ScottMadden Supports an Impressive Turnaround at EKPC with Strategic and Business Planning
ScottMadden has guided a number of utilities through strategy development and implementation processes. Contact us to learn how we can help support your strategic assessment and planning projects.
At a Glance
Strategic Planning
Conducted a strategic assessment and supported the organization through envisioning sessions, strategy discussions, and a board of directors retreat to develop a strategic plan
18 Business Plans
Developed 18 business plans across the cooperative to drive knowledge of and accountability for executing the strategic plan
Financial Strength
EKPC secured investment-grade credit ratings, the first established in the history of the cooperative, with Standard & Poor’s and Fitch
Challenge
East Kentucky Power Cooperative (EKPC), a large, not-for-profit generation and transmission cooperative with more than $3 billion in assets and more than $800 million in annual revenues, was facing difficult financial conditions. Leadership predicted they would not be able to achieve an investment-grade credit rating. ScottMadden was engaged to work with senior executives and the board of directors to develop a new strategic plan, to engage with management to operationalize this plan with specific initiatives, and to develop an integrated planning calendar to sustain strategic planning in the future.
Process
- Conducted a strategic assessment and supported the organization through envisioning sessions, strategy discussions, and a board retreat to develop a strategic plan
- Used a gap-based approach to strategic planning to help EKPC identify objectives for eight strategic priorities such as economic development, operational performance, and corporate governance
- Facilitated a corporate-wide business planning effort to operationalize the strategic plan with specific business initiatives, clear goals, and defined activities and timelines
- Assisted executive staff in collaborating to develop a balanced set of performance measures to ensure business plans and goals set throughout the organization aligned with the strategic plan
Result
- Developed 18 business plans across the cooperative to drive knowledge of and accountability for executing the strategic plan throughout the organization
- Focused the entire organization on the new strategic plan and instilled discipline for planning, initiatives, and budget execution
- Secured investment-grade credit ratings, the first established in the history of the cooperative, with Standard & Poor’s and Fitch
- Provided EKPC with the ability to execute an integrated planning process that sustains strategic planning and supports the executive team and board of directors’ objectives with annual business planning
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We don’t solve problems with canned methodologies. We help you solve the right problem in the right way. Our experience ensures that the solution works for you.