At the October board meeting, the Crow Wing Power Board of Directors authorized approximately $2 million to be credited to the electric cooperative’s membership, according to a news release.
The Crow Wing Power Board is taking this unusual step to support residential and commercial members during the current COVID-19 pandemic.
According to Bob Kangas, board president, the main reasons for the refund are higher than projected kilowatt hour sales and lower than budgeted interest expense due to favorable interest rates.
The credit is based on electricity purchased by members from Jan. 1, 2020, through Oct. 31, 2020. Members will receive a credit on their November electric bill.
This bill credit is in addition to the May 2020 capital credit retirement 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.
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“As a member-owned organization, our focus is to provide reliable service at the lowest possible cost. That’s a common theme among electric cooperatives,” said Kangas in the news release. “This good news is consistent with those values.”
Crow Wing Power serves more than 38,000 members in Crow Wing, Cass, Morrison and Todd counties.
