Wisconsin System Thanks CFC for Emergency Support

CEO Sheldon Petersen recently was presented with a plaque by Washington Island Electric Cooperative in gratitude for CFC’s timely financial support last year when the 900-member distribution system lost power from a 20,000-foot submarine cable connecting it to the mainland.

Handcrafted from wood that originated on Washington Island and bearing a slice of the transmission line, the plaque reads, “In grateful appreciation for your invaluable assistance and support during our submarine cable emergency.” The cooperative also expressed appreciation for CFC Regional Vice President Sarah Bullock and Associate Vice President Jennifer Mink in their efforts to expedite funding and assist during the crisis.

Emergency Line of Credit Covers Co-op

CFC had rapidly approved a $4 million emergency line of credit to help the cooperative replace the cable. The price tag for the replacement was a huge burden on the tiny system, which has since been alleviated thanks to a disaster aid grant from the state. However, CFC’s credit extension at the time of the crisis has not been forgotten.

“Dealing with CFC was reassuringly easy,” said Washington Island Electric Cooperative General Manager Robert Cornell last year. “We had enough to worry about in keeping the lights on and figuring out next steps without the added concern of where money would come from.”

He added: “Having a lender like CFC backstopping us has been incredibly important. CFC knows us, and has been right there for us from day one.”

Read More About the Incident

See “Washington Island: On the Road to Recovery—With Support from CFC” in the Nov. 5, 2018, issue of Solutions News Bulletin.