February 4, 2010

BBEC to refund $1.7 million

The Board of Directors of Big Bend Electric Cooperative, Inc. recently voted to refund more than $1.7 million to the cooperative’s consumers.

Refunds are being mailed to consumers who purchased power from the Cooperative during 1993 or 2008.

According to BBEC Manager Jim Johnson, the 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,” said Johnson. “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 32 consecutive years, Big Bend Electric Cooperative has returned capital to its consumers. During that time, more than $22 million has been returned.

“I personally consider the return of capital to our consumers an important part of operating as a consumer-owned cooperative,” said Dennis Swinger, Sr., president of Big Bend’s board.

Swinger added, “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.