Contact: NOVEC Public Relations, 1-888-335-0500, customerservice@novec.com
MANASSAS, Va. ― The Northern Virginia
Electric Cooperative board of
directors has authorized the electric utility to return $1.40 million in
capital credits to customer-owners. Current customers who began service with
NOVEC anytime between 1993 and December 2013 will see the return credited on
their December bills in the form of "CashBack."
As a not-for-profit business,
NOVEC reinvests capital margins to maintain, improve, and expand its electricity-distribution
system. Despite unanticipated costs incurred in 2014 due to polar vortex
weather events, NOVEC President/CEO Stan Feuerberg says NOVEC's strong
financial position is allowing the Co-op to provide CashBack to current
customers.
"This CashBack return,
combined with NOVEC's reduced rates and a power-cost-adjustment credit we've
been giving for three years, should make the holidays a little brighter for our
Co-op members," Feuerberg said.
Since 2000, NOVEC has
returned almost $285 million in CashBack to Cooperative members.
