2025 Corn Belt Power Annual Report

CORN BELT POWER COOPERATIVE

David Onken President, Corn Belt Power Cooperative Board of Directors

Jacob Olberding Executive Vice President and General Manager

At Corn Belt Power, our work is rooted in connection — connecting power to communities, partners to shared goals, and people to a purpose greater than themselves. In 2025, that purpose guided every mile rebuilt, every storm restored, and every partnership strengthened.

Reliability continues to be a top priority. Throughout the year, our crews rebuilt more than 55 miles of transmission line across the system, reinforcing the infrastructure our members and their member-owners depend on every day. These investments — supported in part by the value we realize through our participation in the Southwest Power Pool — ensure we are building not only for today, but for the demands of tomorrow. With more than 55 miles rebuilt in 2025, and nearly 60 additional miles of transmission rebuilds planned, that momentum continues into 2026.

From restoring service during blizzard conditions to providing mutual aid to neighboring cooperati ves, our teams demonstrated what it truly means to be connected by purpose — standing together when it matters most.

Our commitment to reliability was tested more than once in 2025. Severe winter storms and spring weather events challenged system operations and safety, yet time and again our employees rose to the occasion. From restoring service during blizzard conditions to providing mutual aid to neighboring cooperatives, our teams demonstrated what it truly means to be connected by purpose — standing together when it matters most.

Safety remains a top priority at Corn Belt Power. In 2025, we continued to strengthen our safety culture by enhancing our safety program and, for the first time, participating in the Rural Electric Safety Achievement Program.

RESAP, administered by the National Rural Electric Cooperative Association and the Iowa Association of Electric Cooperatives, provides a nationally recognized framework for identifying risks, addressing hazards, and implementing effective controls. Used by more than 675 electric cooperatives nationwide, the program helps organizations evaluate and improve safety practices across all levels of operations.

Working in coordination with our statewide association, Corn Belt Power completed the initial RESAP process in 2025. The assessment helped identify opportunities for improvement while also affirming areas where our safety practices exceed expectations — reinforcing our commitment to protecting employees, partners, and the communities we serve.

In 2025, our focus drove important investments at Wisdom Station. Modernized control systems, upgraded protective relays, and fuel system tuning strengthened the connection between operators, technology, and performance. These enhancements improve availability during extreme conditions and position the plant to meet evolving market and accreditation requirements, reinforcing reliability for the region.

The agreement involving the sale of Corn Belt Power’s ownership interest in the Duane Arnold Energy Center marks an important milestone for the cooperative. NextEra Energy has signed definitive agreements to acquire the combined 30% ownership interest held by Central Iowa Power Cooperative and Corn Belt Power Cooperative, resulting in 100% ownership by NextEra Energy. As we move toward closing, we are confident this transaction positions Corn Belt Power to deliver long-term value to our members.

Likewise, our engagement with state and federal policymakers ensured that the cooperative voice was heard on issues impacting rural electric systems, disaster response, and economic development.

Beyond infrastructure and policy, our cooperative principles remained front and center. Employees volunteered their time, supported community initiatives, pursued training and professional development, and shared the cooperative story locally and nationally. From industry conferences and leadership roles to community cleanups and food pantry support, these efforts reflect a deep commitment to the communities we serve.

(Top) Wisdom Station underwent several upgrades in 2025 to enhance its readiness when called upon within the Southwest Power Pool footprint. Peaking facilities like Wisdom Station play an increasingly important role during periods of tight generation capacity.

None of this work happens in isolation. It is made possible by the dedication of our employees, the leadership of our board, the strength of our partnerships, and the trust of our member-cooperatives and their member-owners. Together, we are building a system — and a future — defined by reliability, cooperation, and shared purpose.

Thank you for your continued trust in Corn Belt Power Cooperative. We are proud of what we accomplished in 2025 and energized by what lies ahead.

David

Onken

President, Corn Belt Power Cooperative Board of Directors

Jacob Olberding Executive Vice President and General Manager

(Top) Neil Smith, operations engineer II, left, and Josie Ubben, engineering and operations assistant, right, recertify in CPR and first aid training at Corn Belt Power headquarters, April 17. Safety is at the core of Corn Belt Power’s mission.

