(Estherville)– In a day and age of troubling developments, there’s actually some good news for member-owners of Iowa Lakes Electric Cooperative. CEO Rick Olesen announced today (Monday) the cooperative will be distributing $1.77 million in capital credits to their member-owners…
“One of our power suppliers, Cornbelt Power Cooperative out of Humboldt, Iowa, we have a capital credits assignment and retirement that was delivered to us this month and we’re going to, the board has approved passing that straight through to our member-owners so on their April statement that they’ll see sometime, probably about the first week in May, they’ll see that capital credits retirement on there and it will come as a bill credit on their billing statement, and it will be in a little bit different colored ink on there so it stands out to them but again $1.77 million to be delivered back to our member-owners. On average for farmer-residential service it should be in a neighborhood of maybe $80 on their monthly bill. Boy at a time when it’s very much needed, and so we really appreciate Cornbelt Power passing that through to us and really proud of our board for them to deliver that straight back to our member-owners without delay.”
In addition, Olesen says ILEC member-owners also received some good news at their annual meeting that recently held telephonically…
“My comments at the end of that, Steve, were just that one of the things that we can provide is this financial benefit on this month’s billing statement will also have capital credits assignment from our board of directors that will be on their June billing statement that they’ll see in July and that will return another $700,000 directly to those member-owners who had service with us in 2019.”
Olesen adds crews with Iowa Lakes Electric Cooperative continue to work during the pandemic. He says they’re working on various maintenance projects on their distribution system as well as their emergency restoration plan.
