|Vol68-5 May 2018|
The groundwork for a stronger future
SMECO’s customer-members and community stakeholders can count on the Cooperative’s employees to be advocates of civility, and to live and work by SMECO’s core values of integrity, accountability, innovation, commitment to the community, and safety. As a good community steward that is committed to exceeding its customer-members’ expectations, the Cooperative works diligently to find new ways to leverage technology to enhance the customer experience and drive efficiencies in business operations.
In 2017, SMECO and its members saw many changes, most notably the smart meter deployment, which positively impacted every member in Southern Maryland. Not only do smart meters bring instant benefits to the Cooperative and its members, they open up many additional opportunities to provide better service to our members and to put more power in their hands. The smart meter is just one of many technological advances implemented in 2017 meant to empower members and identify issues before they have an impact on service.
While SMECO works to improve reliability and provide competitively priced electricity, ensuring financial stability and sustainability is also important for the Cooperative. One way SMECO is seeking to ensure financial stability is to secure private funding for the Cooperative’s loans through private investment companies. In 2017, the accounting team worked with Fitch Ratings Inc. to determine SMECO’s strengths and weaknesses, and to receive a base credit rating. This credit rating will help the Cooperative place its loans with private investing companies. In December, the Board of Directors approved a private-placement agency to pursue, negotiate, execute, and deliver all necessary documents to issue and sell notes in a private placement transaction.
Whether we are implementing advances in technology, improving efficiencies and customer service, or finding new sources of financing, your Cooperative continues to lay the groundwork for a strong future.
Richard A. Winkler, Chairman of the Board
Austin J. Slater, Jr., President and CEO