Holy Cross issues equity notices

Staff Report

In mid-May, approximately 43,250 Holy Cross Energy consumers will be mailed their 2014 Member Equity Allocation Notices and their share of more than $2.2 million in 2014 member equity distributions. Of this total, more than 9,300 consumers entitled to amounts less than $10 will see their credit applied to their electric account instead of receiving 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 2014 will be distributed in part now, with the rest expected to be refunded at a date to be announced later. This May 2015 distribution represents the net present value of 50 percent of the 2014 allocation.

Holy Cross Energy’s board of directors remains committed to the return of member-provided capital. Recent member equity distributions include approximately $2.6 million in May 2014 and more than $4 million in December 2014.

Including the above distribution, Holy Cross Energy has returned nearly $131.5 million in member equity since 1963.

Members who received service in 2014 who do not receive a Member Equity Allocation Notice by May 31 are asked to contact their nearest Holy Cross Energy office.

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