As I look back on 2024, it was a successful year for Wayne-White Electric. In 2024, we continued our line maintenance program by changing poles and upgrading wires to keep the distribution system in good shape. We have also continued our vegetation management program to reduce tree related outages. Projected to end 2024 with margins above budget, the cooperative remains financially strong.
2024 has had some challenges. We were not successful in receiving any of the federal grants that we applied for. As you recall, these grants were to install battery storage systems at a few of our substations. The plan is to continue to explore this project to help control power costs and improve reliability.
We have also seen outages on the transmission system increase, that affects many of our members. Some of these outages are not avoidable, such as when a car hits a pole or when animals get into substations, but we will continue to work with Hoosier Energy to reduce the impact of these outages with automated switching.
As we budget for 2025, the costs that we incur to operate the distribution system have stabilized. Costs for materials, poles, wire and transformers have leveled off. We are not seeing the dramatic increases that we experienced over the past few years. Our power costs have stabilized as well. Hoosier Energy is not projecting any increases for next year.
With these reduced cost pressures, I am happy to announce that we will not need a rate increase in 2025.
If members ever have any questions or concerns, my door is always open.
As always, the board, staff, and all the employees continue to strive to serve our members with affordable and reliable electricity.