Co-op News

Valley Electric Association CEO Wins Top Honor

By Marcia Gaysue | ECT Staff Writer Published: May 2nd, 2014

Electric Light & Power, a national energy trade publication, has named Tom Husted, chief executive officer of Nevada’s Valley Electric Association, its 2013 Small Utility CEO of the Year.

Tom Husted

Tom Husted

The award acknowledges executives who have expanded profitability, utility reliability, employee support, customer satisfaction and community involvement. Husted was recognized in the small utility category, which included CEOs from utilities serving fewer than 400,000 consumers.

“I believe this award reflects the substantial growth and success VEA has experienced in recent years, which would not have been possible without our hard-working and dedicated board of directors, staff and community partners,” Husted said.

Husted, who has more than 30 years of experience in the utility industry, joined the Pahrump-based co-op in 2006. During his tenure, he nearly doubled the co-op’s assets from $159 million in 2008 to more than $314 million in October 2013.

In 2012, the co-op won more than $100 million in new service contracts. These contracts, alongside other key efforts by VEA, contributed to generating additional revenue and averting rate increases for the cooperative’s members. VEA’s current financial forecast does not call for a rate adjustment until 2018, representing nearly a decade of rate stability, Husted said.

“Several good candidates with impressive track records were nominated for this award,” said Teresa Hansen, managing editor of Electric Light & Power. “The magazine’s editorial staff selected Mr. Husted, because VEA has grown significantly in revenue, value, assets and workforce under his leadership, while keeping members’ electricity rates low,” she said.

Last year, VEA completed a 15-year transmission project and became the first out-of-state utility to join the California Independent System Operator Corp., which will open the door to a host of new renewable energy projects in southwestern Nevada.

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