Today 's Power, Inc. (TPI) is a wholly owned subsidiary of the Arkansas Electric Cooperatives Inc, intended to supply alternate energy resources. TPI was formally established in November 2014 to serve Arkansas’ electric cooperatives as well as fellow cooperatives in neighboring states. As an integral part of the Electric Cooperatives of Arkansas, TPI provides a wide range of expertise and resources including engineering, procurement, development, and maintenance of solar, storage and electric vehicle charging facilities in Arkansas, Oklahoma, Tennessee, and Kansas.
TPI has deployed solar and storage projects for utilities, municipalities, higher education institutions, and business and industrial clients. TPI leverages its team, expertise in utility rates and structure, and utility experience in designing and developing systems that deliver optimal cost savings over the full life of the system.
As a wholly owned subsidiary of Arkansas Electric Cooperative, Inc., and directed by a ten-member board comprised of electric cooperative presidents, managers, and directors, TPI is financially stable. TPI has nearly $110 million in assets, generated over $1 million in revenue since March 2020 and employs 21 staff.
Electric Cooperatives of Arkansas
The 17 electric distribution cooperatives that serve more than 500,000 customers in Arkansas and surrounding states own Arkansas Electric Cooperative Corporation (AECC) and Arkansas Electric Cooperatives, Inc. (AECI), known collectively as the Electric Cooperatives of Arkansas. The distribution cooperatives serve 31% of Arkansas’ consumers and 62% of Arkansas’ land mass. Industrial customers account for approximately 34% of retail energy sales and residential customers make up approximately 51%.
AECC is a statewide wholesale supplier of electricity contracted through 2042 to be the all-requirements provider to the state’s 17 distribution cooperatives. AECI is the statewide association for the 17 distribution cooperatives.
AECC was incorporated in 1949 and has grown to nearly 3,500 MW of installed generation capacity consisting of more than 1,400 MW in three jointly owned coal-fired power stations operated by Southwestern Electric Power Company (SWEPCO) and Entergy Arkansas, LLC; 1,720 MW of gas-fired steam, combined cycle, and combustion turbines in seven power stations solely owned and operated by AECC; and 167 MW of hydro generation in three plants owned and operated by AECC. AECC also owns 73 MW of the 600 MW coal-fired supercritical Turk Power Plant operated by SWEPCO that began commercial operations in December 2012. In 2020, AECC generated nearly $740 million in annual revenue, had over $1.7 billion in assets and $786 million in long term debt. AECC’s load is in two different balancing authorities: the Southwest Power Pool and the Midcontinent Independent System Operator. AECC has 330 employees. AECC is the highest rated G&T in the country.
AECI is the nation’s largest statewide electric cooperative service organization, with assets of more than $538 million and more than $821 million in annual revenue, including three subsidiaries. AECI provides equipment sales, warehouse management, line and substation construction, right-of-way clearing and high-voltage testing for Arkansas and surrounding states; Arkansas Living magazine with statewide circulation of 400,000; and government relations, lobbying, safety training, public relations, and director training, all funded by profits from operations in lieu of dues from the member cooperatives. AECI has approximately 350 employees. AECI subsidiaries are Electric Research and Manufacturing Cooperative (ERMCO), Today’s Power, Inc. (TPI), and Arkansas Fiber Network (AFN).
ERMCO is a top-three transformer manufacturer with approximately $600 million annual revenue and 1,200 employees. ERMCO has set sales records every year since 2012 and returns significant financial dividends and patronage capital. GridBridge, a power electronics R&D company, was acquired by ERMCO in 2015 to develop products to serve the emerging smart grid market.
TPI, a developer of utility-scale solar, battery storage, and electric vehicle infrastructure, was formed in 2014 to hedge against revenue lost to solar providers and assist member cooperatives in providing distributed generation resources and electric vehicles and charging infrastructure to their members.
Arkansas Fiber Network (AFN) is a wholly owned subsidiary of AECI that provides transport fiber to the Diamond State Networks which is an association of fiber owning cooperatives in Arkansas as part of an effort to provide statewide broadband services.
