Holy Cross allocates member equity
In mid-May, approximately 43,200 Holy Cross Energy consumers, who received electric service in 2009, will be mailed their 2009 Member Equity Allocation Notices and their share of nearly $2.75 million in 2009 member equity distributions. Consumers entitled to member equity distribution amounts less than $10 will receive the corresponding credit applied to their electric account instead of a check.
As a not-for-profit electric utility, Holy Cross 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 2009 will be distributed in part now, with the rest expected to be refunded at some future date. This May 2010 distribution represents the net present value of 45 percent of the 2009 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 remains committed to the return of member provided capital. With this equity distribution, nearly $33 million has been returned to members since May 2005. Recent member equity distributions include nearly $2.7 million in May 2009 and nearly $2.8 million in December 2009.
Members who received service in 2009 who do not receive a Member Equity Allocation Notice by May 31 are asked to contact their nearest Holy Cross office.
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