Each year, GVEC’s business plan lays a foundation not only for the year ahead, but also for our overarching five-year strategic vision. Our plan has been especially critical during COVID-19, Winter Storm Uri and current disruptions in global supply chains. Certainly, these adversities have forced us to be flexible and adjust where necessary, but the benefits of a dependable blueprint during difficult times are immense.
Planning for a Busy, Productive Year at GVEC
One of our most important marketing initiatives for 2023 will be continued promotion of GVEC as “one cooperative” offering multiple services. To that end, we’ve completely rebuilt our primary website for 2023 using the latest technologies. It’s a one-stop, user-friendly portal into all things GVEC, including our core product (i.e., electricity), and all our Beyond the Meter products and services (i.e., solar and battery storage solutions, electricians services, and AC/heating products and services).
Another important goal for 2023 is continued usage of the American Customer Satisfaction Index (ACSI®), an internationally recognized survey of consumer experiences. It provides invaluable feedback regarding the perceived quality and value of Cooperative products and services among those we serve. We appreciate the fact that our overall customer satisfaction score, rated directly by our members, was among the highest compared to publicly measured utilities in the 2022 ACSI survey of customers rating their own electricity provider.* We will strive to maintain those top ratings and use the data—both the positive and the less-than-favorable—to improve experiences for all GVEC customers and members.
Also in 2023, we’ll continue working to make consumer-level distributed energy resources (DERs) easier and more cost-effective to adopt. Such products include home solar, battery storage, EV charging systems and others. As DER implementation grows in coming years, these devices will become increasingly more important to helping maintain grid reliability and keeping rates affordable.
Additionally, our region is currently experiencing explosive growth. For this reason, we’ve planned numerous improvement and expansion projects to critical components of our electrical infrastructure in 2023. Some of these will be completed in 2023; others will be planned, designed and engineered for later completion. Our aim is not only to accommodate new electricity demand, but also to improve overall reliability. On the internet side, we’ve planned 6,700 new fiber passings to local homes and businesses. For wireless internet customers, we’ll be completing the final part of a three-phase plan to upgrade existing towers to Citizens Broadband Radio Service (CBRS), the gold standard of modern wireless internet technology.
Finally, although our financial standing is already strong, we’re targeting further improvement in 2023. Our goal is a return to pre-Uri positioning by 2025, and we feel good about our progress. Prudent financial management, robust margins and financial ratios, and steady, ongoing improvement to our credit ratings has made it possible. We feel extremely optimistic about where we are today, confident we’re well positioned to continue improving the quality of life across the communities we serve throughout 2023 and beyond. And we thank you for your support and continued belief in your Cooperative.
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