Contact: NOVEC Public Relations, 1-888-335-0500, customerservice@novec.com
NORTHERN VIRGINIA ― The Northern Virginia Electric Cooperative board of directors have authorized a special $1.05 million CashBack return to customer-owners. Current customers will see the return credited on their December bills.
As a not-for-profit business, NOVEC reinvests margins to maintain, improve, and expand its electricity-distribution system. Despite unanticipated costs incurred in 2012 because of the derecho storm in June and Superstorm Sandy in October, NOVEC President/CEO Stan Feuerberg says NOVEC’s strong financial situation is allowing the Co-op to return $1.05 million of the margin to customers. NOVEC calls this return of capital “CashBack.”
“The timing of the board’s decision couldn’t be better,” explains Feuerberg. “This CashBack return, combined with our reduced rates and a power-cost-adjustment refund for 2012 and 2013, should make the holidays a little brighter for our customers.”
Since 2000, NOVEC has returned almost $280 million in CashBack to Cooperative members.
