Message from the Board Chair and CEO

We will remember 2009 as one of important achievement for Big Rivers and our member cooperatives—Jackson Purchase Energy Corporation, Kenergy Corp., and Meade County RECC. It was a year of challenge and celebration as many obstacles were overcome to reinvent ourselves as a financially strong electric generation and transmission cooperative.

Following years of work and intense negotiations, the much anticipated Unwind came to fruition in July of 2009. As a result of the lease termination agreement with E.ON U.S., Big Rivers’ equities to total capitalization improved to 31 percent as of December 31, 2009, the strongest in the history of the company.

While the positive financial impact to our business was an important element of the Unwind, we had the task of resuming operation and maintenance responsibility for our generating stations as well as integrating employees, systems, and processes. Our strategic plan was developed to address those challenges. Big Rivers’ corporate values will remain at the forefront as the company fulfills its mission to safely deliver low cost, reliable wholesale power and cost-effective shared services desired by our members. These values—teamwork, integrity, excellence, safety, member and community service, environmental consciousness, and respect for the employee—are the basis for much of the remainder of this report. Beyond our business strategy, Big Rivers will continue to thrive because of our culture, values and the dedication of our employees.

It is a new day at Big Rivers. We are proud to be part of this new company and look forward to serving our members and our communities in 2010 and beyond.

William Denton

Chair, Board of Directors

Mark A. Bailey

President & CEO