Active members who had service in 2022 are seeing a credit on last month's bill!
A postcard was sent out with the following message:
A MESSAGE FROM GENERAL MANAGER TIM MclNTYRE
I hope this postcard finds you well this new year. As you likely know, Lake Region Electric is a member-owner of Basin Electric Power Cooperative. In 2022, Basin Electric experienced higher-than-expected year-end margins due to surplus sales within the energy market and a greater than normal performance from their subsidiary, Dakota Gasification. As a result, Basin Electric issued a bill credit to all member-owners, which includes Lake Region Electric.
We bring value to our members in a variety of ways. One way is by constantly examining ways to reduce costs without sacrificing reliability - all while keeping rates as low as possible. We also bring value by passing financial gains to our member-owners.
We are pleased to inform you that the Lake Region Board of Directors is passing approximately $400,000 on to you, our member-owners. The monthly power bill you will receive at the beginning of April should reflect a bill credit of $50 for each active main meter that was in service before December 31, 2022, plus a credit based on the revenue amount you paid us in 2022. We realize there are years when issuing bill credits is not possible, but when there are years such as this, we are excited and proud to provide a reduction in your power costs.