental Protection Agency has recognized MTEMC with the 2013 Energy Star Leadership in Housing Award.
The award recognizes builders and utilities that achieve specific levels of accomplishment in promoting energy efficient construction and helping to protect the environment through a partnership with Energy Star.
“Our Green Homes Plus homes are proven to save members money on their electric bills and are better for the environment,” MTEMC Residential Marketing Supervisor Tom Moreland said. “We’re honored to be recognized with this award.”
In-Home Energy Evaluations
MTEMC offers an easy way for members to learn how to increase energy efficiency and save money - energy evaluations. Members can get started by going to mtemc.com for a quick online energy evaluation that reveals how each home uses - and loses - energy.
An in-home evaluation, available through MTEMC’s partnership with TVA, is a professional energy check-up performed by a certified evaluator. The $150 evaluation fee is reimbursed after members complete some of the recommended energy-saving steps. Evaluations can be scheduled by calling 1-877-490-9325.
Green Power Switch
This program brings green power to the MTEMC service area, making a difference in the amount and type of energy used. Residential, commercial and industrial members can purchase 150 kilowatt-hour blocks for $4 a block, with no limit on the amount of blocks purchased. It’s an investment in power generated by cleaner sources - and just two blocks of energy purchased each month is the equivalent of planting an acre of trees in the Tennessee Valley.
Energy Right® Certified Platinum
MTEMC’s energy efficiency plan for new homes - Energy Right Certified Platinum - gives members cash-back incentives for building more efficient homes. Homes must include proper insulation, an energy- efficient heating and cooling system, high- performance windows and Energy Star® rated appliances. Homeowners must work with a trained inspector who will do a final review of the home before certification is met. Members can contact their district Energy Services Coordinator for more information on the program.
Green Homes Plus
Members can reap extra money-saving benefits by committing to energy efficiency with MTEMC’s Green Homes Plus initiative, which rewards members who build their homes to be environmentally friendly.
EnergyRight® Solutions for Business
Electricity is essential to the success of your business and using electricity efficiently saves you money while conserving natural resources and preserving our environment. Our EnergyRight® Solutions for Business program offers cash incentives for installing energy-saving equipment.
If your business has an electrical demand of 5,000 kW and less, you may qualify for this program. Find out more information regarding the program and access its applications at EnergyRight® Solutions, How To Get Started.
Improving Service with Technology
Middle Tennessee Electric has invested considerable monies and energies into building and maintaining our distribution electrical grid. From the lines, poles and substations, to every computer and server, these technologies enable our employees to better serve our members and enable MTEMC to respond efficiently during an outage or disaster.
Advanced Metering Infrastructure
Annual Financial Report
|Power bought from TVA||400,834,024||362,338,265||419,650,460||413,906,130||414,206,693|
|Operations and maintenance||52,363,891||55,920,724||52,901,230||55,544,519||58,976,804|
|Depreciation and acquisition adjustment||15,752,482||19,501,770||18,001,530||20,669,966||21,805,900|
|Interest on borrowed money||3,928,893||3,628,731||3,372,864||3,089,681||2,899,218|
|Total Operating Expense, Purchase Power, and Debt Expense||472,879,290||441,389,490||493,926,084||493,210,296||497,888,615|
|Principal payments on loans||4,351,303||4,975,602||4,784,522||4,145,448||3,228,690|
|Balance after Principal Payments||23,426,470||14,060,810||27,733,567||14,103,722||24,568,827|
|General funds and working capital||4,446,698||5,613,618||32,934,315||57,820,281||58,942,116|
|CFC certificates and other investments||4,731,888||4,731,888||5,445,238||5,615,958||5,757,590|
|Renewal and replacement funds||1,281,800||1,281,800||788,920||590,925||590,925|
|Bills due us||44,000,571||43,425,031||70,150,954||68,184,616||83,301,848|
|Materials on hand||6,102,929||3,635,254||3,988,214||4,050,648||3,510,796|
|Payments in advance||1,370,202||1,611,776||1,686,106||1,955,664||1,766,493|
|Electric lines and property less depreciation||332,701,237||347,144,758||350,777,397||351,141,498||359,410,368|
|Bills we owe||35,891,559||28,442,385||46,847,505||53,983,804||50,028,696|
|Long-term debt to RUS, CFC, and others||91,344,360||90,911,087||89,567,677||93,782,752||95,434,787|
|Earnings reinvested in system - prior year||229,949,888||258,058,019||284,882,510||310,270,600||325,826,270|
|Earnings reinvested in system - current year||27,777,773||19,036,412||32,518,089||18,249,170||27,797,517|
|Total Net Worth||257,727,661||277,094,431||317,400,599||328,519,770||353,623,787|
|Total Liabilities and Net Worth||394,635,325||407,444,125||465,771,144||489,359,590||513,280,136|
|Number of Members Served||181,778||184,097||185,905||190,750||194,770|
|Total Miles of Line Energized||10,253||10,324||10,393||10,470||10,562|
|Number of Distribution Substations||31||32||32||34||34|
|System Electrical Demand in Kilowatts||1,230,234||1,203,400||1,313,747||1,325,623||1,277,948|
|Total Kilowatt Hours Purchased by MTEMC||5,365,100,484||5,465,816,004||5,945,951,826||5,411,752,350||5,523,081,659|
|Cost of Power||$400,834,024||$362,338,266||$419,650,460||$413,906,130||$414,206,693|
|Total Kilowatt Hours Used by All Members||5,190,462,678||5,243,029,507||5,581,441,597||5,211,835,138||5,386,766,372|
|Total Electric Revenue||$489,373,973||$449,812,377||$514,741,064||$500,267,614||$514,430,391|
|*Times Interest Earning Ratio (TIER)||7.98||6.25||10.64||8.17||10.59|
|Percent of Line Losses||3.25%||4.08%||6.13%||4.59%||2.47%|
|Average Cost per Kilowatt Hour Purchased Power||7.47 cents||6.63 cents||7.06 cents||7.58 cents||7.50 cents|
|Average Cost per Kilowatt Hour to Member||9.42 cents||8.58 cents||9.22 cents||9.58 cents||9.57 cents|
|Average Monthly Residential Electric Bill||$143.98||$132.50||$151.94||$139.65||$143.21|
|Plant Investment per Service||$2,629||$2,718||$2,782||$2,780||$2,839|
|Number of Employees||371||371||377||370||370|
|Member to Employee Ratio||490||496||493||516||526|
* TIER - Times Interest Earning Ratio - The ability of MTEMC to pay interest on its debt is determined by this ratio.
MTEMC presently is able to pay interest on its long-term debt 10.59 times.