Pioneer Electric Cooperative is committed to exceeding the energy needs and expectations of our consumermembers by providing safe, high quality and responsive service at fair prices.
American Consumer Satisfaction Index
Score:
86
Guided by 7 cooperative principles
Pioneer Electric serves residential, commercial, and large industrial members throughout rural Miami, Champaign, and Shelby counties, as well as portions of the eight surrounding counties — Mercer, Auglaize, Logan, Union, Madison, Clark, Montgomery, and Darke.
15,000+ miles of line
2,790 member-consumers
9 board trustees, members of the cooperative, are elected to represent the entire membership.
34 co-op members served as liaisons to the membership and as county board nominating committee members.
members per mile of line employees counties served
PIONEER
11 54 6.2 ESTABLISHED 1935
ELECTRIC COOPERATIVE
2 PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT
88 YEARS OF SERVICE
REFLECTING ON 2023: SUCCESSES AND THE FUTURE
As we reflect on 2023, Pioneer Electric Cooperative celebrates its commitment to safety, reliability, and you, our valued member. Throughout the year, the cooperative prioritized initiatives aimed at enhancing service quality and ensuring the safety of our members and the communities we are dedicated to serving.
A key component of Pioneer’s proactive approach has been comprehensive maintenance efforts, encompassing the replacement of electric meters and upgrades to the electric lines and distribution poles. Notably, 323 poles were replaced as part of Rural Digital Opportunity Fund projects, supporting local broadband initiatives, specifically in those areas that are underserved.
In coordination with contract crews, Pioneer conducted extensive tree trimming along electric lines, underscoring its dedication to preventive maintenance for reliable service delivery.
Safety remained paramount, with zero lost-time accidents in 2023, a true testament to our safety culture. Pioneer also provided educational programs for first responders and the community.
The Powering Possibilities initiative, an employee fundraising effort, exemplified Pioneer’s dedication to giving back. In 2023, donations totaling $3,000 were contributed to five local fire departments in 2023. Additionally, Pioneer extended support through mutual aid efforts to neighboring cooperatives and electric utilities. The cooperative also demonstrated its commitment to education by awarding scholarships and organizing summer energy camps for local youth, highlighting its commitment to education and concern for community.
Renewable sources, including solar, make up approximately 5% of Pioneer’s overall power supply. Pioneer saw 25 residential solar installations occur in 2023.
Looking forward, Pioneer acknowledges potential challenges, such as reliability concerns stemming from power plant closures and costs driven by inflation. Nonetheless, the cooperative remains focused on our commitment to prioritizing member interests and delivering dependable service.
PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT 3
POWERING COMMUNITIES TOGETHER
For 88 years, our cooperative has stood as a pillar in the community, dedicated to serving our members with unwavering pride and integrity. Throughout the years, we have evolved and grown alongside the communities we serve.
At the heart of our cooperative lies a simple yet powerful principle: You, our members, are the driving force behind everything we do. While we provide essential services like power, our cooperative is fueled by the collective strength and support of each and every member.
Through both good times and challenges, we have remained dedicated to empowering our members and meeting their diverse needs. Whether it’s ensuring reliable electricity, providing innovative solutions and efficiency advice, or supporting community initiatives, Pioneer Electric is here to serve you.
As we celebrate 88 years of dedicated service, we take a moment to reflect on our history and look ahead with optimism and determination — with you, our member, at the center of our focus. Together, we will not only power homes and businesses but also demonstrate our commitment to the values of cooperation and community.
Thank you for entrusting us with your energy needs and for being an integral part of our cooperative family. Here’s to many more years of strengthened partnership and shared progress as we work together toward a bright future.
4 PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT
IN
2023,
TOGETHER WE PROVIDED...
SCHOLARSHIPS
$5,500 in scholarships was awarded to eight children of members.
ECONOMIC DEVELOPMENT
$11,400+ was contributed to economic development projects in Champaign, Miami, and Shelby counties.
$3 Million+ was returned to current and former members in 2023. CAPITAL CREDITS
40+ YOUTH ENERGY CAMP
fourth- through sixth-grade students attended the second Pioneer summer energy camps.
