Changes to bylaws & resolutions approved at 2022 Annual Meeting

A change to Basin Electric’s bylaws was approved at the 2022 Annual Meeting of the Membership on Nov. 9.

The amendment increases the amount Basin Electric can hold as deferred revenue from the current $300 million until Dec. 31, 2023 (at which point the total could not exceed $200 million) to $500 million until Dec. 31, 2024 (at which point the limit would again be $200 million).

The Bylaws Review Committee, which is made up of one manager and one director from each district, reviews proposed amendments to the bylaws and provides recommendations to the membership. The committee met virtually on Sept. 8 to discuss the amendment. Members of the committee also elected Doug Hardy, CEO of Central Montana Electric Power Cooperative, as chairperson at that time. The committee met again on Oct. 7 and voted to recommend the revision to the membership.

“Basin Electric’s management team is grateful for the membership bringing this proposal forward and the work that Doug and the committee did to thoroughly evaluate the proposal,” says Basin Electric Senior Vice President and Chief Financial Officer Todd Brickhouse. “While the text of the bylaws refers to ‘deferred revenue,’ what the membership has established is better described as a 'rate stability fund,' which we will use to absorb cost shocks and hopefully avoid unexpected rate increases."

Members also approved minor edits and updates to the cooperative’s resolutions at the Annual Meeting. The edits were recommended for approval by members of Basin Electric’s Resolutions Committee at their meeting on Sept. 13. The committee also re-elected David Sigloh, director from Upper Missouri Power Cooperative, as its chairperson at that time.

The committee met again on Nov. 8 to address any additional resolutions or revisions that members brought forth, but there were none.

The committee is made up of directors from each of Basin Electric’s districts and a Basin Electric board member.

“The Resolutions Committee is essential to help ensure democratic member control of Basin Electric,” says Vice President of Government Relations Tyler Hamman. “The committee develops positions on legislation, public policy, and cooperative or industry-related issues that help guide the decisions and activities of Basin Electric staff and resources.”