Grand River Dam Authority News Release
For immediate release: 4/13/11
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GRDA CEO to take position in
private industry Vinita – Grand River Dam Authority Chief
Executive Officer Kevin Easley announced today that he would be resigning his
post to pursue an opportunity in the private sector. The announcement came
during the April meeting of the GRDA Board of Directors. “I am very proud of
everything we have done at GRDA,” said Easley. “However, I have had an offer
in the private sector that I simply can’t refuse.” |
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GRDA CEO Kevin Easley |
Calling it a “good time
for a transition” Easley added that the new gubernatorial administration should
have an opportunity for input into who it would like to see as the next leader
of GRDA.
“I have had the
opportunity to serve with a tremendously progressive board, a great executive
staff and hardworking employees at GRDA,” he added.
Among the accomplishments
during Easley’s GRDA tenure are:
- Increasing
bond ratings from BBB+ (negative outlook) to A (stable outlook), saving
GRDA ratepayers millions of dollars in lower interest costs and prompting
Warren Buffet’s Berkshire Hathaway to insure GRDA’s 2008 bond issue.
- Recognized
by credit rating agencies for successful negotiation of long-term
contracts with customers, acquisition of a new power plant (Redbud Gas
Plant) which resulted in greater diversification of the GRDA generation
portfolio; and the addition of new customers to the GRDA system
- Maintaining
the lowest electrical costs in Oklahoma and among the lowest in the
Midwest
- Development
of Shoreline Management Plans (SMP) for both Grand and Hudson Lakes
(originally promised to the Federal Energy Regulatory Commission (FERC)
in the early 1990s)
- Established
of a GRDA Ecosystems Management Department which resulted in halting
illegal dumping and runoff into lake waters; shoreline cleanup and
enhancement efforts; and recognition by FERC as a model for other lake
management organizations
- Upgrading
aging facilities and GRDA infrastructure to meet federal requirements,
including construction of the GRDA Ecosystems Center in Langley and the
complete refurbishment and expansion of the GRDA Energy Control Center in
Locust Grove.
- Modernization
of GRDA’s Information Technology functions to meet federal requirements
- For
the first time in GRDA history, the promulgation of administrative act
rules
- Updated
tariff reimbursements with the Southwest Power Pool
- Increased
GRDA’s electric reliability standards to meet the latest FERC regulations
- Implementation
of modernized GRDA purchasing and procurement procedures
While he is proud of
these accomplishments and the recognition received from rating agencies and
Wall Street during the utility’s financial turnaround, Easley added that
recognition from within the power industry itself has also been a reinforcement
of the positive efforts of the GRDA Board and executive team in recent years.
“The March 2009 issue of Public Power magazine [attachment] profiled GRDA as a ‘reputation
rebuilt’ and highlighted our turnaround,” said Easley. “I’m glad I was able to
be part of that effort during a significant period in GRDA’s history.”
Easley added that he is
also proud of the upcoming GRDA double-digit rate reduction plan, also
announced at the April GRDA Board of Directors meeting. At a time when other
utilities are raising rates, GRDA plans to roll back its rates to December 2009
levels.
“I think it’s a good way
to close out my tenure at GRDA,” he said. “Rate reductions don’t happen without
solid planning and good effort. It’s great for our customers and further illustrates
the good things we were able to accomplish here over the years.”
Because of such efforts,
Easley admits he leaves with mixed emotions.
“On one hand, I would
very much like to stay and continue working with this progressive board, the
executive team and all GRDA employees,” he said. “But on the other hand, the
opportunity I’ve been given to move into the private sector comes at a good
time for me and my family, and I simply cannot turn it down.”
Easley began his tenure
as GRDA CEO in March 2004. Under the terms of his agreement with the GRDA
Board, he will remain with the utility until July 31. GRDA Board Chairman David
Chernicky announced that the board will begin a national search for Easley’s
replacement.
Contact:
Justin Alberty, Corporate Communications Director
Grand
River Dam Authority, (918) 256 5545
jalberty@grda.com - www.grda.com