2022 Annual Meeting Is June 14

83rd Annual Meeting of Members…Welcome Back!

We’re glad to welcome members back in-person to Annual Meeting, but you can attend online as well! All NHEC members are welcome to attend.

WHEN:
Tuesday, June 14, 2022
10 a.m.
(In-person registration begins at 9 a.m.; please RSVP here before the meeting)

WHERE:|
Merrill Place Conference Center on the campus of Plymouth State University in Plymouth, NH

ONLINE:
If you wish to join us by Zoom, you must register here in advance of the meeting. Once your registration has been confirmed, you will receive an email link to the Annual Meeting URL, which you can bookmark and add to your calendar. All members will be in view and listen mode until we open up the meeting to address member questions.

 

 

Voting Opens in NHEC Board of Directors Election

PLYMOUTH, NH (May 10, 2022) – Voting is underway in the 2022 New Hampshire Electric Cooperative (NHEC) Board of Directors election. A hallmark of the cooperative business model is self-governance and the democratic election of directors by the members they serve. NHEC members are again voting to elect their representatives on the organization’s board of directors.

This year, six candidates are running to fill four seats on the 11-member board of directors. All the candidates are NHEC members and were nominated by the NHEC Nominating Committee, an independent panel of members that reviews the qualifications of each candidate and recommends those it believes would best contribute to the successful operation of NHEC.

Seeking election in 2022 are nominated candidates Alana Albee of Center Tuftonboro, David Boyce of Moultonborough, Sharon Davis of Campton, John Goodrich of Littleton, Carolyn Kedersha of Melvin Village, and Thomas Mongeon of Rumney. NHEC members are receiving written statements from the candidates in support of their candidacies, along with a paper ballot. To save time, money and resources, NHEC encourages all members to vote securely online instead of returning a paper ballot. Each ballot mailing will include instructions for voting quickly and securely online.

NHEC members have until Wednesday, June 8, 2022 to return their completed paper ballot or cast their electronic ballot. Election results will be announced at the 83rd Annual Meeting of Members, to be held Tuesday, June 14th at 10 a.m. at the Merrill Place Conference Center on the campus of Plymouth State University. For the first time in two years, NHEC is welcoming members back in-person to the Annual Meeting. Members can also attend the Annual Meeting online. To register to attend the meeting online, please visit https://www.nhec.com/2022-annual-meeting/. All NHEC members are welcome to attend.

NHEC Board Approves Capital Credit Payments to Members

PLYMOUTH, NH – At its April 2022 meeting, New Hampshire Electric Cooperative’s (NHEC) Board of Directors reviewed the Co-op’s financial standing and approved the return of $4 million of equity to members. Current NHEC members will receive their portion of these equity payments, called capital credits, as a credit on their July 2022 electric bills. This is the second consecutive year NHEC will be returning capital credits to its current and former members.

NHEC is a nonprofit, rural 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 Co-op builds equity. A key difference between nonprofit cooperatives, like NHEC, and for-profit utilities, is that cooperatives return this equity back to their member-owners.

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 the 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 Co-op’s finances allow. Last year NHEC’s Board approved the Co-op’s first-ever capital credit retirement, returning nearly $4 million to current and former members.

“Our members are not customers, but owners of their cooperative,” said NHEC Board Chair Jeffrey Morrill. “Returning equity to members is a hallmark of the cooperative business model and we’re pleased to again be able to share the success of the Co-op with our members. Cooperatives are a reflection of the people and communities they serve. NHEC is financially strong because we have good management and members who use our services to create thriving communities that support us all.”

In July 2022, NHEC members who received electric service in the year 2021 will see credits on their electric bills reflecting the return of their capital credits. Former Co-op members will receive checks based upon their portion of equity accrued between the years 1982 – 1984.

Current and former NHEC members also 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 assistance to Co-op members having difficulty paying their bills and support local community nonprofit organizations.

Additional information about capital credits and how members can donate their payments can be found at www.nhec.com/capital-credits.

NHEC Board Appoints New Director to Fill Vacancy

PLYMOUTH, NH – The New Hampshire Electric Cooperative’s (NHEC) Board of Directors has appointed a new member to fill the vacancy created by a recent resignation.

Harry Viens of Center Harbor was voted by the Board to fill the vacancy that was created when Daniel Senie of Charlestown resigned on March 23. Because the vacancy on the Board occurred within 100 days of the next annual meeting of the members, which is scheduled for June 14, the NHEC bylaws require the Board to vote to fill the vacancy by appointment. Mr. Viens will serve on the Board until the next annual meeting of the members, which will be held in June 2023.

Mr. Viens had previously served three terms on the NHEC Board from 2010 – 2020.

NHEC Sets Summer Power Rates

PLYMOUTH, NH (April 6, 2022) – New Hampshire Electric Cooperative’s (NHEC) Board of Directors has approved changes to the Co-op Power rate and Regional Access Charge, which will result in an overall bill decrease for most residential members of about 4%, or $5.06 per month. The new rates will take effect with bills rendered on or after May 1, 2022.

The Co-op Power portion of members’ bills will decrease from the current winter rate of 9.8 cents per kilowatt-hour (kWh) to 9.6 cents per kWh for the summer. The Co-op Power Charge includes the cost that NHEC pays to purchase electricity from the wholesale electricity market. The cost of this power is directly passed through to members who have not chosen to purchase electricity from a competitive supplier. The Co-op Power Charge does not fund NHEC’s operations. Last May, NHEC set its summer rate at 6.5 cents per kWh.

The May 1 rate changes will also include a 23% decrease in the Regional Access Charge portion of members’ bills. The Regional Access Charge includes the costs NHEC pays transmission companies to deliver electricity to its distribution system. The rate also includes the state-required refund of Regional Greenhouse Gas Initiative (RGGI) proceeds. As with the Co-op Power Charge, the costs NHEC incurs from transmission companies are passed directly through to members.

“The Co-op Power Charge reduction for the summer period is not as low as we’ve seen in years past,” said Brian Callnan, NHEC’s Vice President of Power Resources & Access. “The primary driver is natural gas prices remaining high throughout the summer, which is the fuel used to generate nearly half of the electricity in New England. The United States exports an increasing amount of natural gas. As a global commodity, natural gas prices are impacted by international events and markets. As with other fuels, high natural gas prices are leading to higher electricity costs this summer.”

For more information about NHEC rates, charges and fees, please visit our website at https://www.nhec.com/rates-tariffs/.