CEO’s Message – May 2022

Board approves $2.65 million refund

Anthony Smith headshotCheck you May energy bill for your member credits refund.

Each year, after staff reports on URE’s current financial condition, our board determines whether the cooperative can responsibly pay our members back in the form of bill credits and if so, how much. The past two years, the board approved unprecedented refunds, with the intent of alleviating some of the financial burdens caused by restrictions through those trying times.

Thankfully, after 2 years, we are beginning to see significant relief from the pandemic. At this year’s March board meeting, the URE board of trustees approved a return of $2.65 million to our electric members from operating margins earned in 2001, 2002, and 2021.

As a member of URE, your investment in the company is paid back over time, after we’ve been able to use these funds to continue building and growing the business. This latest retirement includes $1,098,424 from URE’s operations as well as $1,551,524 from our investment in Buckeye Power, the cooperative that operates our power plants and coordinates the transmission of electric delivery to all Ohio electric cooperatives. Pay special attention to your May bill because it will include a credit for the margins allocated to you from revenue earned in 2001, 2002, and 2021. But what if you moved and are no longer are a URE member? If you recently moved away from the URE system, you are still entitled to receive those bill credits for the years we are retiring — we can send you a check. If you know a former URE member, make sure to tell them as well. Call our office at (800) 642-1826 and give us your current mailing address so we can keep in contact.

URE is member-owned, so the allocation and return of money in the form of member credits upholds one of our core principles —members’ economic participation. This is the cooperative difference that separates us from the for-profit utilities that send money to investors.

Receiving these bill credits is just one more benefit of being a member of URE, your electric cooperative.

Anthony Smith