2024
PIONEER
ELECTRIC COOPERATIVE
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:
88 88
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.
Guided by
15,000+ miles of line
2,808 member-consumers
Compared to an average score of 75 for municipal utilities and 74 for investor-owned utilities. cooperative principles
7 board trustees, members of the cooperative, are elected to represent the entire membership.
9
89 YEARS OF SERVICE
Reflecting on 2024: A
year of transition, dedication
and community
As we look back on 2024, one thing remains clear — Pioneer’s success is driven by the unwavering support of our members and the hard work of our dedicated employees.
In 2024, the engineering and operations team successfully brought the Salyer Substation — formerly Union Substation — online in early September. This completion ensures continued reliable service to large warehouses, manufacturing facilities, and members in and around the city of Union, while also providing contingency support for members in southern Miami County.
We renewed our commitment to community through engagement and education. We reintroduced tabletop safety demonstrations in local schools, helping students understand the dangers of electricity. Additionally, we brought back our large-scale safety demonstration, engaging local fire departments, EMS, contractors, police, transportation departments, city workers, and others who work near potential electrical hazards.
Expanding our community presence, we participated in trade school competitions, career days, touch-a-truck events, local parades, and more.
All of these efforts highlighted our dedication to safety throughout our communities.
Outside of our own communities, we were able to provide mutual aid to other cooperatives and AES when called upon throughout the year.
We also welcomed eight new team members and experienced a leadership transition following the retirement of our former CEO, Ron Salyer, who dedicated 27 years of service to Pioneer. These new employees, including new CEO Tom Musick, represent the future of our workforce and the forwardthinking vision of our cooperative. With guidance from longtime employees, these new employees will gain skills and knowledge necessary to sustain our operations for years to come.
One of our most notable achievements was maintaining an 88 on the American Consumer Satisfaction Index for two consecutive periods. This score reflects the trust, confidence, and satisfaction of the members we serve daily and confirms the member-focused commitment of our employees.
The strength of our cooperative lies in its people — from the members who rely on us to the employees who dedicate themselves to serving our members and community.
As we look ahead, the challenges and achievements of 2024 have reinforced our dedication to serving our members with safety, reliability, and community at the forefront of everything we do.
EMPLOYEES MAKE THE DIFFERENCE
Pioneer Electric Cooperative is proud that members who call the co-op speak to live people. Our dedicated, local member services representatives take the front line in communications, taking calls related to outages, member questions, high bill concerns, and more.
All co-op employees know that every interaction with members matters, and maintain professionalism and a focus on members’ needs. phone calls answered
16,700 + service orders completed
1,800
COMMUNITY COMMITMENT
From career days and safety demonstrations to our three-day Energy Camps for kids, member appreciation events, and more, we greatly increased our presence in the community in 2024.
IN 2024, TOGETHER WE PROVIDED...
SCHOLARSHIPS
$8,000 in scholarships was awarded to ten children of members.
ECONOMIC DEVELOPMENT
$12,100 was contributed to economic development projects in Champaign, Miami, and Shelby counties.
REBATES & INCENTIVES
184 residential rebates were provided to members for a total of $56,700 in rebates.*
*Cost is shared with Buckeye Power
CAPITAL CREDITS
$3 million was returned to current and former members in 2024. Pioneer has returned more than $60 million over the years.
SAFETY + COOPERATION
CREW OBSERVATIONS
112
Supervisors complete crew observations to ensure work was being done safely.
LARGE-SCALE SAFETY DEMONSTRATIONS
4
Reaching more than 130 first responders, city workers, and home school students.
INSTANCES OF MUTUAL AID
7
SCHOOL SAFETY DEMONSTRATIONS
14
Reaching nearly 400 school students.
Logan County Electric Cooperative
Midwest Electric Cooperative
Farmers Rural Electric Cooperative (Kentucky )
AES (twice)
Broad River Electric Cooperative (South Carolina)
French Broad Electric Membership Corporation (North Carolina)
Pioneer Electric Cooperative sent lineworkers to assist other utilities seven times in 2024, up from four instances of mutual aid in 2023. These efforts included helping other cooperatives in Ohio and Kentucky, AES, and co-ops in areas in the Carolinas devastated by Hurricane Helene.
*Per member; excludes major outage events
UTILITY POLES
Total Poles Replaced:
To enhance reliability and for added growth, Salyer Substation, formerly Union Substation, came online in September 2024. Pioneer also energized service to the Sheetz gas station and designed more than 22 miles of distribution.
*Includes mowing brush areas and treatment of those rights-of-way
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 $76,621 for 2024
Deferred charges
Materials and supplies
Prepaid power costs
Prepaid expenses and other receivables
TOTAL CURRENT ASSETS
Balance Sheet as of December 31, 2024 $141,856,430 429,205 142,285,635 (48,563,405) 93,722,230 298,580 37,424,796 37,723,376 10,252,510 7,027,6611,236,739 328,837 1,785,145 20,630,892 $152,076,498
TOTAL ASSETS
TOTAL ASSETS
$152,000,000
$148,000,000
$144,000,000
$140,000,000
$136,000,000
$132,000,000
$128,000,000
$124,000,000
$120,000,000
ELECTRIC PLANT
$145,000,000
$140,000,000
$135,000,000
$130,000,000
$125,000,000
$120,000,000
$115,000,000
Balance Sheet as of December 31, 2022
Balance Sheet as of December 31, 2024
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 $88,328,936 3,647,209 91,976,145 47,431,769 617,985 188,804 48,238,558 2,214,563 109,776 4,841,754 1,057,973 215,065 2,269,823 323,345 829,496 11,861,795 $152,076,498
Statement
of Revenue
and Expenses
for the year ended December 31, 2024 $81,634,309 55,500,201 6,480,478 2,476,047 1,711,145 2,489,961 4,462,863 1,711,293 74,831,988 6,802,321 2,271,902 4,530,419 1,587,661 6,118,080 223,022 (88,075) 9,636 144,583 $6,262,663
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 income, net
TOTAL NON-OPERATING MARGINS
NET MARGINS FOR YEAR
Statement of Cash Flow
for the year ended December 31, 2024
CASH FLOW FROM OPERATING ACTIVITIES
Net margins
Adjustments to reconcile net margins to net cash provided by operating activities:
Depreciation of utility plant
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
Cash and cash equivalents at end of year $6,262,663 4,462,863 (1,587,661) 88,075 (609,254) (36,935) (311,350) 90,936 566,615 195,599 (106,578) 196,558 (17,369) 9,194,162 (8,474,372) 2,153,750 (6,320,622) 2,500,000 (2,099,052) 206,720 (2,943,718) (2,336,050) 537,490 9,715,020 $10,252,510
BOARD OF TRUSTEES
Orville
Ronald P.
Harold T. Covault
Donald D. DeWeese
Duane L. Engel
Dwain E. Hollingsworth
Terrence A. Householder
Douglas A. Hurst
Edward P.
Paul R. Workman
Trustees Emeritus
Thomas
John Vulgamore Champaign County | Treasurer
Roger Bertke Shelby County | 2nd Vice Chair
John Goettemoeller Shelby County | Secretary
Bill Clark Shelby County | Trustee
Mark Baily Champaign County | Chair
Ted Black Champaign County | OEC Rep.
Colleen Eidemiller Miami County | 1st Vice Chair
Robert Billings Miami County | Trustee
Wade Wilhelm Miami County | Trustee