Newsletters > June 2005 Newsletter
News from the Northeast Power
This newsletter is to keep you informed of how the Board of Directors, Management and Employees of the Northeast Power are working to serve you. We want to continue to make ourselves available for your comments and suggestions. Please let us hear from you by calling 800-750-9277.
New Warehouse and Garage now under Construction in Wayne
Our Wayne crews presently work out of 3 different locations to park trucks and store materials. The material yard in Wayne has been undersized for many years. Over time, the increased demand for electricity has resulted in an increase in the size of materials, like poles and wire, needed to carry the load and improve reliability. This has brought about a corresponding increase in the size of the trucks and equipment needed to handle these materials. The District recently purchased 11 acres on the west side of Wayne near Pac-N-Save grocery. We are in the process of building a new warehouse and garage facility that will allow the two crews stationed in Wayne to consolidate their operations and materials. This will save considerable time each morning in ferrying trucks and loading materials out of different locales in town. The new facility is expected to be complete in the late fall of 2005 and we plan an ‘open house’ event to let customers see our operation and meet our employees.
Fiscal Year 2004 Audit Results
For your review, here are the FY 2004 Balance Sheet and Income Statement. We attained an ‘unqualified opinion’, which is the highest rating an audit firm can provide. The ‘unqualified opinion’ simply means that the auditors have determined management is being diligent in keeping the District’s financial records and that the financial statements below fairly represent the financial condition of the District. If we can answer any questions related to this information, then please call us.
Even though operating revenues for 2004 were slightly down by about $100,000 from the previous year, and the cost of purchased power rose slightly by about $30,000, we were able to reduce our operating expenses by over $550,000 in 2004 from 2003 levels. These savings will be given back directly to the ratepayers in 2005 because the District will fully absorb an increase in the cost of wholesale power of approximately $300,000 per year. Additionally, over $1.8 million was spent on additions to the electric plant in 2004 and $300,000 of debt was retired.
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