2/14/2013 12:15:00 PM Co-op to refund $1.63 million
The Board of Directors of Big Bend Electric Cooperative Inc. recently voted to refund over $1.63 million to the Cooperative's consumers. Refunds are being mailed to consumers who purchased power from the Cooperative during 1996 or 2011. According to the Cooperative's Manager Dan Murphy, Big Bend Electric Cooperative is a non-profit consumer-owned utility. "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," he said. "Big Bend first uses this capital to improve its electric system and purchase equipment. Then as finances allow in later years, the allocation is returned in cash to consumers." For 36 consecutive years, Big Bend Electric Cooperative has returned capital to its consumers. During that time, more than $29 million has been returned. "I personally consider the return of capital to our consumers an important part of operating as a consumer-owned cooperative," Robert Clinesmith, president of Big Bend's board, said. "The Cooperative's board is proud of Big Bend's strong financial condition and we are pleased to be able to make this refund, especially during this time of economic downturn." Big Bend Electric Cooperative, headquartered in Ritzville, serves consumers located primarily in Adams and Franklin Counties.