Benco Electric Cooperative

What Benco Electric Cooperative does

Benco Electric Cooperative (legal name: Blue Earth - Nicollet - Faribault Cooperative Electric Association) is a member-owned rural electric distribution cooperative formed in 1936 under the Rural Electrification Administration, headquartered in Mankato, Minnesota. The cooperative distributes electricity to approximately 20,000 residential, commercial, and agricultural members across Blue Earth, Nicollet, Faribault and surrounding counties in south-central Minnesota. Its core product is regulated electric distribution, supplemented by load management programs (Dual Fuel at $0.0711/kWh, Storage at $0.055/kWh), the Wellspring wind and solar renewable energy credit program through its wholesale supplier Great River Energy, EV charging rate programs with up to $500 charger rebates, and equipment rebates for heat pumps, ENERGY STAR appliances, and lighting. Capital Credits, the cooperative's patronage refund mechanism, return allocated margins to members on a roughly 20-year rotation cycle.

The cooperative operates a diversified non-electric product line that strengthens member retention and cross-sells services to its captive member base. These include Cooperative Television (CTV), an over-the-air antenna TV service co-owned with three neighboring cooperatives delivering approximately 45 channels for $8.00/month, and Heartland Security, a home and business security monitoring service co-owned with 13 rural electric cooperatives serving over 8,000 families. Other revenue streams include $450 Rheem Marathon water heaters with load-control integration, a $125 Code Class electrical training program offering 8 CEU hours, and community programs such as Operation Round Up (over $526,000 donated since 2002 with 47% member participation) and the Washington DC Youth Tour. Member services are delivered through the SmartHub online portal, Star-Mapping outage visualization, NOVA Power Portal for DER applications, multi-channel payment options, and 24-hour outage response. Governance is by a 9-district elected board, with CEO Chance Briscoe overseeing 11-50 employees and a December 2024 USDA $31 million loan supporting infrastructure investment.

Name

Benco Electric Cooperative

Legal name

Blue Earth - Nicollet - Faribault Cooperative Electric Association

Website

https://benco.org

Company type

Private

Founded year

1936

Operating status

Operating

Headcount range

11–50 employees

Short description

BENCO Electric Cooperative is a member-owned rural electric distribution cooperative serving approximately 20,000 residential, commercial, and agricultural members across south-central Minnesota, offering electricity distribution, load management programs, renewable energy credits, and complementary services including CTV television and Heartland Security.

Ownership category

akta.pro rank

Product category

Rural Electric Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Electric Cooperatives (Rural/Member-Owned Utilities) (EUADABAC)

Keywords

• Electric distribution services
• Rural electric cooperative
• Load management programs
• Electric utility billing
• Renewable energy credits

Headquarters

HQ city

Mankato

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Electricity Distribution: As a regulated electric cooperative, BENCO generates revenue primarily through electricity distribution to approximately 20,000 members. Rates are set to cover operating costs while maintaining the electric system, with margins allocated as Capital Credits to members.
2. Capital Credits: As a non-profit cooperative, operating margins are allocated to members as Capital Credits proportional to their usage. These credits are returned to members on approximately a 20-year rotation cycle, representing member investment in the cooperative.
3. CTV Television Service: Cooperative Television service providing basic antenna TV with approximately 45 channels for $8.00 per month. Owned by four electric cooperatives including BENCO.
4. Water Heater Sales: Sale of Rheem Marathon 100-gallon electric water heaters to members for $450, tax included. Includes load control functionality for load management program participation.
5. Renewable Energy Credits: Wellspring program allows members to purchase renewable energy credits at $0.30 per 100 kWh block for wind and $2.00 per 100 kWh block for solar, through Great River Energy partnership.
6. Code Class Training: Annual National Electric Code training course for contractors and electricians offering 8 hours of CEU credits at $125 per participant.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Benco Electric Cooperative is a member-owned, non-profit rural electric cooperative that distributes electricity to approximately 20,000 residential, commercial, and agricultural members in south-central Minnesota. The cooperative provides electricity distribution, load management programs (Dual Fuel, Storage), renewable energy options through the Wellspring Wind and Solar program, water heater sales, Cooperative Television (CTV), Heartland Security monitoring services, and member rebate and assistance programs.

Product overview

BENCO Electric Cooperative is a member-owned rural electric utility that has served south-central Minnesota since 1935, currently serving approximately 20,000 members. The cooperative operates as a bundled utility providing electricity distribution combined with member programs and complementary services. Its product portfolio centers on electric distribution service (core product) supplemented by load management programs (Dual Fuel at $0.0711/kWh, Storage Program at $0.055/kWh) that enable discounted rates for members who allow controlled shutdowns during peak times. Energy-related products include Rheem Marathon water heaters ($450 with load control capability) and EV charging programs with Storage and Time-of-Use rate options. Community services include Cooperative Television (CTV, ~45 channels for $8/month), Heartland Security home security monitoring, and community programs such as Operation Round Up (bill rounding charity) and the Washington, DC Youth Tour. Rebate programs cover heating/cooling equipment (ASHP, GSHP, ductless systems), ENERGY STAR appliances, and lighting. Member services are delivered through SmartHub online portal, multiple payment options, text message notifications, and financial assistance programs including Cold Weather Rule protection.

