Good news for Crow Wing Power member-owners. At the October board meeting, the Crow Wing Power Board of Directors authorized approximately $2.0 million to be credited to the cooperative’s membership on November bills. The Crow Wing Power Board is taking this step to support our residential and commercial members during the current Coronavirus Pandemic.
The main reasons we are able to implement this special credit are higher than projected kWh sales and lower than budgeted interest expense due to favorable interest rates. It seems like once the pandemic hit and the lockdowns and quarantine started, many people stayed home and schools kids were forced into distance learning. We also have a lot of seasonal members who came up to the cabin and stayed. Electricity needs increased.
The credit is based on electricity purchased by members from January 1, 2020 through October 31, 2020. Members will receive a credit on their November electric bill. The amount each member will receive is determined by their energy use and its contribution to the cooperative’s revenues in 2020.
This bill credit is in addition to the May 2020 capital credit retirement checks mailed to 20,380 members in the amount of $2.5 million bringing the total amount of money returned to current and former members this year to $4.5 million.
We’re a not-for-profit electric cooperative. Our philosophy is to cover operational expenses while meeting or exceeding our lenders’ mortgage requirements. As a member-owned organization our focus is to provide reliable service at the lowest possible cost. This good news is consistent with those cooperative values.