Directors approve $2 million refund

RANGELY I It looks as though the “cooperative difference” is alive and well at Moon Lake Electric. One of the important differences between cooperatives and investor-owned utilities is ownership in the company. Because Moon Lake Electric is member-owned, excess margins earned by the cooperative are paid back to the members in the form of patronage capital.
Grant J. Earl, general manager/CEO of Moon Lake, stated, “We are very happy to report that the board of directors has approved a $2 million patronage refund this year, and our members will be seeing the credit on their monthly bills during the May and June billing cycles.” By crediting members’ electric accounts rather than issuing checks, Moon Lake is able to save thousands of dollars in check handling and mailing costs. The issuance of patronage refunds is based on a percentage of the member’s previous years’ power usage.
Remarkably, Moon Lake has returned more than $32 million to its members in patronage refunds since 1977. “Our members are receiving patronage refunds at the same time customers of other power companies are seeing rate increases. In spite of dealing with inflationary pressures, we are financially healthy,” stated Earl.
In addition to issuing patronage refunds, Moon Lake is busy preparing for its annual members meeting which will be held Thursday, June 7 in its new headquarters operations building, located on 800 West Hwy. 40 in Roosevelt, Utah, beginning at 5 p.m.
District director nominating meetings were held this year in Districts 2 and 3. Incumbent director Yogi Nielsen was the only nominee from District 2 and she will continue her service on the board for another 3-year term.
In District 3, Stewart Olsen of Neola and Dustin McGee of Cedarview are vying for the board seat which is held by Kent Olsen of Neola, who is ineligible to seek another term on the board. Ballots were mailed to members living in District 3 and they can vote by mail or by attending the June 7 annual meeting and voting in person between 5 p.m. and 6 p.m.