Differentiator

Problem solved

Functional benefit

Products and services

• Electric Distribution Service Core electricity distribution service delivering power to approximately 20,000 residential, commercial, and agricultural members across south-central Minnesota, including Blue Earth, Nicollet, Faribault, and surrounding counties. Includes outage restoration, new construction, billing, and ongoing account management.
• Rheem Marathon Water Heater

Quantifiable outcome

• $526,000+ donated to organizations since 2002 through Operation Round Up
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Touchstone EnergycoreStrategic or Co-development Partner · 1 January 1998Touchstone Energy is a national brand for electric cooperatives. Frost-BENCO-Wells Electric became a Touchstone Energy partner in 1998 and began doing business as BENCO Electric Cooperative.
• Brown County REAminorStrategic or Co-development Partner · 1 January 1992One of four electric cooperatives co-owning the Cooperative Television (CTV) system. Brown County REA is headquartered in Sleepy Eye, MN.
• Federated REAminorStrategic or Co-development Partner · 1 January 1992One of four electric cooperatives co-owning the Cooperative Television (CTV) system. Federated REA is headquartered in Jackson, MN.
• South Central Electric AssociationminorStrategic or Co-development Partner · 1 January 1992One of four electric cooperatives co-owning the Cooperative Television (CTV) system. South Central Electric Association is headquartered in St. James, MN.
• Great River EnergycoreStrategic or Co-development PartnerGreat River Energy is a power supplier cooperative providing electricity to BENCO and 27 other distribution cooperatives. Through this partnership, BENCO offers the Wellspring wind and solar renewable energy programs to its members.
• Heartland Security (13 Co-op Partnership)coreStrategic or Co-development PartnerHeartland Security is owned by 13 rural electric cooperatives in central, western and southern Minnesota and northern Iowa, including BENCO. Provides professional alarm system installation and monitoring, ag monitoring, and medical alerts to over 8,000 families and businesses.
• National Rural Electrical Cooperative Association (NRECA)coreStrategic or Co-development PartnerNational organization providing support to electric cooperatives. Partners with BENCO on the Washington DC Youth Tour program for high school students.
• Minnesota Rural Electrical Association (MREA)coreStrategic or Co-development PartnerState organization supporting Minnesota electric cooperatives. Partners with BENCO on the Washington DC Youth Tour program for high school students.

Scale indicators5 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Federated Rural Electric Association: Jackson, MN-based rural electric cooperative co-owning CTV with BENCO. Same member-owned cooperative model serving a comparable rural Minnesota territory with similar scale and service mix.
• Brown County Rural Electric Association: Sleepy Eye, MN-based rural electric cooperative co-owning CTV with BENCO. Directly comparable member-owned distribution co-op serving an adjacent rural Minnesota service territory.
• South Central Electric Association: St. James, MN-based rural electric cooperative co-owning CTV with BENCO. Same cooperative structure and rural Minnesota geography, providing directly comparable services to a similar member base.
• Connexus Energy: Minnesota's second-largest electric cooperative, headquartered in Ramsey. Same member-owned cooperative model with broader Twin Cities metro-area territory, providing scaled comparison on cooperative operations and member programs.
• Dakota Electric Association: Farmington, MN-based member-owned electric cooperative serving south-metro and rural Dakota County. Same Touchstone Energy-affiliated cooperative structure with similar load management and renewable programs.
• Steele-Waseca Cooperative Electric: Owatonna, MN-based rural electric cooperative serving Steele and Waseca counties. Directly comparable member-owned distribution co-op in south-central Minnesota with similar agricultural and residential member mix.
• Freeborn-Mower Cooperative Services: Albert Lea, MN-based rural electric cooperative serving Freeborn and Mower counties in southern Minnesota. Comparable member-owned distribution model with similar Great River Energy wholesale power supply arrangement.
• MiEnergy Cooperative: Rushford, MN-based rural electric cooperative formed from a 2017 merger of Tri-County Electric Cooperative and Hawley Cooperative. Comparable member-owned model serving rural southeast Minnesota with similar service portfolio.
• People's Energy Cooperative: Rochester, MN-area member-owned electric cooperative serving rural Olmsted, Dodge, Fillmore, Mower, Wabasha, and Winona counties. Comparable cooperative model and southeastern Minnesota territory to BENCO.

Broad incumbents

• Xcel Energy: Large investor-owned utility serving most of Minnesota including portions of BENCO's broader region. Provides comparison for rate structures, regulatory treatment, and renewable program design against a much larger scale IO utility.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/bencoelectric

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Benco Electric Cooperative