Contact: Priscilla Knight, 703-392-1580, pknight@novec.com
NORTHERN VIRGINIA – The Northern Virginia Electric Cooperative will return $12.9 million to customer-owners in September. The Co-op’s board of directors approved the patronage capital retirement, called CashBack, at its August meeting.
As a not-for-profit electric cooperative, NOVEC returns to Co-op members patronage capital not needed to maintain, upgrade, expand, and operate the electric distribution system. Board directors, elected by members, decide how much CashBack to return and when. So far in 2010, NOVEC has returned more than $18 million. Since 1994, NOVEC customers have received more than $310 million in CashBack distributions.
“NOVEC’s financial condition is strong,” says President/CEO Stan Feuerberg. “NOVEC’s ability to maintain its financial footing during the nation’s economic downturn in the last few years is the result of cost containment initiatives instituted by the Cooperative’s management and the extraordinary skill and dedication of NOVEC’s well-trained employees.”
Current customers served by NOVEC between 1992 and 2009 will see a credit on their September bills. The Co-op will mail checks to former customers. Some former customers may have a refund waiting for them. They can review the list of mailed CashBack checks that were returned as undeliverable during the past year at www.novec.com/cashback12. They may call customer service at 703-335-0500 or 1-800-335-0500 for more information.
