Contact: Priscilla Knight, 703-392-1580, pknight@novec.com
NORTHERN VIRGINIA--Despite a slowing of the Northern Virginia economy, the Northern Virginia Electric Cooperative board of directors authorized on Dec. 4, 2008, a special $1.53 million CashBack refund to customer-owners. Refund credits will appear on customers’ December bills. The refund brings NOVEC’s total CashBack to customers in 2008 to approximately $26.5 million.
“The local economy is unstable, but NOVEC’s financial condition is strong,” says NOVEC President/CEO Stan Feuerberg. “Our entire NOVEC team is committed to following sound fiscal practices. We owe that to our customer-owners. We know many are facing economic hardships. Therefore, in the spirit of the season, the directors voted to give Co-op members this special CashBack refund.”
NOVEC is a not-for-profit business. Co-op customer-owners, who are members, vote for their governing board of directors. When revenues exceed the cost of doing business, some of the margins are retained to pay for expansion of and improvements to NOVEC’s electric distribution system. Directors may vote to return remaining revenue margins to customers when the Co-op’s financial condition permits returns of “patronage capital” through CashBack.