(Middle left) From left, Ryan Cornelius, vice president, corporate relations, Corn Belt Power; Katie Harris, communications specialist, Iowa Lakes Electric Cooperative; State Representative Christian Hermanson; Jennifer Sievert, vice president, customer and corporate relations, Iowa Lakes Electric Cooperative; and Jean Schafer, senior legislative representative, Basin Electric Power Cooperative, advocate for co-op interests impacting rural communities during REC Day on the Hill at the Iowa State Capitol, March 19.

(Middle right) Jena Blackett was named safety and environmental coordinator following a retirement in 2025.

(Bottom) Matt Pociask, Iowa Association of Electric Cooperatives, presents Corn Belt Power’s RESAP report to employees at a regular December safety meeting.

RECs Only (Excluding Webster City)

TOTAL SALES 2025

Member Cooperative Rates

Average member system cost, including substation charge; calculated average member co-op rate reflects power sold to municipals and others served by the cooperatives.

Represents rate before quick roll and/or any bill credits are factored in

Corn Belt Power Cooperative’s Earl F. Wisdom Station.

Advancing reliability, mile by mile

Corn Belt Power closed out another strong year in 2025, rebuilding more than 55 miles of transmission line across its system.

Corn Belt Power crews and a contractor completed four major rebuild projects, including:

Webster City Jct — Williams — Buckner: 17.89 miles

 12.15 miles completed in 2024

 5.74 miles completed in 2025

MEC — Dakota City — Galbraith: 18.60 miles

Springfield — Burt — Ledyard: 17.05 miles

Hampton — Iowa Falls: 13.65 miles

Looking ahead, 2026 is set to be an even busier year, with nearly 60 miles of transmission rebuilds already underway. Membership in

the Southwest Power Pool regional tariff continues to pay dividends for Corn Belt Power. The cooperative can make these system improvements because of the return on investment we see through our participation in that organization.

Electrical maintenance crews were equally busy throughout 2025.

Crews upgraded the Duncombe Substation from 2,500 KVA to 5,000 KVA, including new transformers and regulators. They also completed:

Disconnect switch upgrades at Lakota, Dolliver, Lacy, and Truesdale

Transformer replacements at Vincent, East Sheffield, and Lakota Circuit breaker upgrades at Osgood and Wallingford

Lightning mast installations at Ledyard, Dakota City, Schaller, Rinard, Lacy, and Dinsdale

New motor operators and line switch installations at Gruver, Templeton, Dakota City, and Dumont

(Bottom left) Ethan Miller, journeyman lineman, installs a suspension clamp on new conductor while rebuilding 0.90-miles of double circuit transmission line southwest of Sioux Rapids, Dec. 9. Crews replaced and set 19 new poles.

(Middle bottom) Humboldt electrical maintenance crews complete work at the Dakota City Substation in May as part of a larger transmission system upgrade between Humboldt and Galbraith Switching Stations.

(Top right) Corn Belt Power crews set a new laminate pole at Galbraith Switching Station in November.

(Bottom right) Luke Bormann, journeyman electrician, drills a hole in a Dakota City Substation tower prior to installing lightning masts, May 5. Lightning masts are installed to protect substation equipment from potentially damaging lightning strikes.

2025 transmission projects

COMPLETED IN 2025

Webster City Jct — Williams — Buckner: 17.89 miles

 12.15 miles completed in 2024

 5.74 miles completed in 2025

MEC — Dakota City — Galbraith: 18.60 miles

Springfield — Burt — Ledyard: 17.05 miles

Hampton — Iowa Falls: 13.65 miles

Fox Run DC Rebuild and Fiber: 0.90 miles

IN PROGRESS

WAPA Wisdom Rebuild: 0.52 miles

Wellsburg — Grundy Center: 7.63 miles

Grundy Center Municipal Tap: 1.9 miles

Humboldt — Webster: 10.79 miles

Osgood — Wallingford: 10.67 miles

Estherville Tap: 2.32 miles

Rockford Tap: 3.96 miles

Boone Valley Tap: 10.07 miles

Hampton Dows: 10.83 miles

Total Complete: 55.94 miles

Total in Progress: 58.69 miles

Standing together when storms hit

An active weather day unfolded across the Corn Belt Power transmission system March 19 as blizzard conditions persisted, creating challenges for system reliability and safety.

