RMLD releases 2024 Annual Report and Financial Statements
(5-6 minute read)
Image from the RMLD Annual Report and Financial Statements.
The Reading Municipal Lights Department (RMLD) has released its 2024 Annual Report and Financial Statements, offering residents a comprehensive look at the department’s operations, community engagement, and financial performance. The full report is available to the public on RMLD’s website here.
By the numbers 2024
Service territory: 51 square miles, covering Reading, North Reading, Lynnfield Center, and Wilmington
Responded to 2,461 trouble calls related to trees, wildlife, equipment, and weather
Earned a 95% customer trust ranking and 93% customer satisfaction score
Replaced 197 transformers - a 212% increase from 2023 - reducing the proportion of transformers over 25 years old to 35%
Expanded services to 25 residential and 5 commercial/industrial properties
Replaced 315 meters
Maintains an average rate of $0.1716 per kWh
Community engagement and programs
In 2024, RMLD expanded its community involvement through:
Student Art Contests in partnership with local elementary schools, teaching 4th graders about electrical safety and renewable energy
Hosting Public Power Week with an on-site open house
Building legislative connections with State Senators Bruce Tarr and Jason Lewis, State Representatives Brad Jones and Rich Haggerty, and other agencies to explore long-term energy solutions
Launching Connected Homes and RMLD Drives Electric programs, offering customers additional savings
Attending community events, including North Reading Town Day, Reading Fall Street Faire, and the Community Bike Recycling Event, among many others
Awards and recognition
RMLD earned national recognition in 2024, including:
American Public Power Association (APPA) Reliable Power Provider, Diamond Designation
APPA 2024 Safety Award of Excellence, Diamond Designation in its worker-hours category
APPA Certificate of Excellence in Reliability for 2024
Reliability and service excellence
Customers experienced an average of 23 minutes of service disruption, significantly lower than regional averages of 53 minutes and national averages of 63 minutes.
Image from the RMLD Annual Report and Financial Statements.
Service improvements specific to Reading included:
Upgrades to underground getaway cables from Stations 4 and 5
Three-phase primary extension on Enos Circle
Upgrades to overhead distribution on Gazebo Circle, Cold Springs Road, Washington Street, Overlook Road, Wescroft Road, Bay State Road, and others
Underground cable replacement and transformer upgrades at Johnson Woods, Gazebo Circle, and Cold Springs Road
New Services for McDonald’s (413 Main Street) and Chase Bank (431 Main Street)
“In 2024, RMLD continued to proactively manage operating and power supply costs to keep bills low. RMLD customer bills were 50-60% lower than those of Investor-Owned Utilities (IOUs) in Massachusetts.”
Financial highlights
From the financial statements:
Operating expenses totaled $93,830,426 in 2024, an 8.11% increase from the prior year
$61,705,301 for purchased power
$24,776,239 for general operating and maintenance
$1,891,976 for voluntary payments to towns
$5,456,910 for depreciation (3.00% depreciation rate)
Change in net position: $13,173,143, bringing the department’s total net position to $159,663,814 (up from $146,490,671 in 2023)
The increase reflects rates and charges set to fund future capital improvements
Looking ahead
RMLD emphasized its commitment to system reliability, community involvement, and cost management as it continues investing in infrastructure and customer programs.
The full 2024 Annual Report and Financial Statements can be accessed on the RMLD website.
