Budget, rates set for ’24 by wholesale provider Great River Energy

The board of directors for Steele-Waseca Cooperative Electric’s wholesale power provider recently met to determine its budget and wholesale electric rates for 2024. 

Great River Energy’s (GRE’s) average 2024 wholesale rate is projected to increase by an average of 2.2% from the 2023 budgeted rate. 

“Our rates remain nearly 20% below the regional weighted cost of wholesale electricity, though we are certainly experiencing cost pressures due to supply chain issues and inflation,” said GRE Vice President and Chief Financial Officer Michelle Strobel. 

Many of the local distribution cooperatives that purchase wholesale electricity from Great River Energy continue to face cost pressures due to supply shortages and inflation. 

“Thoughtful budgeting is critical to serving our member-owners with energy that is safe, reliable, environmentally responsible and affordable,” said Strobel. 

Great River Energy is budgeting for revenue and expenses of approximately $1 billion in 2024. As a not-for-profit cooperative, GRE collects just enough revenue to cover its costs, with a small margin to operate the business. All margins are returned to the membership over the long term.