Corn Belt Power system operators worked diligently throughout the day, responding to numerous line trips and maintaining power where possible. The day featured sporadic outages caused by galloping lines. By the next morning, power had been restored to all Corn Belt Power substations.

Following storm cleanup, Corn Belt Power crews traveled west to provide mutual aid to Northwest Iowa Power Cooperative. NIPCO sustained significant damage in parts of their service territory as the blizzard conditions traversed across the state.

High winds, heavy rain, lightning and possible tornadoes caused damage across Corn Belt Power’s service territory during the severe weather outbreak on April 18.

Upon inspection, Corn Belt Power identified Buena Vista County as the hardest-hit area, with 34 broken poles. Humboldt, Wright, and Franklin counties also experienced damage, each reporting two broken poles.

This damage resulted in outages across the affected counties. Crews replaced damaged poles and repaired line infrastructure to safely restore power as quickly as possible.

Mike Devers, journeyman field technician, verifies vertical alignment of a newly set transmission pole and directs the crew to make further adjustments.

Matt Wittrock and Mike Devers, journeyman field technicians, Corn Belt Power, address line damage during a spring storm near Alta.

Cooperative employees that answered the call and offered mutual aid to neighboring G&T, Northwest Iowa Power Cooperative, Le Mars, Iowa following the March 19 blizzard. Pictured from top left are: Jack Arndt, Jeff Codner, John Capesius, Ryan Conlon, Dean Jensen, Justin Hesnard, Adam Bird and Ethan Petersen. From bottom left: Reed Dreyer, Travis Hefty, Ethan Miller, Mark Saxton, Connor Almond, Petyon Vote and Devin Chesler.

Wisdom Station: Modernizing plant connections to ensure availability

Wisdom Station remained available for market operations throughout 2025, supported by several key reliability upgrades. Improvements included a control system upgrade, protective relay enhancements, and tuning of both the dual-fuel combustion system and natural gas supply.

As part of the control system upgrade, crews modernized boiler controls that had become obsolete and were no longer supported. The new system improves plant reliability while providing operators with enhanced, customizable visual interfaces and up-to-date hardware and software — strengthening the connection between operators and plant performance.

Dual-fuel combustion tuning focused on improving reliability and performance during extreme cold weather,

when natural gas availability may be limited. In 2026, the Southwest Power Pool implemented winter and performance-based accreditation standards, increasing the importance of maintaining high generation availability during winter conditions.

In addition, natural gas supply tuning improved unit performance on its primary fuel, further enhancing overall efficiency and operational reliability.

Strategic partnerships powering the future

On Oct. 26, NextEra Energy announced two transformative agreements with Google, which will strengthen U.S. nuclear leadership and help meet growing energy demand from artificial intelligence with clean, reliable nuclear energy.

The cornerstone of this collaboration is the planned restart of the Duane Arnold Energy Center, Iowa’s only nuclear facility, which is located in Palo, near Cedar Rapids. Once operational, Google will purchase power from the 615-MW plant as a 24/7 carbon-free energy source to help power Google’s growing cloud and AI infrastructure in Iowa, while also strengthening local grid reliability, creating thousands of direct and indirect jobs, and driving significant economic investment to the Midwest region.

In addition to Google’s 25-year agreement to purchase carbon-free nuclear energy from the DAEC plant, one of the plant’s current minority owners, Central Iowa Power

Cooperative, will purchase the remaining portion of the plant’s output on the same terms as Google. NextEra Energy has signed definitive agreements to acquire CIPCO and Corn Belt Power Cooperative’s combined 30% interest in the plant, which will bring NextEra Energy’s ownership to 100%. DAEC, which was shut down in 2020, is expected to be online and delivering electricity onto the grid by the first quarter of 2029, pending regulatory approvals to restart the plant.

The power purchase agreement with Google enables the investment to restart the plant and covers costs for the production of energy from DAEC. Restarting the plant will increase generation capacity for the region and Iowa energy customers will not bear any costs associated with the power Google purchases from the facility.

