Basin Electric’s Member Investment Program sets record high in 2020
Basin Electric’s Member Investment Program saw a new record high of $362.3 million on March 19. The program began more than 40 years ago as a short-term, capital borrowing program that allows the cooperative to borrow money from its members at competitive interest rates.
The Member Investment Program is an alternative investment resource for many of Basin Electric’s members. If members have excess funds, they can invest directly with Basin Electric at rates that are oftentimes higher than they could obtain through their own resources.
Steve Johnson, Basin Electric chief financial officer and senior vice president, said the program provides greater flexibility for the cooperative’s members in their cash management. “The program’s interest rates are very competitive, which helps members maximize their interest income,” Johnson said. “The program’s balance of over $360 million is additional liquidity members are providing Basin Electric. It’s a testament to how financially strong our membership truly is.”