Utility to refund excess revenue
Last updated 2/21/2023 at 12:05pm
RITZVILLE — Big Bend Electric Cooperative in Franklin and Adams counties will be receiving a refund.
The utility’s trustees recently approved the refund of nearly $2.1 million to electric ratepayers who purchased power in 2002, 2003 and 2021.
“When more revenue is collected than what is needed to cover operating expenses, the cooperative allocates the difference to consumers as ‘capital credits’ for return to consumers in future years,” Big Bend CEO Yvette Armstrong said.
“Big Bend first uses this capital for investment in system improvements and to purchase necessary equipment,” she said. “Then as finances allow in later years, the allocations are returned in cash to co-op consumers.”
For 46 consecutive years, Big Bend Electric Cooperative has issued capital credit refunds to its consumers, she said. During that time, $49 million has been returned.
“I personally consider the return of capital to our consumers an important part of operating as a consumer-owned cooperative,” utility trustee president Ken Story said. “The cooperative’s board is proud of Big Bend’s strong financial condition and we are pleased to be able to make these refunds, especially during this time of economic recovery.”