The DAEC restart follows a rigorous engineering evaluation, community engagement and close coordination with federal, state and local authorities. NextEra Energy is working proactively with the Nuclear Regulatory Commission and other governmental authorities to ensure a safe, timely and compliant return to service.

(Top left) John Naber, electrical and controls, far left; and Tyler Herrig, maintenance foreman, middle, collaborate with a contractor to install new components in Wisdom Station’s control room.

(Bottom Left) Naber and Herrig fine-tune new electronics as part of broader upgrades at Wisdom Station.

(Right) In 2025, Corn Belt Power entered into an asset purchase agreement with NextEra Energy to sell its 10% share of the Duane Arnold Energy Center. NextEra has agreed in principle to restart the facility so that Google can purchase carbon-free nuclear energy for a new project. The agreement enables Google to support the plant’s restart and cover costs associated with energy production.

Strengthening connections at the statehouse

Nearly 170 senior staff and directors from Iowa’s electric cooperatives, including Corn Belt Power, traveled to downtown Des Moines January 14 to attend an annual Welcome Back Reception at the start of the 91st General Assembly of the Iowa Legislature. At the event, co-op advocates were able to discuss concerns and priorities face-to-face with state legislators. The Iowa Association of Electric Cooperatives hosted the reception in conjunction with the Iowa Biotechnology Association, the Iowa Communications Alliance, the Iowa Institute for Cooperatives and FUELIowa.

More than 100 employees and elected directors from Iowa’s locally owned rural electric cooperatives convened at the Iowa Capitol March 19 to advocate for important issues during the annual “REC Day on the Hill” event. Advocates spoke with elected officials on a variety of topics, including House File 404 (HF404). This bill allows a non-utility thirdparty to build and own a solar facility sized up to 5MW. Further, HF404 allows the third-party to sell electricity generated by the solar facility directly to retail consumers via subscription.

Franklin County REC representatives meet with legislators including Rep. Shannon Latham, center, during IAEC’s Welcome Back Reception, Jan. 14.

Connected leadership across cooperative network

Congratulations to Ryan Craig, president and CEO, Iowa Lakes Electric Cooperative, for becoming a Touchstone Energy Cooperative board member. He fills the vacancy on the board after Jim Gossett, Raccoon Valley Electric Cooperative, accepted a new job with the National Rural Utilities Cooperative Finance Corporation.

Brittany Dickey, vice president, business development, second from right, represented Corn Belt Power at October’s Legislative Fly-In, Sept. 30. Topics discussed included FEMA, the Rural Utilities Service and the Rural Economic Development Loan and Grant program.

Advocating together on the national stage

In late September ahead of the government shutdown, staff from six Iowa electric cooperatives and the Iowa Association of Electric Cooperatives traveled to Washington, D.C., to meet with Iowa’s Congressional offices. The team met with Senator Chuck Grassley, staff from the five other congressional offices, and key policy experts from the U.S. House Agriculture Committee and the National Rural Electric Cooperative Association.

This group focused their conversations on the issues facing Iowa electric cooperatives and the communities we serve. One of the main topics discussed was the Fixing Emergency Management for Americans Act of 2025, a bill aimed at improving how the Federal Emergency Management Agency responds to disasters. The legislation proposes streamlining the process for electric cooperatives to access federal funding after storms and other emergencies.

The group also advocated for the RUS program and the Rural Economic Development Loan and Grant program.

Building knowledge through industry connections

Iowa’s electric cooperatives hosted the 32nd annual Momentum is Building Conference February 20-21, 2025, at The Sheraton, West Des Moines. The event drew more than 165 contractors and construction trades professionals from across the state. The conference provided attendees with continuing education credits in Iowa’s plumbing/mechanical, HVAC and electrical codes.

Participants had valuable opportunities to network with industry peers, learn from leading experts in energy efficiency and building trades, and gain insights into current energy regulations and incentives. Sponsored by the Iowa Cooperatives for Energy Efficiency, this annual conference serves as a beneficial link between Iowa’s construction industry and the services provided by local electric cooperatives.