Little Rock/North Little Rock, Arkansas Metropolitan Region
Arkansas encompasses a wide mix of business, agriculture, education, community, and natural beauty. Little Rock is the capital and the largest city in Arkansas with a population of more than 700,000 residents in the metropolitan region. It is situated in the “humid subtropical climate” with hot humid summers and mild winters.
In 2019, Little Rock’s population was nearly 200,000, cost of living was 84.9% of the national average, and the median detached home was about $240,000.
Arkansas is home to seven Fortune 500 companies, including, at the top of the list, Wal-Mart. Dillard's Department Stores, Windstream Communications, Simmons Bank, Bank OZK, Rose Law Firm, Central Flying Service and Stephens Inc. are headquartered in Little Rock.
Large companies headquartered in other cities but with a large presence in Little Rock are Dassault Falcon Jet near Little Rock National Airport in the eastern part of the city, Fidelity National Information Services in northwestern Little Rock, and Welspun Corp in Southeast Little Rock.
Little Rock and its surroundings are the headquarters for some of the largest non-profit organizations in the world including the Clinton School of Public Service and the William J. Clinton Presidential Library and Museum. One of the largest public employers in the state with more than 10,552 employees, the University of Arkansas for Medical Sciences, and its healthcare partners—Arkansas Children's Hospital and the Central Arkansas Veterans Healthcare System—have a total economic impact in Arkansas of about $5 billion per year and are located in Little Rock.
The Little Rock port is an intermodal river port with a large industrial business complex. It is designated as Foreign Trade Zone 14.
The President reports to TPI’s Boards of Directors and is responsible for directing the affairs and the employees of TPI to ensure all policies, orders, and resolutions of the Boards of Directors are carried into effect. It is essential that the President lead TPI and its projects in a manner that is collaborative and compliments the Electric Cooperatives of Arkansas’ membership.
Candidates for President ideally will have a Bachelor’s degree in business, economics, engineering, finance, or other related fields of study. Advanced degree in similar curricula is beneficial.
The most desirable candidates will have experience that includes diverse and progressively responsible supervisory and management assignments culminating in executive leadership in the utility industry with specific expertise in alternate energy resources and the integration into a broader power supply portfolio.
Industry knowledge should include electric generation and transmission, wholesale power supply, a proven track record of maintaining financial integrity, strategic planning and specifically planning future resources, and experience working in the footprint of an independent system operator or regional transmission organization. The President must be able to lead the organizations to continue to deliver competitive services and associated benefits to the Electric Cooperatives of Arkansas. It is important that the President understand and be committed to the cooperative principles.
The President must be innovative, forward thinking, and a visionary regarding alternate energy technologies.
AECC and the 17 distribution cooperatives are regulated by the Arkansas Public Service Commission (APSC), which encourages alternate energy. Although TPI is unregulated, it must operate in a manner consistent with Electric Cooperative of Arkansas regulation.
The Electric Cooperatives of Arkansas have been a leading force on proposed state and federal legislation and regulation. The President should be an industry leader with proven successful experience in government relations to contribute to that success.
The Electric Cooperatives of Arkansas operate in a collegial and collaborative manner. The President is expected to foster this culture by providing strong leadership to TPI staff with the goal of exemplary member satisfaction.
Candidates for President & CEO must be consensus builders, possess strong leadership and management skills, and have excellent oral and written communication skills, including an ability to articulate industry issues to various experts, legislators, regulators, and lay individuals. He or she must have the executive presence to comfortably represent TPI with all internal and external stakeholders.
Compensation & Relocation
Compensation is competitive with a full complement of fringe benefits.
Recruitment and Selection Process
Report on search, list of candidates, and resumes submitted: July 21, 2021
Board of Directors selects semi-finalists: July 28, 2021
Board of Directors interviews semi-finalists & selects finalists: August 9, 10 & 11, 2021
Board of Directors interview finalists: September 1 & 2, 2021
Employment negotiations with new President completed by: September 10, 2021