Brookings-area business briefs published 01-31-23

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Dacotah Bank continues scholarship program

BROOKINGS — Dacotah Bank recently announced it is continuing with its scholarship program and is taking the impact to new heights for high school graduates in 2023.

Dacotah Bank has created a top scholarship award of $10,000 for one high school graduate. Dacotah Bank has also increased their previous $1,000 scholarships and has now allotted twenty-nine $2,000 individual scholarships to be awarded in different market areas across Dacotah Bank’s diverse, three state territory. Judging criteria is outlined in the application.

According to a news release, “Dacotah Bank has been happy to help youth in the communities they serve move on to secondary schools in its territory. To be eligible, high school seniors must be attending a higher education institute in South Dakota, North Dakota or Minnesota, and the applicant or immediate family member must have an account with Dacotah Bank. “

Robert Fouberg, Dacotah Bank president and CEO stated, “Dacotah Bank and the communities in which we live, and work depend on a quality workforce. Inasmuch as postsecondary education represents a huge financial commitment.”

If you would like to apply for a Dacotah Bank Scholarship or for more information visit dacotahbank.com/scholarships.

Sioux Valley Energy makes donation to Hills, Minnesota

COLMAN — The city of Hills, Minnesota, recently received a total of $10,000 in donations from Sioux Valley Energy to help purchase playground equipment. The funding will help support a city-owned facility that will house up to three childcare locations.

“The city has been working diligently to try and find a solution to help with the daycare provider shortage problem. This project has been in the making for quite some time. We can’t say thank you enough to our many local and corporate partners who have stepped up to help make this project a reality for us. It is a long process but together with everyone’s help and the generosity of partners like Sioux Valley Energy, we are going to make this a reality for the city of Hills,” said Mayor Keith Elbers.

Childcare challenges not only impact individual families but can also affect the entire community. Sioux Valley Energy supports the city of Hills’ innovative approach to an ongoing problem.

“One of the cooperative’s core principles is commitment to community, and this is the type of project that really embraces and highlights that. We know that availability and affordability of childcare is a challenge, especially in smaller or more rural communities, and we stand ready to be strategic partners in finding solutions,” said Tim McCarthy, Sioux Valley Energy CEO.

The funding, presented to the city of Hills at the end of December, comes from the Cooperative’s Operation Round Up program which provides grants to worthy causes to communities and non-profits from funds collected when members ‘round up’ their electric bills. A matching donation was provided by Sioux Valley Energy’s REVIVE 2030 program which was designed to partner with local communities to assist with growth and development.

Communities within the Sioux Valley Energy service territory footprint are invited to take part in the Cooperative’s REVIVE 2030 program. For more information, call Brandon Lane or Jay Buchholz at 800-234-1960.

Sioux Valley Energy, a Touchstone Energy Cooperative, is a member-owned-utility, providing reliable electric service at cost-based rates to more than 28,000 homes, farms, businesses, and industries in a seven-county area of east-central South Dakota and southwest Minnesota.

NorthWestern Energy honored for storm responses

SIOUX FALLS — NorthWestern Energy was announced as an Edison Electric Institute (EEI) Emergency Response Award recipient.

Presented to EEI member companies twice a year, the Emergency Response Awards recognize recovery and assistance efforts of electric companies following service disruptions caused by extreme weather or other natural events. The winners were chosen by a panel of judges following an international nomination process, and the awards were presented during EEI’s winter Board of Directors and CEO meeting.

NorthWestern Energy is recognized for safely restoring energy service as quickly as possible after a derecho in May in South Dakota with winds as high as 107 mph and historic flooding in June that washed out bridges and roads and caused severe property damage in several areas of Montana.

“I commend NorthWestern Energy’s commitment to restore service for its customers safely and quickly under challenging conditions,” said EEI President Tom Kuhn. “NorthWestern Energy and its storm response team undoubtedly are deserving of this national recognition, and I am honored to present them with this well-deserved award.”

In South Dakota, energy service was restored to 98% of NorthWestern Energy’s almost 20,000 customers who experienced storm-related power outages within 24 hours.

In Montana, the National Guard was called in to assist with rescues of stranded recreationalists and other members of the public, including small children. Yellowstone National Park closed.

NorthWestern Energy crews worked around the clock, safely, to monitor flood damage, make repairs and restore energy service. Their response during this natural disaster contributed significantly to flood recovery.

Valero reports quarterly profit of $3.1 billion

SAN ANTONIO (AP) — Valero Energy Corp. on Thursday reported fourth-quarter profit of $3.11 billion.

On a per-share basis, the San Antonio-based company said it had net income of $8.15. Earnings, adjusted for non-recurring costs and asset impairment costs, were $8.45 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $7.45 per share.

The oil refiner posted revenue of $41.75 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $40.91 billion.

For the year, the company reported profit of $11.53 billion, or $29.04 per share. Revenue was reported as $176.38 billion.