(Top) Momentum is Building attendees network between sessions. Momentum is Building is a long-running energy efficiency conference put on by cooperatives for Iowa home builders, electricians and HVAC professionals.

(Middle) Chris Failla, speaker and consultant, shares with Momentum is Building attendees Feb. 21 how trust is the foundation for teamwork during his keynote, “Building Better Together: The Power of Exponential Teams.”

Shining a light on community champions

Aimee Goeman McKnight won one of three $3,000 awards in this year’s Shine the Light contest. McKnight and the Build a Better Belmond organization have volunteered countless hours in hopes to save Belmond’s Luick Memorial Swimming Pool.

Caring for the communities we’re connected to

Corn Belt Power Cooperative’s employee engagement committee organized a trail cleanup on the Three Rivers Trail Thursday, April 17. Volunteers focused their efforts on the stretch of trail between Humboldt and Dakota City, removing debris and trash. The cleanup event underscores the cooperative’s dedication to community involvement and living the cooperative principle of commitment to community.

(Top) Kari Rubel, accountant III, approaches the camera with a trash grabber during Corn Belt Power's Three Rivers Trail cleanup day in Humboldt, April 17. Employees volunteered to clean up sections of trail between Humboldt and Dakota City in two shifts throughout the day.

Ruschy wins grand prize

Aaron Ruschy lives the cooperative principle of commitment to community. Ruschy, vice president of operations and engineering, Iowa Lakes Electric Cooperative, won the $500 Touchstone Energy Volunteer Challenge grand prize for 2025.

Coming together with purpose and trust

Corn Belt Power Cooperative convened its 77th annual meeting, themed “Built on Trust, Powered for Tomorrow,” at Briggs Woods Conference Center in Webster City. With nearly 130 attendees present, the event served as a platform for updates on the cooperative’s progress, director elections and a keynote address from Danny Goldberg.

(Right) Jacob Olberding, general manager and executive vice president, shares how providing power takes careful planning, investment and coordination between many people and organizations. Corn Belt Power hosted its annual meeting in a new location in Webster City, April 2.

(Above) Corn Belt Power member-cooperative personnel browse the 2024 annual report — Built on Trust, Powered for Tomorrow.

Aligning technology with unified leadership

Jon Myer accepted the position of Manager of Information Technology effective June 1. In this new role, Jon oversees the Information Technology (IT), Operational Technology/SCADA (OT/SCADA), and Communications teams.

This leadership structure is designed to strengthen the cooperative’s ability to align technology initiatives with organizational goals. Key objectives for this newly integrated department include:

Better coordination, planning, and budgeting

Better response time through coordinated efforts

Improved cyber security resilience Better cross training and coverage for backups

(Middle) Neil Smith, operations engineer II, left, and Rod Stephas, assistant plant manager, discuss safety protocols and next steps during a safety tabletop exercise during an all-employee training.

(Right bottom) Employees participate in a team building exercise during the cooperative’s annual all-employee training day.

Becoming stronger as a team

Training, Information, and Education is one of Corn Belt Power’s founding principles — and on September 9, we put that principle into practice with our annual all-employee training day. The event brought together employees from all four Corn Belt Power locations, providing an opportunity to learn, engage and connect as one team. Department heads shared key updates from across the cooperative, ensuring every employee had insight into the challenges, successes and priorities shaping our work.

In addition, employees participated in a tabletop crisis exercise designed to strengthen our readiness and teamwork during unexpected situations. Representatives from NRECA provided valuable information about benefits, while our employee assistance plan provider shared resources to support the well-being of our team. Employees had the chance to network with colleagues they may not interact with day-to-day — putting names to faces and strengthening relationships across the cooperative.

Connecting members to the power behind the plug

More than 130 electric cooperative member-owners, directors and cooperative employees from western and north-central Iowa embarked on an educational adventure this summer, participating in three motorcoach tours that showcased the journey from power generation to their homes and businesses.

The 36th annual Energy Trail Tour season featured three motorcoach tours departing from Northwest Iowa Power Cooperative in Le Mars, with tours scheduled June 18-20, June 25-27, and July 9-11.

