Basin Electric returns $64.5 million to its member-owners in 2021

Basin Electric shared that the board of directors unanimously voted at its December meeting to approve a $30 million bill credit for Basin Electric’s member-owners.

“Basin Electric's structure and governance is based on the cooperative business model, which has proven itself time and again,” said Basin Electric CEO and General Manager Todd Telesz. “The cooperative remains in a solid financial condition and returning capital through various options to our member-owners aligns with our commitment to the membership. This action is a testament to Basin Electric’s commitment to the cooperative principles and governance at a local level.”

Directors voted to give back to the cooperative’s members due to consolidated financial results being better than projected for 2021. Members will see a bill credit on their December wholesale power bill. 

This bill credit is in addition to the $34.5 million patronage retirement that was approved by the Basin Electric board of directors in November and distributed to the membership in early December.

Basin Electric is a member-owned, not-for-profit cooperative that often returns patronage capital to its member-owners, but can also utilize bill credits to reduce their power bills. Since 2000, Basin Electric will have returned $817.2 million to the membership via patronage capital retirements, bill credits, and power cost adjustments.

“One of the benefits of being a member of a cooperative is that members own their cooperative,” said Basin Electric Board President Wayne Peltier. “As a board, we are always grateful when we can return money to the membership.”