Page 2 - AECI 2022 BALANCE AR copyright 2023

A balanced approach to power supply supports rural life MEMBER-

CONSUMERS 935K
Reliable, affordable and responsible electricity for rural America keeps homes cool

during summer heatwaves, warm during winter deep freezes, entrepreneurs open Distribution 51
for business and farms delivering the bounty of the land. Reliably and affordably cooperatives

supporting the way of life for rural electric cooperatives is not a luxury, it is a
foundational commitment Associated Electric Cooperative makes to more than Transmission

2.1 million people in Missouri, northeast Oklahoma and southeast Iowa. Associated cooperatives 6
works every day to deliver a reliable, affordable and responsible wholesale power

supply for its member-owners. In a world of extremes, Associated’s approach to
generating and delivering power offers a refreshing, bold and member-focused Associated

alternative. In a word – balance. Electric Cooperative

A unique cooperative business model
features specialization and accountability
at each tier of the system.

Table of contents

2022 financial and operational highlights ............................................................................................................................................................... 1
Message from the president of the board, CEO and general manager ................................................................................................................... 2
Associated Electric Cooperative board of directors ............................................................................................................................................... 3
Three-tiered service map ...................................................................................................................................................................................... 4
Associated’s transmission member-owners and their member distribution cooperatives ...................................................................................... 5
Associated Electric Cooperative executive team ................................................................................................................................................... 6
RELIABLE - Power balance meets members’ desire for dependable electricity ...................................................................................................... 9
AFFORDABLE - Protecting the bottom line for members ...................................................................................................................................... 15
RESPONSIBLE - Responsibly generating power is a way of life for our cooperative ............................................................................................. 21
2022 financial highlights ...................................................................................................................................................................................... 25
Independent Auditor’s Report and Consolidated Financial Statements QR code ........................................................................... inside back cover

Associated’s 2022 annual report was written, compiled and produced by the staff of Associated Electric Cooperative.
Editor: Mark Viguet • Designer: Glennon Scheid