The three-day educational experience took participants through the Dakotas to visit key facilities operated by Basin Electric Power Cooperative and Western Area Power Administration, the primary power suppliers for local distribution cooperatives through their generation and transmission partners NIPCO and Corn Belt Power Cooperative.

(Top) Energy Trail Tour participants on tour number three gather for a group photo at Big Bend Dam near Fort Thompson, S.D. The tour highlights how hydroelectric power plays an important role in our power supply strategy.

(Inset) Energy Trail Tour participants pose for a photo heading up the elevator to the top floor of Basin Electric Power Cooperative’s Antelope Valley Station.

Honoring a legacy that connects us all

Local leaders, community members, and electric cooperative representatives gathered near the Hampton Substation July 9 to celebrate a proud moment in Iowa history — the official recognition of the Reeve REA Power Generating Plant as a National Historic Landmark.

Iowa Secretary of Agriculture Mike Naig attended the ceremony and spoke about the plant’s historic role in rural electrification and agricultural progress. Built in 1937-1938, the plant was the first of its kind west of the Mississippi to be financed by the Rural Electrification Administration. It provided electricity to rural homes and farms at a time when much of rural Iowa was still without power.

The Franklin County Historical Society led the effort to secure the plant’s national recognition. Members

spent years researching the site’s significance, documenting its history, and completing the grant applications and paperwork required for National Historic Landmark status. Their commitment to preserving this piece of cooperative history made the designation possible.

(Top left) Iowa Secretary of Agriculture Mike Naig speaks to attendees July 9 near Hampton about the vital role facilities like the Reeve REA Power Generating Plant played in the early days of rural electrification.

(Top right) The Reeve REA Power Generating Plant celebrated its National Historic Landmark designation July 9.

(Top) Craig Codner, general manager/CEO, Butler County REC, right, awaits his cue for an on-screen handshake as part of the new national Touchstone Energy Cooperative Advantage ad campaign. The commercial highlights cooperatives’ role in developing rural economies. Shell Rock Soy Processing is in the background.

(Bottom left) Derek Snakenberg, first class lineman, Grundy County REC, confirms his on-camera gestures while on location filming the new Touchstone Energy Cooperative Advantage commercial. Butler County REC, Grundy County REC and Iowa Lakes Electric Cooperative collaborated to provide on-set talent and industry equipment.

(Bottom right) Butler County REC employees, actors and production crew applaud collective efforts after Anne Gardiner, public relations specialist, Butler County REC, calls a wrap on filming Touchstone Energy’s new Cooperative Advantage campaign at the Charles City Fairgrounds, June 19.

Sharing the cooperative story nationwide

Touchstone Energy selected Iowa as the featured location for its new national advertising campaign, The Cooperative Advantage.

Filming the commercial in Iowa reflects what so many already know: rural Iowa is a symbol of the cooperative spirit — resilient communities, hardworking people and a culture rooted in service.

A full production crew from Harvest Creative Services, Lansing, Michigan, spent several days filming on location in Butler County REC’s and Grundy County REC’s service areas June 16-19.

This campaign highlights the powerful message that electric cooperatives are member-owned — and that members benefit from the unique advantages of being part of the cooperative world. It also showcases the everyday life that sets electric cooperatives apart: neighbors helping neighbors, employees working side-by-side to enhance the quality of life in rural areas, and communities strengthened by electric cooperatives.

Scan to watch the final commercial.

Celebrating partnerships that drive rural growth

Brittany Dickey, vice president business development, Corn Belt Power Cooperative, middle, received the National Rural Economic Developers Association President’s award from NREDA President Lisa Hurley on Nov. 6. Dickey completed her board term at the end of 2025.

The Iowa Area Development Group, represented by Bruce Nuzum, president/CEO, right, also received the Organization Excellence Award from the National Rural Economic Development Association.

(Left) Patrick Connor, Wisdom plant manager, shows the Corn Belt Power Finance and Administration department around Wisdom Station, July 15.

Purpose in action: concern for community

Corn Belt Power Cooperative proudly participated in Humboldt’s 12 Months of Giving initiative, an ongoing effort to support the Humboldt County Food Pantry in its mission to address food insecurity.

