15-Dec-2017BARC returns $1.38 million in margins to its customers
BARC Electric Cooperative’s Board of Directors recently voted to return an additional $435,000 in capital credits to the Cooperative’s member-owners. As a not-for-profit utility, the Cooperative regularly allocates any margins (revenues less expenses) back to its members in proportion to the amount of electricity they purchase.
“This general retirement caps a banner year where $955,000 has already been approved for return to members,” said BARC CEO Mike Keyser. “As a result of careful financial and strategic planning, our board was able to approve this second capital credit retirement of the year, just in time for the holidays."
Those receiving this most recent capital credit refund are members who had service in 1995. If those members are still active, they will receive either a check or a credit on their electric bill. Those who are no longer served by BARC, will receive a check for their portion of the retired capital credits.
Keyser explained, “Giving this money back to our members is part of what makes electric cooperatives so different from other utilities. Owned by those we serve, we make decisions based on what’s best for our members.” He added, “We’re delighted to return this money during the Christmas season because that’s when a lot of members need it the most.”
About BARC Electric Cooperative: Headquartered in Millboro, Va., BARC is a not-for-profit electric cooperative that serves 13,000 homes, farms and businesses in the counties of Alleghany, Augusta, Bath, Highland and Rockbridge. For more information, visit www.barcelectric.com.