PAHRUMP, Nev. – Valley Electric Association, Inc. (VEA), a member-owned electric cooperative based in Pahrump, recently released its 2013 Economic Impact Report, offering detailed information about the organization’s significant growth and ongoing contributions to Nevada.
The 31-page report covers a wide variety of topics, including VEA’s impact on economic development, employment and tax revenue. The report also features a section dedicated to the programs and benefits VEA provides to its members, in addition to information about the cooperative’s charitable efforts and expectations for the future.
“This report serves as a detailed overview of VEA’s recent accomplishments as an organization,” said Tom Husted, CEO of VEA. “At VEA, we take tremendous pride in creating new jobs and promoting economic development for the benefit of our member-owners and the region as a whole.”
Despite the economic downturn, VEA has managed to thrive in recent years while positioning itself for future growth, the report shows. This growth is evident in VEA’s hiring activity. The report’s employment section reveals that VEA’s workforce has grown by approximately 38 percent since 2010. In addition to the jobs created directly by VEA, the cooperative’s full-time workforce also supports 95 additional indirect and induced jobs in the region.
As a result of new federal contracts and VEA’s decision to join the California Independent System Operator Corporation (CAISO), the cooperative has created 13 new direct jobs since 2012, all of which are skilled or professional positions. VEA’s participation in the CAISO has also opened the door to a host of opportunities in the local renewable energy market.
Husted said VEA’s proactive business strategy has led to a variety of economic benefits, including increased spending and tax contributions. VEA’s assets nearly doubled between 2008 and October 2013, growing from $159 million to more than $314 million. Forecasted expansions are expected to create an additional $25 million in assets by the end of 2014.
The report also highlights the savings VEA members experience on their power rates. When compared to national residential rates from the U.S. Energy Information Administration, VEA’s residential members saved an average of 7.6 percent annually between 2008 and 2012. VEA’s residential members saved a total of $13 million during the five-year period.
“Providing our members with reliable, affordable power is a top priority for VEA,” Husted said. “This is why we have taken steps to maintain rate stability for years to come. In fact, VEA’s current financial forecast does not call for a rate adjustment until 2018.”
VEA also supports local communities through a variety of charitable endeavors, including the VEA Charitable Foundation, Operation Round Up and the annual VEA Scholarship Program. The cooperative contributed a total of $356,000 to charitable efforts from 2008 to 2012, supporting a number of programs and organizations.
In addition to highlighting VEA’s recent accomplishments, the report also serves to provide information about VEA’s future. With a variety of expansion projects on the horizon, Husted said VEA will continue to grow its employment base and promote economic development in the region.
“We look forward to continuing to pursue opportunities that will have a lasting impact on our home state,” Husted said. “VEA remains committed to building a brighter future for the communities we call home.”
To download VEA’s 2013 Economic Impact Report, visit www.vea.coop and click on the “News & Ruralite” section.
About Valley Electric Association, Inc.
Valley Electric Association, Inc. (VEA) is a member-owned nonprofit electric utility headquartered in Pahrump, Nev. While VEA started as a small rural electric utility in 1965, the company now provides service to more than 45,000 people within a vast 6,800-square-mile service area located primarily along the California-Nevada border, with the majority in Nevada. VEA’s service area starts in Sandy Valley, southwest of Las Vegas, and extends north for more than 250 miles to Fish Lake Valley. For more information about VEA, please visit www.vea.coop.