Financial Highlights for 2025
By VEC Chief Financial Officer Caroline Mashia
The cooperative delivered steady financial performance in 2025, supported by continued growth in energy sales and lower operating costs.
Total kilowatt-hour sales increased 1.4% compared to 2024, continuing a multi-year trend of gradual growth. Over the past five years, kWh sales have increased 6.2%. This incremental growth continues to support financial stability.
For the year, the cooperative recorded net earnings of $5.3 million, approximately $500,000 below our target. The primary driver of this variance was an increase in the cost to procure energy. Wholesale power and transmission costs increased in 2025 due to regional market conditions. Market volatility and system peak management remain key cost drivers.
Operating conditions in 2025 were otherwise favorable. The year was marked by minimal storm activity, which helped limit restoration costs. Lower storm-related expenses provided some offset to higher energy costs and allowed crews to focus on system maintenance and reliability work.
The cooperative’s overall financial position remains strong. We continued to invest in system reliability, including approximately $1.2 million in FEMA-funded capital infrastructure projects. Standard & Poor’s affirmed the cooperative’s A+ credit rating with a stable outlook. A strong credit rating allows access to competitive power supply contracts, reduces credit requirements with ISO-New England, and lowers borrowing costs.
As we move into 2026, the cooperative remains well positioned, supported by steady load growth, disciplined cost management, and a strong credit profile.