Management Strategies
Enterprise Risk Management Strategy - The Lite Program for Your Utility
Just because your utility or electric coop is small or mid-sized does not mean you cannot have a formal enterprise risk management (ERM) “lite” program. An ERM program merely formalizes things you do as a regular part of business and places a robust protocol around mitigating risk and documenting the approach.
Would an “Enterprise Risk Management Lite” approach work in your co-op or utility?
Using an “ERM lite” program is an approach that any organization can use, whether you are a staff of one or twenty. The lite approach has many elements of a more formal program. Here are some insights into the elements that go into a program that can be a unique fit and help you sleep at night by planning for potential events. The lite approach, in many cases, puts a more formal touch on things you are doing already.
Trying to Increase Electric Rates but Your Board Says “No”? Here Are Options
If your electric utility board will not increase rates timely, then what areas of the budget can be adjusted without impacting reliability? A rate increase voted down opens the door for "Plan B", the fallback plan. But, what is the fallback plan? This article discusses some Plan B approaches to save your utility’s budget and maintain reliable service.
The Board's Role in Managing the Utility Bond Rating
Are lines blurred in your utility over financial responsibilities? The responsibility for the bond rating is part of the role of the utility's Board of Directors through the approval of budgets, electric rates, and short and long-term strategy. The better the bond rating, the lower the interest rate and more funds are retained by the utility vs. paid to bond holders. What are strategies to follow? Here are some insights.