In November and December, Barry Electric returned $1 million to its members through capital credit refunds and a 2-cent-per kilowatt hour refund on this month's billing. Both refunds were authorized by the Barry Electric Cooperative Board of Directors.
"We at Barry Electric have been fortunate enough to have had a very successful 2006 and are proud that we can reward our members," said Bill Shiveley, Barry Electric general manager and chief executive officer.
The capital credits were refunded during the month of November and totalled more than $660,000. The amount represents 55 percent of the operating year 1990's capital credit allocation and 20 percent of operating year 2005's allocated capital credits.
According to Shiveley, a capital credit is profit made by the cooperative that is returned back to its members after all expenses have been met. The credits are allocated to members based on kilowatt hours used.
Members who were due a refund and have an account received the refund as an automatic credit on their November bill. Members due a refund who no longer have an account with Barry Electric were sent a check for the refund amount.
In addition to the capital credits, customers will receive a two-cents-per-kilowatt-hour refund on December's usage. That refund amount will be applied to the December billing.
This year's December refund is the largest ever authorized by the cooperative board. Past refunds have been one cent per kilowatt hour or less.
Shiveley pointed out that the cooperative was able to give back approximately $1 million to its customers while also keeping Barry Electric's rates among the lowest in the state.
"Our success is directly linked with the continued loyalty that our members show us year in and year out, and the determination of Barry Electric Cooperative to offer the best possible service to its members," Shiveley said.
"We at Barry Electric Cooperative would like to thank all of our members for a prosperous 2006," Shiveley said.
Barry Electric serves approximately 9,800 customer-members and maintains 1,016 miles of lines.