As an LPEA member and ratepayer, I’m concerned about where our co-op is headed financially. While LPEA leadership talks about saving money with new power deals, their own reports tell a different story.
In 2023, LPEA spent over $9 million on consultants, contractors and legal services. The CEO earns over $545,000 a year, and many top staff make more than $200,000. Meanwhile, administrative costs keep rising.
Board expenses also jumped to $291,000 in 2024 – up 43% from two years ago – with little explanation on how those costs are tracked or justified.
Next year’s capital project budget is $44 million, double what was spent the year before, even as LPEA’s cash reserves continue to drop. And members still haven’t been given a clear plan for how LPEA will pay the $209 million Tri-State contract buyout – or how it might affect our future rates.
LPEA is a member-owned cooperative, not a private company. It should be acting in the best interest of its members, with full transparency and accountability.
Before taking on more financial commitments, LPEA should explain how rising internal costs are being managed – and whether they’re canceling out the savings we’ve been promised.
Diana Boudreaux
Bayfield