This collaborative program partners with local businesses each month, designating a “corporate sponsor” to rally employee contributions of essential food items. For the month of October, Corn Belt Power stepped up to the plate. Employees at the Humboldt headquarters accepted the challenge, gathering donations of canned goods and non-perishable items. Contributions included a variety of staples like spaghetti, ravioli, cream soups and canned beans.

(Left) Jennifer Arndorfer, human resources specialist, left, delivers Corn Belt Power food donations to the Humboldt Food Pantry Oct. 30. Stacie Coppinger, right, says the Humboldt Food Pantry and your local food pantry welcome year-round donations.

(Bottom) Ross Welterlen, director of energy services engineering, explains HVAC contractor rebates at a continuing education event in Humboldt, Nov. 4.

Strengthening industry partnerships through training

Corn Belt Power and its member-cooperatives recently hosted three contractor engagement events. Corn Belt Power hosted the day-long training session at its headquarters in Humboldt Nov. 4, at the Greene Community Center in Greene Nov. 6 and at Iowa Lakes Electric Cooperative on April 16. At the event, contractors received up to six hours of continuing education units. Two hours in electric code and four hours in plumbing and mechanical systems.

Corn Belt Power Monthly System Peak Demand

Corn Belt Power system peak (RECs + NIMECA/Webster City) x 1.0075 at

Energy Supplied by Corn Belt Power to Basin Electric and NIMECA

Annual Unit Starts — Peaking Units Annual

Operating Hours — Peaking Units

Sales to Corn Belt Power Member Cooperatives

Includes sales to member cooperatives for special loads and municipals

2025 Wisdom Solar Statistics

Corn Belt Power Generation Mix (2024*)

*Numbers reflect 2024 generation mix. The 2025 generation mix was not available at the time of this publication.

Load Segmentation

Total kWh sales in each segment

Load Management Statistics

TOTAL DOLLAR SAVINGS

TOTAL REDUCTION, kW

New or Expanded Loads Over 200 kW

New or Expanded Loads Under 200 kW (Combined)

2025 Revolving Loan Fund activity

MARK & MINDI SPEAR (PARK ‘ N BARK) — ALGONA

New building construction for a dog boarding and grooming facility. Park ‘N Bark has 2 employees.

Corn Belt Power Cooperative loaned $125,000 from their RLF and partnered with Farmers State Bank, Palo Alto Economic Development Corp, and Algona Municipal Utilities to help fund the project.

GREEN PRODUCTS CO. — CONRAD

Expansion and renovation of a new office on the existing Green Product Co. campus, adjacent to their existing truck shop. Green Products Co. employs 120 people.

Corn Belt Power Cooperative loaned $250,000 from their RLF.

Grundy County REC loaned $179,287 from their RLF.

DKM AESTHETICS, LLC — ALGONA

Historic Algona real estate purchase that was then turned into a unique luxury med spa.

Corn Belt Power Cooperative closed a $250,000 RLF to DKM Aesthetics, LLC doing business as The Skin Bar at The Mansion in Algona.

The Skin Bar at The Mansion will employ five employees.

Corn Belt Power partnered with Farmers State Bank and Algona Municipal Utilities to help finance the project.

STORM CREEK COATINGS, LLC — LAKE CITY

Expansion of Storm Creek Coatings, LLC, which includes a new 100'x80' shop that will house ovens, wash and paint bays, a sandblasting booth and pressure washing station. The existing building will be replaced with their Teflon Coating services.

The business currently employs one full-time and two part-time employees. This project is expected to create four additional employees over the next two years.

Corn Belt Power Cooperative and Raccoon Valley Electric Cooperative each loaned $250,000 from their respective RLFs.

(Top left) Corn Belt Power closed a $125,000 RLF loan February 25, 2025, with Mark and Mindi Spear for the construction of a new dog boarding and grooming facility. The business, established in 2021, began operating as a mobile grooming business and has two employees.

(Middle left) Grundy County REC and Corn Belt Power partnered together with their Revolving Loan Funds and closed loans with Green Products Company May 13, 2025. Grundy County REC provided an RLF in the amount of $179,287 and Corn Belt Power provided an RLF in the amount of $250,000. The funds assisted the business with their expansion and renovation project.

