York Electric Cooperative
Overview
York Electric Cooperative (YEC) is a not-for-profit electric cooperative headquartered in York, South Carolina. It was established in March 1941 by a group of farmers and businessmen to bring electricity to rural York County. Today, YEC serves nearly 70,000 members in York, Chester, Cherokee, and Lancaster counties, with over 3,600 miles of power lines. The cooperative strives to improve the quality of life in its service areas by providing reliable electric service. Key individuals include Craig Spencer, the current President and CEO as of June 2024, taking over from E. Paul Basha upon his retirement.
Recent Developments
In recent years, York Electric Cooperative has been involved in several significant developments:
- January 2025: YEC's Board of Trustees announced a 6% increase in electric rates, effective February 2025, due to escalating supply and operational costs. The rate adjustment follows a decade of stable tariffs, reflecting challenges like rising material costs (up 70% since 2019) and significant wholesale power price increases.
- July 2024: Comporium assisted YEC in acquiring over $1 million through the South Carolina Accelerated Deployment Grant Program. This funding supports YEC’s ongoing broadband initiative, aiming to expand gigabit internet service to underserved areas, enhancing connectivity for over 5,000 members.
- May 2024: YEC received $10.8 million from Santee Cooper's Grid Resilience Grant Program to improve power infrastructure, aimed at reducing outages and improving service reliability in extreme weather events.
- June 2024: YEC completed its Rural Internet Project, a collaboration with Comporium, bringing high-speed internet to approximately 5,000 homes through the installation of nearly 600 miles of fiber-optic cable in western York and Cherokee counties.
- March 2024: Craig Spencer was appointed CEO of YEC, succeeding E. Paul Basha, who retired after 34 years of service. Spencer has been with YEC since 1992 and previously served as VP of Engineering.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | March 1941 |
| Headquarters | York, South Carolina |
| Founders | Local farmers and businessmen |
| Revenue | Approximately $43.1 million (as reported) |
| Key Investors | Not specified, but partners with Comporium for broadband initiatives |
| Industry | Electric Utility |
| Number of Employees | Approximately 107 |
Early History
York Electric Cooperative was founded in 1941 during an era when many rural parts of the United States were without electricity. It was initiated by a determined group of local farmers and entrepreneurs who, recognizing the essential need for electric power in rural York County, took it upon themselves to create a cooperative. Initially, YEC served just 553 members but rapidly expanded as it laid down infrastructure to bring electricity to rural communities. By the end of 1941, the cooperative had constructed 189 miles of distribution lines.
Company Profile and Achievements
YEC operates as a member-owned cooperative with a primary focus on providing reliable, affordable electricity to its members while also investing in community development and educational initiatives:
- Business Model: As a cooperative, YEC is owned by its members who purchase electricity, ensuring operations are aligned with community interests rather than profit.
- Infrastructure Development: YEC has consistently invested in modernizing its infrastructure, including deploying advanced metering technologies and upgrading substations.
- Community Engagement: The cooperative has launched various educational programs, scholarship opportunities, and community projects like the Rural Internet Project.
- Environmental Initiatives: YEC promotes energy efficiency and supports renewable energy projects within its service area.
- Recognition and Community Impact: Known for its involvement in community development, YEC has been pivotal in economic growth and positively influencing the local quality of life.
Current Operations and Market Position
Currently, YEC is focused on maintaining a reliable power supply amidst increasing economic and regulatory challenges. The cooperative is leveraging its partnerships, such as with Comporium, to expand critical services like broadband internet, thereby promoting technological advancement in its rural territories. YEC's competitive rates and strong community ties position it well against both regional and state-level energy providers, exemplified by its efforts in energy resilience and infrastructure enhancements.
Conclusion
York Electric Cooperative continues to be a vital player in South Carolina's energy landscape. Its commitment to balancing affordability with service quality and community impact ensures its significance in the energy sector. As YEC adapts to new challenges such as rising costs and environmental regulations, its strategic focus remains on enhancing infrastructure, expanding services like broadband, and achieving greater energy efficiency. Guided by local leadership and community-centric values, YEC is poised to meet the future needs of its members while fostering economic and social development in its service areas.