Lakeland REA was established in 2001 when five small REAs amalgamated to create a self-operating, member-owned electric co-operative. The REAs were Lavoy REA, Barich REA (Smoky Lake), Hilliard REA, Martins REA (Holden, Bruce and Ryley) and Derwent REA.
 
Becoming a self-operating REA through amalgamation enabled Lakeland REA to provide members with more personalized service. The REA took control of all the operations and maintenance of the five distribution systems. This allowed them to manage the system more efficiently and affordably, as REAs operate under co-operative business principles. This means unlike Investor Owned Utilities, REAs do not generate dividends for stockholders, rather they operate at cost.
 
In 2003, Lakeland REA became fully self-operating, and began providing new construction services, poles changes, and brushing. Simultaneously, they  instituted a 24/7 toll-free answering service to respond to power troubles and began supplying energy to approximately 1,000 sites.
 
In 2010, Lakeland REA grew once more and merged with Peno REA and Vegreville West REA, increasing the membership to over 1,400 members.
 
Currently Lakeland REA has an office in Vegreville, a shop north of Vegreville and employs eight full-time rural residents.