As treasurer for Nodak Electric Cooperative, and on behalf of all the directors and employees of Nodak, thank you for your patronage in 2021. If you note our income statement, 2021 was an excellent margin year for your co-op. The addition of new industrial loads assisted in making 2021 a financially good year.

Total revenue for the 1.27 billion worth of kWh sales was $112 million. Other operating revenue added $1.7 million for a total reported revenue of $113.7 million. Total expenses were $109.7 million, the largest expense being wholesale power costs at $93.3 million. Additionally, nonoperating margins added $6.08 million, with the largest addition to nonoperating margins being a capital credit allocation from our power supplier. Total reported margins were $10.16 million for 2021. This larger-than-normal margin will result in a larger patronage allocation to our members that will be retired in the future. 2021’s capital credit retirement amounted to $2.06 million.

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