Our board of trustees had made several decisions with you, our members, in mind.
Postponing our planned rate adjustment
The cost of delivering your power continues to rise, and we’ve held the line on rate adjustments since 2017. This year, we’d planned a rate adjustment starting on April 1, but, given the current hardship so many in our communities are facing, your board of trustees voted in March to suspend this rate adjustment indefinitely. The adjustment would have increased the consumer charge for most members from $17 per month to $20 per month, keeping our average bills still in line with other electric providers in our area but, for now, rates will remain the same. This was a decision we made in March, and it came as a direct response by your elected trustees who understand the hardships facing our members and communities.
Expediting retirement of $4.5 million in capital credits
As a co-op, the way we do business is different from many of the other utilities and organizations you may do business with. That includes the fact that we are able to retire capital credits and return that money directly to you. Capital credits — your money that you’ve invested in the co-op over time, and which are normally retired on a 20-year cycle and credited to bills or paid out in checks in June of each year — will instead be distributed starting in mid-April. Our goal is to put this money into the hands of our members and former members as soon as possible during this crisis, so that money can be put to work helping people when they need it. Because of our 20-year retirement cycle, this will impact members and former members who had active accounts in 1999.
All South Central members are accruing capital credits, so if you are curious about your investment in our cooperative, you can see a statement of your own capital credits on your June bill.