Tri-State says it will refund $30 million in patronage capital to members for 2020
It’s been a busy last few weeks for Tri-State Generation and Transmission, and that continued late Thursday, Dec. 3 when the cooperative’s board of directors announced that they’d be returning $30 million in patronage capital refunds for 2020 to its members, pushing the five-year refund total to more than $130 million.
Patronage capital represents each member’s ownership and investment in Tri-State, and is an accumulation over the years of the net margins earned by and allocated to those members, Tri-State said.
“The return of patronage capital truly represents the strength of the cooperative business model and the benefits of belonging to Tri-State. This refund provides a significant return of investment and inflow of cash for our members, strengthening their balance sheets and contributing to their overall financial strength,” said Rick Gordon, chair of the Tri-State board and director of the Mountain View Electric Association in Limon, Colo.
In early October, Tri-State’s board of directors also approved the power supply cooperative’s 2021 budget, with no proposed wholesale rate change, the cooperative said.
Tri-State continues to provide long-term rate certainty for its 42 utility members in Colorado, Wyoming, Nebraska and New Mexico, and noted that wholesale rates for utility members would not change for the fifth year in a row.
The cooperative’s wholesale rates provide for the long-term, firm delivery of power to the cooperative’s members. The wholesale rate includes all of the services required for delivering power, including energy, capacity, ancillary services, transmission, and a wide range of other products and services.
“Our efforts to maintain stable rates and control costs, even during the economic uncertainty caused by the pandemic, upholds our mission of providing a reliable, affordable and responsible supply of electricity, in accordance with cooperative principles,” Gordon said.
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A decrease in commuting since the start of the COVID-19 pandemic didn’t slow down business for Precision Auto Service. In fact, the shop was busier than before, and business hasn’t slowed down yet.