(Bottom left) Corn Belt Power closed on a $250,000 RLF loan July 1, 2025, with DKM Aesthetics, LLC, doing business as The Skin Bar at The Mansion. Founder Debra Menke is a licensed esthetician and spa executive with over 25 years of industry leadership looking to bring a new era of self-care and luxury to the heart of Iowa.

(Middle right) Butler County REC requested Corn Belt Power’s partnership in sponsoring Cole Excavating, LLC with a REDL. Corn Belt Power Cooperative sponsored a $2,000,000 USDA REDL pass-through loan along with Butler County REC in support of their construction and equipment purchase project.

(Bottom right) Corn Belt Power and Butler County REC partnered with Shell Rock Soy Processing, LLC on a REDL for the second phase of equipment purchases.

RLF: Revolving Loan Fund

REDG: Rural Economic Development Grant

REDL: Rural Economic Development Loan

REDL&G loan activity

COLE EXCAVATING, LLC — GREENE

New building and equipment purchase for Cole Excavating, LLC. Cole Excavating, LLC employs 32 people.

Corn Belt Power Cooperative and Butler County REC each loaned $2,000,000 through the Rural Economic Development Loan program.

SHELL ROCK SOY PROCESSING, LLC — SHELL ROCK

Equipment purchases for the second phase of a Shell Rock Soy Processing upgrade.

Shell Rock Soy Processing employs 65 full-time employees, with the project expected to create one additional full-time employee.

Corn Belt Power Cooperative and Butler County REC each loaned $1,000,000 through the Rural Economic Development Loan program.

NEW EMPLOYEES

Vanessa Barney, building custodian

PROMOTIONS

Jena Blackett, building custodian to safety & environmental coordinator

Jack Arndt, apprentice to journeyman lineman

Luke Bormann, apprentice to journeyman electrician

Shane Braun, apprentice to journeyman electrician

Jon Myer, IT director to manager of IT

Courtney Christensen, administrative assistant to administrative & compliance associate

Mitchell Peters, control operator to shift operator

RETIREMENTS

Carla Hofmaster, environmental & safety coordinator

Darwin Johnson, shift operator

SQUARE DOTS: North Iowa Municipal Electric Cooperative Association (NIMECA). Serving municipal utilities of Algona, Alta, Bancroft, Coon Rapids, Graettinger, Grundy Center, Laurens, Milford, New Hampton, Spencer, Sumner, Webster City and West Bend.

DEPARTMENT HEADS

BOARD OF DIRECTORS

Secretary, Basin Electric Power Cooperative Representative Iowa Lakes Electric Cooperative

North Iowa Municipal Electric Cooperative Association

Jon Myer Manager, Information Technology

Mike Thatcher Vice President, Power Supply

Corn Belt Power transmission crews install new fiber optic wire on a double circuit transmission line southwest of Sioux Rapids, Dec. 9.

Faith Warden Vice President, Finance and Administration

FINANCIAL STATEMENTS

CORN BELT POWER COOPERATIVE

December 31, 2005 and 2024

(With Independent Auditors’ Report Thereon)

See accompanying notes to financial statements.

December 31, 2025 and 2024

See accompanying notes to financial statements.

December 31, 2025 and 2024

Statements of Revenue and Expenses Years ended December 31, 2025 and 2024

See accompanying notes to financial statements.

Statements of Cash Flows

See accompanying notes to financial statements.

Years ended December 31, 2025 and 2024

Statements

of Cash Flows (continued) Years ended December 31, 2025 and 2024

See accompanying notes to financial statements.

Statements of Membership Capital

Years ended December 31, 2025 and 2024

See accompanying notes to financial statements.

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

Notes to Financial Statements

December 31, 2025 and 2024

PURPOSE

Corn Belt Power Cooperative enhances the quality of life for members, employees and communities.

MISSION

Responsibly provide reliable, safe and affordable electricity. Support member cooperatives’ success. Enhance employees’ effectiveness. Improve communities’ vitality.

VALUES Integrity, Accountability, Commitment, Teamwork.