All owner-members (customers) of Fall River Electric who received power in 2017 have been issued a first-ever rebate! As a nonprofit cooperative, Fall River manages the amount of revenue they need to operate the Cooperative very closely. Fall River Electric had a great financial year in 2017 and the Coop’s elected Board of Directors decided to rebate a portion of 2017’s margins back to its owners (YOU). Here are the primary reasons the board decided to provide this rebate:
- Efforts to control and reduce expenses, increase operational efficiencies, and improve the Cooperative’s equity ratio, which is at an all-time high of 38%, were successful;
- Fall River Electric’s hydroelectric facilities produced a record amount of energy due to a fantastic water year plus the recent addition of the Felt hydro plant. The Chester hydro plant also generated a record breaking amount of power in 2017;
- Colder than normal January through March of 2017 weather resulted in higher kilowatt hour sales than projected.
The amount of each owner-member’s rebate was based on the amount of energy they used in 2017. Because Fall River Electric operates as a cooperative, owned by those it serves, they are able to provide owner-members with this unique benefit. Checks were mailed to members in March.