Holy Cross Energy distributes equity to members
May 16, 2013
EAGLE — In mid-May, approximately 36,700 Holy Cross Energy consumers will be mailed their 2012 Member Equity Allocation Notices and their share of nearly $2.8 million in 2012 member equity distributions. Over 5,700 consumers, entitled to amounts less than $10.00, will see their credit applied to their electric account instead of a check.
As a not-for-profit electric utility, Holy Cross Energy allocates any annual revenues that exceed expenses back to each member based upon their purchases of electricity in that year. Member Equity Allocation Notices are provided to each eligible member after the prior year's books are closed. Member equity distributions for the year 2012 will be distributed in part now, with the rest expected to be refunded at some future date. This May 2013 distribution represents the net present value of fifty percent of the 2012 allocation, where the net present value calculation reflects the current value of the distribution made 15 years ahead of schedule.
Holy Cross Energy's Board of Directors remain committed to the return of member provided capital. With this equity distribution, over $50.8 million has been returned to members since May of 2005. Recent member equity distributions include approximately $2.3 million in May of 2012 and approximately $4.8 million in December of 2012.
Members who received service in 2012 who do not receive a Member Equity Allocation Notice by May 31, 2013 are asked to contact their nearest Holy Cross Energy office.