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If the video player does not come up automatically, click on the yellow "add-on" bar above the New-Mac header and select "Run Add-on". Then select "Run".
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VIDEO: CEO/GM Mitch McCumber addresses the attendees of New-Mac Electric' Cooperative's 2009 Annual Meeting. |
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Co-op marks anniversary of ‘70 years strong’
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New-Mac pays capital credits, rate adjustments back to members
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New-Mac Electric Cooperative announced, at its 2009 Annual Meeting, that for the twelfth consecutive year the co-op would be returning funds to member-customers in the form of capital credits and rate adjustments.
At the co-op’s annual meeting, held Oct. 31 at Crowder College, Mitch McCumber, New-Mac chief executive officer, made the announcement, while also praising the co-op’s founders for their vision and perseverance in starting the co-op seventy years ago.
“In 1939, a country store-keeper named J.B. Sims got together 505 friends and neighbors, formed this cooperative, got an REA loan, and started putting up poles and wires,” McCumber told the gathering. “It wasn’t easy. Some people made fun of them. But they were true visionaries who were not afraid to dream and then work hard to make those dreams come true.”
“Now here we are 70 strong years later. Just think about the difference those people made in rural living,” he said.
McCumber told members that despite a down national economy, 2008 was another solid financial year for the co-op. In its annual report released at the meeting, New-Mac Electric revenues grew to nearly $30 million in 2008, and the co-op now has over $82 million in total assets.
McCumber announced that approximately $620,000 in capital credit refund checks are being distributed to member-customers this year. The capital credit refunds go to people who were New-Mac member-customers during portions of 1993, and are based on their patronage for that year. Members who didn’t attend the meeting will receive their checks in the mail.
McCumber also announced that New-Mac members will be receiving a one-time, year-end power cost adjustment of approximately $268,000, which will be shown as a credit on bills received in December. During the past twelve years, New-Mac has refunded capital credits and rate adjustments to members totaling more than $14,000,000.
However, McCumber said the co-op has been forced to reduce capital credit refunds, and that trend will likely continue as wholesale power costs continue to increase from New-Mac’s power suppliers, Associated Electric Cooperative in Springfield and KAMO Power in Vinita, Oklahoma.
McCumber said future rate increases are likely, however the co-op won’t know about 2010 electric rates until budgeting is completed at the end of the year. He said the co-op will inform members immediately in the January co-op newsletter.
“The easy way out would be to just raise rates,” McCumber told the meeting. “We don’t look for the easy way out. We have to pay bills every month just like you, and we know all too well, sometimes that’s really hard to do.”
McCumber also urged members to join in a nationwide co-op campaign called “Our Energy, Our Future,” to send messages calling on members of Congress to act immediately to find long-term affordable energy solutions for the country. The campaign has already generated some 2.6 million letters and messages – 18,000 of them through New-Mac alone.
McCumber also reminded members about the co-op’s “Take Control and Save” program to help consumers become more energy efficient and save on utility bills. At the meeting, New-Mac distributed free energy efficient compact fluorescent light bulbs to attendees.
New-Mac offers various efficiency programs to help reduce electric usage, including online energy audits and home efficiency tips, available through the co-op’s website – www.newmac.com. In addition, New-Mac currently pays rebates to members who install high efficiency washing machines, dishwashers, room air conditioners, electric water heaters and heat pumps.
McCumber reported that the past year was relatively mild for storm-related damage and outages. However, during last January’s ice storm, New-Mac sent 18 personnel to southeast Missouri for three weeks to assist co-ops with outage repairs.
McCumber also reported that the co-op continues to make progress in completing construction projects, including substation upgrades, pole change-outs, and line relocation. In addition, New-Mac will spend approximately $1.6 million this year on right-of-way brush clearing in order to improve electric service reliability.
New-Mac Electric, headquartered in Neosho, Mo., serves some 17,000 member accounts, primarily in Newton, McDonald and Jasper Counties. |
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