Fall River Electric issues first-ever rebates to customers
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The following is a news release from Fall River Electric.
ASHTON — Fall River Electric Cooperative has issued its first-ever rebate to over 14,000 owner-members of the Cooperative who received power from the utility in 2017. Fall River operates as a nonprofit cooperative and as such is owned by the customers it serves. Because the Coop experienced an exceptional year financially in 2017, its elected Board of Directors made the decision to issue a rebate to its owner-members.
According to Fall River Electric’s CEO/General Manager Bryan Case, “Because we manage the amount of revenue we need to operate the Cooperative very closely and operate our business as a nonprofit, we are able to offer this unique benefit to our owner-members.”
Case said there were several factors that resulted in this rebate being possible.
“Our effort to control and reduce expenses and improve the Cooperative’s equity ratio to an all-time high of 38% coupled with colder weather last winter that resulted in revenues being collected above our projections and our hydroelectric facilities producing record amounts of energy made this rebate financially feasible.”
Rebate amounts vary and are based on the amount of energy an owner-member used in 2017. Smaller rebates are being credited to member accounts this month while most owner-members were issued checks in March for their rebate. Case added,
“This is such a unique benefit of being a member of Fall River Electric. On behalf of the board and our staff, we express our appreciation for the opportunity to serve our owner-members.”