Contact: NOVEC Public Relations, 1-888-335-0500, email@example.com
MANASSAS, Va. ― The Northern Virginia Electric Cooperative board of directors has authorized the retirement of $3.8 million in patronage capital credits to customer-owners during the December billing cycle. Current customers who began service with NOVEC between 1993 and December 2014 will see the retirement credited on their December bills in the form of “CashBack.” Former customers who have a retirement of $5 or more will receive checks in the mail.
As a not-for-profit business, NOVEC uses patronage capital to maintain, improve, and expand its electricity distribution system. The Co-op’s board of directors votes to return a portion of the capital periodically to its customer-owners.
“We’re in a strong financial position,” notes NOVEC President/CEO Stan Feuerberg. “As a result of our cost containment efforts, the board approved the retirement of this large amount of money — just in time for the December holidays.”