NOVEC Credits $1 Million to Customers on December Bill
NOVEC's strong financial situation allows it to return money to its customers.
Northern Virginia Electric Cooperative customers should see a credit on their December bills, thanks to a $1.05 million cash return from the comapny.
NOVEC is a nonprofit that reinvests margins to maintain, improve and expand its electricity-distribution system. This year, the company's strong finanical situation allowed it to return some of the margin to its customers, NOVEC President and CEO Stan Feuerberg said.
This return in capital is referred to as a "CashBack" by NOVEC officials, he said.
The credit comes in spite of unanticipated costs from June's derecho storm and Hurricane Sandy, Feuerberg said.
“The timing of the board’s decision couldn’t be better,” Feuerberg said. “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.”
NOVEC serves about 150,000 customers in Fairfax, Fauquier, Loudoun, Prince William, Stafford and Clarke counties as well as the town of Clifton, and the city of Manassas Park.
Since 2000, NOVEC has returned almost $280 million in CashBack to cooperative members.