Ten years ago, a lot of questions and uncertainty clouded our vision of the future for the electric industry. We wondered about the shift away from coal generating resources, the place of natural gas in our supply mix, and the cost shift for highly demanded renewable resources. Electric Vehicles had barely penetrated the automotive markets and battery storage technology was far from utility scale. Though not all these questions have been answered, time has helped to clear some uncertainty and has provided direction within our vastly changing industry.
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Current financial data on the impact of COVID-19 on community-owned utilities reveals several national trends and the need to factor in case-by-case issues during the analysis. Above all, the data makes clear that the best strategy for a strong recovery is following the fundamentals of utility financial management: develop key financial targets, make a plan to meet those targets, and stay true to the plan.