REBATES & INCENTIVES
199 residential rebates were provided to members for a total of $67,800 in rebates.*
*Cost is shared with Buckeye Power
PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT 5
102 CREW OBSERVATIONS
Supervisors
ZERO
3 SAFETY DEMONSTRATIONS
4 INSTANCES OF MUTUAL AID
MARCH 5: AES, DAYTON, OHIO
MARCH 5-6: SOUTH CENTRAL POWER, LANCASTER, OHIO
APRIL 2: MIDWEST ELECTRIC CO-OP, ST. MARYS, OHIO
JULY 2: AES, DAYTON, OHIO
“Our daily priority centers on ensuring the safety of our crews, first responders, and the public. We’re committed to continuous improvement, recognizing that our ability to meet the needs of our members depends on the work ethic and dedication of our employees.”
– Steve McClay, Director of Operations and Safety
SAFETY + COOPERATION LOST TIME ACCIDENTS
crew observations to ensure
was being done safely.
complete
work
[ [
6 PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT
UTILITY POLES
Tested:
Total
METERS REPLACED MILES OF TREES TRIMMED *Includes mowing brush areas and treatment of those rightsof-way AVERAGE OUTAGE MINUTES *Per member; excludes major outage events 2,359 95 470+
RELIABILITY
6,127
354
Failed:
Poles Replaced: 754
Poles Replaced: 323 Accident (39) Tree (0) Storm (21) Other (7) Causes: MIAMI COUNTY SHELBY COUNTY CHAMPAIGN/ UNION COUNTIES 58% 11% 31% LINE BUILDS/REBUILDS 6.5 miles Kite, Woodstock, Middleburg-Plain City roads 1.9 miles Montgomery County Line, 571, 25A, and Fox Harbor and Emerson subdivisions MONTGOMERY COUNTY 0.5 miles Old Springfield Road 0.5 miles; 389 campsites Hickory Hills Lakes Broken Poles: 67 PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT 7
RDOF
Balance Sheet as of December 31, 2023
ASSETS
UTILITY PLANT AND OTHER PROPERTY
Electric plant in service
Construction work in progress
Less: Accumulated provision for depreciation and amortization
NET UTILITY PLANT AND OTHER PROPERTY
OTHER ASSETS AND INVESTMENTS
Right of use assets, net of accumulated amortization
Investments in associated organizations
TOTAL OTHER ASSETS AND INVESTMENTS
CURRENT ASSETS
Cash and cash equivalents
Accounts receivable, net of allowance for uncollectible accounts of $58,770 for 2023
Deferred charges
Materials and supplies
Prepaid power costs
Prepaid expenses and other receivables
TOTAL CURRENT ASSETS
TOTAL ASSETS
TOTAL ASSETS
ELECTRIC PLANT $148,000,000
$140,000,000
$133,107,634 2,913,051 136,020,685 (46,302,494) 89,718,191 324,495 37,990,885 38,315,380 9,715,020 6,418,407 171,541 1,199,804 159,132 1,643,500 19,307,404 $147,340,975
$140,000,000
$132,000,000 $128,000,000 $124,000,000 $120,000,000 $116,000,000 $112,000,000 $108,000,000 $104,000,000 $100,000,000 $96,000,000 2020 2021 2020 2021 2022 2022 2023 2023
$144,000,000
$136,000,000
$115,000,000 $110,000,000 $105,000,000 $100,000,000 $95,000,000 $90,000,000 8 PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT
$135,000,000 $130,000,000 $125,000,000 $120,000,000
Balance Sheet as of December 31, 2022
Balance Sheet as of December 31, 2023
LIABILITIES AND EQUITIES
EQUITIES
Patronage capital
Donated capital
TOTAL EQUITIES
LONG-TERM LIABILITIES
Notes payable, less current maturities
Accrued postretirement benefits
Right of use liabilities
TOTAL LONG-TERM LIABILITIES
CURRENT LIABILITIES
Current maturities of notes payable
Current maturities of right of use liabilities
Accounts payable - purchased power
Accounts payable - other
Consumer deposits
Accrued taxes
Deferred credits
Other current liabilities
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES AND EQUITIES
$85,009,991 3,440,489 88,450,480 47,154,029 724,563 222,080 48,100,672 2,091,355 102,415 4,296,114 1,036,998 232,434 2,167,295 127,746 735,466 10,789,823
