Second Consecutive Rate Cut Coming for NHEC Members

by | Jun 30, 2023 | Rates, Uncategorized

PLYMOUTH, NH – The Board of Directors approved this week the second consecutive rate cut in a year for most New Hampshire Electric Cooperative (NHEC) members.

Beginning August 1st, the rate change will result in an overall bill decrease of 7% (or $10.03 per month) for the typical member using 500 kWh of electricity per month. The typical 1,000 kWh member will see a total bill decrease of 8% ($20.27 per month).

This most recent decrease comes on the heels of a February 2023 rate reduction that resulted in a total bill decrease of 9.3%. It is also a welcome sign that wholesale electricity prices continue to ease in New England, following a turbulent period of sharp increases in 2022.

The August 2023 change includes a decrease to the Co-op Power rate, which reflects the actual cost of power that NHEC purchases for use by its members. The new Co-op Power rate will be 11.42 cents per kWh and will be in effect through January 31, 2024. While there will be a slight increase to the Regional Access Charge, the overall bill will decline for most members.

“One of the best things an electric cooperative can do for its members and communities is to keep electric rates affordable,” said NHEC President/CEO Alyssa Clemsen Roberts. “That’s been a challenge in New Hampshire recently, and we’re very pleased to be able to offer another rate decrease to our members.”

For more information about NHEC’s rates, including a current table of rates, please visit our website: https://www.nhec.com/rates-tariffs/

Members Reelect Four Incumbents to NHEC Board of Directors

by | Jun 8, 2023 | Annual Meeting, Board of Directors, Uncategorized

PLYMOUTH, NH – Members of New Hampshire Electric Cooperative (NHEC) have returned four incumbents to the company’s board of directors.

A total of seven candidates were running to fill four seats on the 11-member board of directors. Five candidates ran for election to three, 3-year terms on the Board, while two candidates ran for election to one, 1-year term. Election results were announced at NHEC’s Annual Meeting, held June 7 in Plymouth.

Reelected to three-year terms on the board were William Darcy of Benton, Madeline McElaney of Plymouth and Harry Viens of Center Harbor. Reelected to a one-year term on the board was incumbent member Leo Dwyer of Sandwich.

Additionally, NHEC members approved one proposed amendment to the NHEC Code of Bylaws, but a second proposed amendment failed to reach the required supermajority approval of 66% of the votes cast. The first proposed amendment gives the board additional flexibility to efficiently receive, process and count NHEC membership votes that are cast electronically. The second proposed amendment would have eliminated the use of gendered language when referring to individuals in the bylaws.

As a member-owned cooperative, NHEC relies on the active participation of its members to govern and sustain the business. NHEC wishes to thank all members who voted or stood for election. Below are the full results of the 2023 Board of Directors Election.

FOR THREE-YEAR TERM (*elected)

*William Darcy                   4,478
*Madeline McElaney          4,270
*Harry Viens                       3,712
Patricia Barbour                 3,266
John Simonelli                    2,953

FOR ONE-YEAR TERM (*elected)

*Leo Dwyer                        4,439
Leon (Lee) Pierhal             2,392

 

BYLAW AMENDMENT #1
(requires two-thirds majority for passage)

YES    5,373 (77.9%)
NO     1,521 (22.1%)

 

BYLAW AMENDMENT #2
(requires two-thirds majority for passage)

YES    4,017 (57.9%)
NO     2,924 (42.1%)

At NHEC’s Board Organizational Meeting on June 7, 2023 the Board of Directors elected the following officers to serve one-year terms:

Chair of the Board – Sharon Davis

Vice Chair of the Board – Madeline McElaney

Treasurer – Edward French

Assistant Treasurer – Carolyn Kedersha

Secretary – Brenda Boisvert

NHEC Annual Meeting of Members Is June 7

by | May 31, 2023 | Annual Meeting, Uncategorized

PLYMOUTH, NH – The New Hampshire Electric Cooperative (NHEC) 84th Annual Meeting of Members will be held at 10 a.m. on Wednesday, June 7, 2023 at Merrill Place Conference Center on the campus of Plymouth State University in Plymouth. All NHEC members are welcome to attend the business meeting in person or via a live stream of the meeting online.

If you plan on attending either online or in person, please let us know by registering HERE on our website. For those attending in-person, please join us before the meeting for light refreshments. Doors open at 9 a.m.

Can’t make it to Plymouth but want to join online? Register HERE to attend the live Zoom Webinar.

Annual Meeting is a cooperative tradition that offers NHEC members the opportunity to hear about the performance of the cooperative, its accomplishments, and goals for the future. The NHEC Board of Directors and senior officers encourage participation from members and will be available for questions. Additionally, the results of the 2023 Board of Directors election will be announced.

NHEC to return $2 million in capital credits to members, former members

by | May 12, 2023 | Capital Credits, Uncategorized

PLYMOUTH, NH – The New Hampshire Electric Cooperative (NHEC) Board of Directors has approved the return of over $2 million in capital credit payments to members and former members.

The 2023 capital credit retirement will result in the payment of all remaining capital credits from 1984, all of 1985, and part of 1986. Approximately 10,000 current members who had service with NHEC during that time will receive a credit on their July 2023 bills. Former members who no longer take service from NHEC will receive checks for their patronage. This is the third consecutive year NHEC will be returning capital credits to its current and former members.

NHEC is a nonprofit electric cooperative, which means it is owned by the people and businesses it serves. When NHEC takes in more revenue than it spends in a given year, the cooperative builds equity. Unlike investor-owned utilities, however, nonprofit cooperatives return this equity back to the member-owners who created it.

The equity NHEC builds over time is used to fund capital projects, which keeps the electric distribution system safe and reliable, and helps keep electric rates affordable and stable. NHEC’s member-owners are allocated their portion of NHEC’s equity generated each year based on their electric usage. Members’ accrued equity in NHEC is represented by capital credits that are accounted for in NHEC’s financial records and returned to members when the NHEC’s finances allow. Following a Financial Soundness Review in 2023, the NHEC Board of Directors determined that NHEC is in a good position to return equity to members for the third consecutive year.

Current and former NHEC members have the opportunity to donate their capital credit payments to the NHEC Foundation or Project Care. Project Care and the NHEC Foundation are nonprofit 501(c)(3) organizations that provide bill assistance to NHEC members and support to local community nonprofit organizations.
DONATE YOUR CAPITAL CREDIT PAYMENT HERE