BrightRidge earns 34th Clean Audit, posts strong customer growth in electric and broadband

CIUDAD DE JOHNSON — BrightRidge has received an unqualified, clean audit opinion from independent auditors Blackburn, Childers & Steagall for the 34th year running, reflecting a focused commitment on sound financial management and transparency.

BrightRidge’s Fiscal Year 2024 audit, covering through June 30, found no material weaknesses or significant deficiencies in BrightRidge’s financial reporting. In fact, a significant flaw in accounting controls or balances hasn’t been found in BrightRidge’s books for more than three decades.

“A clean audit demonstrates the dedication of a corporate team to fundamentals,” BrightRidge CEO Jeff Dykes said. “A 34-year run of clean audits is a bold testament to public accountability. BrightRidge is not just a public power utility. It has remained a cornerstone of regional development for more than 79 years.”

During the fiscal year, BrightRidge continued a recent trend of above average growth in its electric customer base, adding 1077 new customers. Broadband also continues to be a bright spot. The locally provided, nation-leading 10G broadband service saw sales soar by $3.89 million to $15.2 million.

“BrightRidge’s strong financial position allows us to be a leader in giving back to our customers,” Dykes said. “Whether Covid or the recent historic flooding, BrightRidge led the way in community giving and will continue to be here when our customers need us the most.”

BrightRidge also made significant reinvestments in infrastructure during the fiscal year, positioning the company to continue powering the region’s growth.

The company invested more than $16 million in fiber distribution network expansion as it completed its initial eight year plan a full two years ahead of schedule while developing further rural expansion plans through the Tennessee Middle Mile grant program, which was awarded in the current fiscal year.

In the electric division in FY 24, BrightRidge completed a $7.87 million reconstruction of its Northeast substation, purchased $2.4 million of distribution transformer inventory to enhance grid reliability and meet strong demand from residential developers, and invested $1.3 million into rebuilding 69 KV transmission lines between four substations.

Corporately, BrightRidge also paid $5.56 million in lieu of taxes to eight local governments in Washington, Sullivan, Carter, Greene and Unicoi counties. In all, BrightRidge serves more than 83,000 electric customers.

While the company experienced a strong fiscal year, it also faced challenges. In FY 2024, rising material costs, particularly in transformers, continued due to ongoing industry-wide supply chain disruptions.

BrightRidge also continues to manage revenue loss from departed industrial customers and increasing energy efficiency in the residential, commercial and industrial sectors. BrightRidge electric sold almost the same amount of kilowatt hours in 2024 as it did in 2014.