As your town owned electric utility, PMLD is continuously improving its business operations and service quality, while maintaining the lowest possible rates for our customers. These goals have not changed in 1998 and PMLD will continue to focus on them in the future. PMLD's low electricity rates have remained unchanged since November 1993. They continue to be lower than most of the surrounding municipalities and larger investor owned utilities. This positions us very favorably as we watch the state transition its regulated utility industry to an open and competitive market place.

The Town of Princeton's energy requirements peak during the winter months. This year we experienced a peak load of 3,468kW in December 1998. Our overall "kWh" sales reached 13,321,489 this year and continue to increase approximately 2% annually due to new construction and increased energy consumption. At the end of the year PMLD had 1,521 meters installed with almost 93% of them residential type. PMLD has completed many system upgrades, preventive maintenance, and emergency corrective maintenance on our electrical distribution systems throughout the year.

The "Richard Wheeler Wind Farm", constructed in 1984 is still owned, operated, and maintained by PMLD. This power plant is now 14 years old and its eight 40KW wind machines continue to provide energy to the surrounding community. In 1998 the wind farm produced approximately 150,000 kWh. This equals the annual energy consumption of approximately 25 households.

PMLD continued to purchase a large amount of hydroelectric energy this year. Our primary source of hydroelectric power is from the St. Lawrence/Niagara power plant in New York. Our other source of hydroelectric energy is from four local, small-scale hydroelectric power plants. Both renewable energy resources are purchased at a reduced cost, compared to our bulk energy contract. This unique financial arrangement allows PMLD to provide its customers with approximately 32% of their total energy from renewable sources.

It was a year of significant change for PMLD. In May our general manager, Sharon Staz, left PMLD after 12 years of devoted service. Sharon's hard work, dedication and knowledge have allowed her to take on greater responsibly with a larger municipal utility in Kennebunk, ME. We outgrew the town-owned building behind Bagg Hall and moved to the Mountain Greenery Facility at 168 Worcester Road in October, under a lease purchase agreement. With the addition of a three-bay garage, the PMLD staff brought this modern facility into full operation in December. Our new manager, Jonathan Fitch, joined PMLD in November, and brings a new set of engineering and utility management skills to PMLD. We ended 1998 with 6 full time employees and one part time employee.

PMLD is preparing for 1999 and beyond by continuing to upgrade the distribution system, improve our customer relationship skills, offer new services, and effectively responding to our customers and the community. As a small municipal utility, owned by its ratepayers, PMLD is keenly aware of our owner-customers and their individual needs. As a new, highly competitive market emerges from deregulation, PMLD will continue to deliver the lowest possible rates and excellent customer service.

Respectfully Submitted,

 
Jonathan Fitch
General Manager

 
Board of Light Commissioners:

Walter Zimmer, Chairman
James Whitman, Secretary
Andy Olesin