Fall River Electric Cooperative announces the payment of another $1 million in the form of a rebate to 2020 owner/customers of the Co-op. The Fall River board wanted to return current profits, referred to as margins, to all the Cooperativeâs owners knowing that many have been impacted by the on-going pandemic. Additionally, this $1M will be infused back into the local economies of the communities of eastern Idaho and southwestern Montana.
This is on top of the $1.015 million plus paid out to owner-members in December through the Cooperativeâs Patronage Capital program, meaning Fall River Electric has now distributed over $2 million dollars within the last two months. Februaryâs disbursement is to those customers that purchased power last year while the December payments were to members of the Co-op that purchased power back in 2000. The patronage capital program is where extra revenues over the cost of operations is then disbursed to its owner-members on an approximat
Fall River rebates its 2020 customers
ASHTON, Idaho (KIFI)-The Fall River Electric Cooperative is distributing a second rebate to its 2020 owner/customers.
The $1 million payment was approved by the Fall River Board of Directors and comes on top of $1.05 million paid out as part of the utility’s Patronage Capital program in December.
Fall River CEO Bryan Case explained, “When the pandemic struck our area, Fall River Electric tightened its belt and reduced expenses. Although energy sales to businesses shrunk, residential energy sales increased as people self-quarantined or worked from home which contributed to better-than-projected revenue in 2020.”
The amount of the rebate is based on how much each owner-member paid for electricity in 2020. It will be provided as a credit on their February statement.
Fall River Electric Cooperative will be hosting its third annual holiday food drive called âStuff the Truckâ in Driggs on Wednesday, Dec. 23 from 4 p.m. to 6 p.m. at Broulimâs Fresh Foods. All the food and monetary donations will benefit the Teton Valley Food Pantry in Driggs. Non-perishable food items are wanted and needed including such items as pasta, cold cereal, peanut butter and canned fruit and chicken.
Fall River Electric CEO/General Manager Bryan Case said, âAs we have checked into our local food pantries, they report the need for non-perishable food is now more than ever needed. Many of our local neighbors have been impacted by the pandemic are in need of food and our local food banks are doing an exceptional job in helping.â Case added, âNow we need to help them.â
$1 million paid-out to Fall River Electric Company
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The following is a news release from Fall River Electric Company.
ASHTON This month, Fall River Electric Cooperative mailed cashback checks to more than 6,200 of its owner-members (customers) totaling just over $1 million dollars as part of its patronage capital program.
Because Fall River Electric operates as a nonprofit cooperative, it is in fact owned by the customers it serves which the co-op refers to as owner-members. When revenues collected by the co-op exceed operating costs, those extra revenues become patronage capital, which is then disbursed to its owner-members on an approximate twenty-year cycle. This retirement cycle helps the Cooperative achieve its ideal equity level which also helps the co-op obtain loans at lower interest rates which helps to keep electric rates to members lower.
Fall River customers to receive cash back payments
ASHTON, Idaho (KIFI/KIDK)-Fall River Electric Cooperative has mailed just over $1 million in cash back checks to more than 6,200 owner-members this week.
The checks come from extra revenues collected by the co-op that exceed operating costs. Those revenues become patronage capital that is then disbursed to owner-members (customers) on an approximate 20-year cycle.
The retirement cycle helps Fall River achieve its ideal equity level, which helps the co-op obtain loans at lower interest rates. That, in turn, helps keep electric rates lower.
The amount of cash back that a member receives is based on how much electricity they purchased during the years being retired. This year, members are receiving patronage capital earned in 1999 and a portion of 2000.