$147,340,975
PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT 9
Statement of Revenue and Expenses
for the year ended December 31, 2023
OPERATING REVENUES
OPERATING EXPENSES
Cost of power
Distribution expense - operations
Distribution expense - maintenance
Consumer accounts and sales expense
Administrative and general
Depreciation
Taxes
TOTAL OPERATING EXPENSES
OPERATING MARGINS BEFORE FIXED CHARGES
Interest on long-term debt
OPERATING MARGINS AFTER FIXED CHARGES
Capital credits from associated organizations
OPERATING MARGINS
NON-OPERATING MARGINS
Interest and dividend income
Loss on disposition of assets
Other expense, net
TOTAL NON-OPERATING MARGINS
NET MARGINS FOR YEAR
$73,670,416 49,772,046 5,876,141 2,579,853 1,513,079 2,351,119 4,367,899 1,629,077 68,089,214 5,581,202 2,161,191 3,420,011 2,850,387 6,270,398 167,820 (88,005) 6,924 86,739 $6,357,137 10 PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT
Statement of Cash Flow for
the year ended December 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES
Net margins
Adjustments to reconcile net margins to net cash provided by operating activities:
Depreciation of utility plant
Amortization in postretirement net periodic benefit cost
Patronage allocation from associated organizations
Loss on disposition of property
Changes in assets and liabilities:
Accounts receivable (net)
Materials and supplies
Prepayments
Deferred charges
Accounts payable
Deferred credits
Accrued postretirement
Accrued liabilities
Consumer deposits
Net cash provided by operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Extension and replacement of plant and non-utility property, net of salvage and removal costs
Patronage redemption and cash patronage proceeds
Net cash used by investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from notes payable
Payments on notes payable
Reassignment of patronage capital
Patronage capital credits retired
Net cash used by financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
17,336 (18,579) 618,291 (993,967) 104,523 (66,023) 129,709 1,818
6,886,554 (7,740,625) 2,197,918 (5,542,707) 4,000,000 (1,994,845) 181,194 (2,891,740) (705,391) 638,456 9,076,564 $9,715,020
Cash and cash equivalents at end of year $6,357,137 4,367,899 (39,200) (2,850,387) 88,005 (830,008)
PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT 11
BOARD OF TRUSTEES
Your board of trustees, elected by the membership, oversees the president/CEO, sets company policy, and monitors finances of the cooperative. They receive education and training to help best serve the members of Pioneer Electric Cooperative.
PIONEER
CONTACT
800-762-0997
www.PioneerEC.com
MAIN OFFICE
344 West U.S. Route 36 Piqua, Ohio 45356
DISTRICT OFFICE
767 Three Mile Road Urbana, Ohio 43078
OFFICE HOURS
8:00 a.m.– 4:00 p.m.
BOARD OF TRUSTEES
Terrence A. Householder
Chair
Colleen R. Eidemiller
First Vice Chair
Roger J. Bertke
Second Vice Chair
John I. Goettemoeller
Secretary
Mark A. Bailey
Treasurer
Robert Billings
Ted R. Black
John H. Vulgamore
Wade H. Wilhelm
Trustees
Ron L. Bair
Orville J. Bensman
Ronald P. Clark
Harold T. Covault
Donald D. DeWeese
Duane L. Engel
Dwain E. Hollingsworth
Douglas A. Hurst
Edward P. Sanders
Paul R. Workman
Trustees Emeritus
Ronald P. Salyer
President/CEO
Front row (L-R): John Vulgamore, Ted Black, Colleen Eidemiller, Robert Billings, and Wade Wilhelm; Back row (L-R): Roger Bertke, John Goettemoeller, Terrence Householder, and Mark Bailey
RURAL ELECTRIC COOPERATIVE, INC.
12 PIONEER ELECTRIC COOPERATIVE 2023 ANNUAL REPORT
