Based on its 2016 revenues of about $590 million, Pedernales Electric Cooperative was included among the country’s top cooperatives on this year’s annual National Cooperative Bank Co-op Top 100 list. This is PEC’s first time to make the list, which ranks cooperative businesses by revenue.
Cooperatives of all kinds were ranked, including businesses in the the agriculture, grocery, finance and healthcare sectors. The top 10 included familiar names such as Dairy Farmers of America, Land O’Lakes and ACE Hardware, but no matter the industry, all cooperatives adhere to the same business model and abide by seven cooperative principles.
“It’s suddenly become trendy in the business world to talk about empowering consumers and bringing people together to solve problems by crowdfunding and crowdsourcing,” PEC CEO John Hewa recently said. “That sounds pretty familiar to us — it’s something we’ve been doing for more than 75 years.”
Last year, PEC saw increased revenue due to a series of unexpected winter cold fronts, a hotter-than-expected summer and operational cost reductions. Approximately $8.1 million in capital credits and about $2 million in Revenue Adjustment Factor funds were distributed to members on their December 2015 electric bills.
This has been a banner year for the cooperative, which also ranked 15th in the nation among residential electricity providers and 10th among cooperatives in J.D. Power’s national customer satisfaction survey.