GRDA “We pledge to assist in area economic development …”
Adding a new layer to the commitment
“We pledge to assist in area economic development …”
Those words – appearing in the middle of the Grand River Dam Authority’s mission statement – represent an important commitment to GRDA customers, stakeholders and the state of Oklahoma. Through its generation and transmission of low-cost, reliable and abundant electricity, as well as its management of 70,000 surface acres of lake waters (at no cost to Oklahoma taxpayers) GRDA has been an important economic development engine for many decades. Now, a new economic development effort, intended for the 16 Oklahoma communities that purchase their wholesale electricity supply from GRDA, is adding a new layer to this commitment.
Grand River Dam Authority Industrial Economic Development Consultant Tom Gray speaks during a GRDA customer meeting September. A new effort by GRDA is geared towards helping its customer communities explore their economic development opportunities.
Earlier this year, GRDA contracted with Retail Attractions LLC, as well as Smith & Gray LLC (industrial development) to help these communities with economic development planning. Already, these communities have the advantage of being “public power” with utility operations that are designed to match local resources with local needs and electricity rates that are, on average, lower than investor-owned utilities. The goal of the new GRDA economic development effort is to help these communities couple their public power advantage with visioning, planning and the resources and expertise the consultants can bring.
In a typical year, GRDA’s 16 municipal customers combine to generate $150-plus million in retail electric revenues. This happens because they purchase electricity from GRDA at wholesale rates and resell to end users at retail rates. The profit from those sales then stays in the community and helps fund other city services, at no cost to tax payers. Through new economic development, not only can this public power benefit grow even larger, but so can the community’s tax revenues as more retail and industrial development moves in.
For GRDA and its customer communities, it’s all about the “power of power” in Oklahoma.
Headquartered in Vinita, GRDA is Oklahoma’s state-owned electric utility; fully funded by revenues from electric and water sales instead of taxes. GRDA’s low-cost, reliable power touches 75 of 77 counties in the state. At no cost to Oklahoma taxpayers, GRDA also manages 70,000 surface acres of lakes in the state, including Grand Lake, Lake Hudson and the W.R. Holway Reservoir. Today, GRDA’s 500 employees continue to produce the same “power for progress” that has benefited the state for 75 years.
The post GRDA “We pledge to assist in area economic development …” appeared first on Grand Lake Business Journal.com.