For the second consecutive year, financial gains will be shared with member-owner cooperatives
As Great River Energy closes the books on a financially successful 2018, the cooperative will complete one last transaction: returning $10 million to its membership.
“Our strategic decisions are contributing to consistently positive financial results. When you combine those with a year of excellent operations and strong sales, it is only natural to share the success with our member-owner cooperatives,” said Great River Energy Vice President and Chief Financial Officer Michelle Strobel.
This is the second time Great River Energy has issued a refund to its membership, with the first happening a year ago. 2017 financial gains resulted in a $6 million refund to members.
The 2018 refund will be apportioned among Great River Energy’s 28 member-owner cooperatives and returned this month.
In addition to the member refund, Great River Energy will apply some 2018 financial gains to pay down future financial obligations.
“This will reduce electric rates for members in the years, or even decades, in the future,” Strobel added. “We are working hard to keep costs competitive for members.”