Electric cooperatives continue to be major economic contributors in communities across the country, according to the latest National Cooperative Bank Co-op 100 list.
Electric co-ops account for about one-quarter of the NCB Co-op 100 list for 2020, which ranks co-ops across various industries by revenue earned in 2019. Collectively, the 24 electric co-ops had $22.3 billion in revenue last year. In 2018, 24 co-ops also made the list with slightly higher revenues of $22.6 billion.
Energy and communications co-ops made up the fourth-largest sector on the list, behind agriculture with $127 billion in revenue, grocery co-ops with $30 billion and finance with $26 billion.
“Electric cooperatives were founded on strong relationships with member-consumers, but this ranking demonstrates the robust economic contributions they make to communities across the country,” said NRECA CEO Jim Matheson.
“Generation and transmission cooperatives and local distribution cooperatives alike are making strategic infrastructure investments to give communities the flexibility to adapt to tomorrow’s energy needs, investing $12 billion annually in the areas that they serve.”
Basin Electric Power Cooperative was the highest-ranked electric co-op at No. 17. Headquartered in Bismarck, North Dakota, the G&T earned $2.3 billion in revenue in 2019. Oglethorpe Power Corp., a G&T based in Tucker, Georgia, landed the 32nd spot with $1.4 billion in revenue.
Basin Electric’s facilities employ nearly 2,000 workers, making it “a major economic player in the communities it serves,” said Paul Sukut, CEO and general manager. “They also contribute million of dollars every year in taxes to the communities where they’re located and support those communities through numerous charitable giving donations.”
NCB releases its Top 100 list each October during National Cooperative Month.
“The cooperative sector continues to advance, playing an increasingly influential role in the national and global economy,” said Charles E. Snyder, NCB’s CEO.
The No. 1 co-op on the list remains CHS Inc. of Inver Grove Heights, Minnesota, a global agribusiness firm. Its 2019 revenues were more than $31 billion.
Victoria A. Rocha is a staff writer at NRECA.