Clay-Union Electric finalizes record refund The Board of Directors for Clay-Union Electric took action at their Dec. 18, 2002 board meeting to authorize a refund of excess margins and at their Jan. 28 meeting, finalized a record refund of $320,000.
The refund will be made to members who received electric service from Clay-Union Electric.
"In approving the refund, the board demonstrates its commitment to maintain cooperative earnings at a level
required by financial requirements and refund any excess," said Clay-Union Electric Board president Dan O'Connor.
"2002 represents the 15th straight year without a rate increase, as the board continues its long standing commitment to rate stability," O'Connor said. "With this year's record refund, a total of $1,788,000 has been returned to the membership since 1994."
In addition to the successful operations at the local cooperative level, the wholesale power costs have remained stable, as power suppliers East River Electric and Basin Electric have done a good job of controlling costs. A combination of these factors has helped to keep the rates at Clay-Union Electric the same for the past 15 years.
"Along with our diligent efforts to manage cooperative costs, our entire power supply system � working together � is a great asset for the cooperative and its membership, and credit this system of teamwork for our success in planning for the present and the future," said Paul Roberts, manager of Clay-Union Electric.
"As we look at energy costs across the nation, we see many fuel costs increasing. But due to careful planning and teamwork of all involved in delivering electricity to the cooperative members, we have enjoyed the same rate for the past 15 years and will see it continue for 2003."