Clay-Union Electric announces refund The board of directors for Clay-Union Electric took action at the Jan. 25 board meeting to authorize a refund to the membership in February 2002. The refund will be made to members who received electric service in 2001.
"The board has reviewed the budget and financial projections for 2002 and is confident that this refund will not affect overall rate stability for the consumers of the cooperative," said Clay-Union Electric Board President Dan O'Connor.
O'Connor said 2001 not only represented the 14th straight year of rate stability, but it also afforded the board the opportunity to refund the excess margins to the membership.
"With this years refund of $260,000 a total of $1,468,000 has been returned to the membership since 1994," O'Connor said.
In addition to the successful operations at the local cooperative level, the wholesale power costs have remained stable. Both East River Electric and Basin Electric have done a good job of controlling costs in the past year. Also, Basin Electric was able to successfully market surplus power in 2001. A combination of these factors has helped to keep the rates at Clay-Union Electric the same for the past 14 years.
"Our entire power supply system � working together � is a great asset for the cooperative and its membership and we really need to comment this system of teamwork for planning for the present and the future," said Paul Roberts, manager of Clay-Union Electric. "As we look at energy costs across the nations, we see constant fluctuations. But due to careful planning and teamwork of all involved of all involved in delivering electricity to the cooperative consumers, we have enjoyed the same rate for the past 14 years and will see it continue into 2002."