Based on its 2016 revenues of about $566 million, Pedernales Electric Cooperative was ranked for the second year in a row among the country’s top cooperatives on this year’s annual National Cooperative Bank Co-op 100 list. PEC moved up four spots from last year’s ranking.
The list ranks cooperative businesses by revenue. Cooperatives of all kinds were ranked, including businesses in the agriculture, grocery, finance, and health care sectors. The top 10 included familiar names such as Dairy Farmers of America, Land O’Lakes, and ACE Hardware.
Across industries, all cooperatives share the same business model and abide by seven cooperative principles. Cooperatives such as PEC are owned and controlled by their members and a board of directors. The board is democratically elected by the membership and sets the cooperatives’ policies and procedures. Cooperative members benefit from shared profits through capital credits, and the communities they serve are enriched through local programs.