Holy Cross Energy mails out $4 million in equity refunds
Holy Cross Energy’s Board of Directors recently declared a Member Equity distribution refund of more than $4 million to members who purchased electricity from Holy Cross Energy in 1999.
More than 29,300 current and former members should receive their member equity checks by mid-December. Refunds less than $10 will be posted as a credit on upcoming member electric statements.
Membership with Holy Cross Energy entitles all members to share in its success. Distribution of member equity is a unique and important part of the cooperative philosophy. As a not-for-profit entity, Holy Cross’s mission includes providing electric service at a reasonable cost and returning profits or “margins” remaining after operation expenses back to its members.
“Member equity is a cornerstone of the cooperative way of doing business,” explained Michael Glass, board president of Holy Cross Energy. “The Board of Directors understands the hardships our members are facing in these difficult economic times and is pleased to be able to again return margins despite the many challenges currently confronting our industry.”
Holy Cross Energy is a rural electric distribution cooperative organized in 1939, providing electric energy to more than 55,200 services in Eagle, Garfield, Pitkin, and portions of Gunnison and Mesa counties.
In terms of area, it’s the county’s smallest conservation deal ever. In terms of location, it’s one of the county’s rarest acquisitions.