NHEC Annual Meeting of Members Is June 7

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

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.

Voting Opens in 2023 Board of Directors Election

PLYMOUTH, NH – Voting is underway in the 2023 New Hampshire Electric Cooperative (NHEC) Board of Directors election.

Self-governance and the democratic election of directors by the members they serve are hallmarks of the cooperative business model. NHEC members are again voting to elect their representatives at the highest level of the company.

This year, seven candidates are running to fill four seats on the 11-member board of directors. Five candidates are running for election to three, 3-year terms on the Board, while two candidates are running for election to one, 1-year term. Five candidates have been 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. Two candidates are running by petition, which required them to gather the signatures of a minimum of 100 NHEC members in support of their candidacies.

Seeking election to three-year terms are nominated candidates Patricia Barbour of Lee, Madeline McElaney of Plymouth, John Simonelli of Epping and Harry Viens of Center Harbor. Running by petition for the three-year term is William Darcy of Benton. Seeking election to the one-year term is nominated candidate Leon “Lee” Pierhal of Wentworth, and Leo Dwyer of Sandwich, who is running by petition.

NHEC members will also decide two proposed amendments to the NHEC Code of Bylaws. Both were proposed and supported by the NHEC Board of Directors. The first proposed amendment would give the board additional flexibility to efficiently receive, process and count NHEC membership votes that are cast electronically. The second would eliminate the use of gendered language in the bylaws when referring to individuals.

NHEC members are receiving written statements from the candidates in support of their candidacies, along with a 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 Thursday, June 1, 2023 to return their completed paper ballot or cast their electronic ballot. Election results will be announced at the 84th Annual Meeting of Members, to be held Wednesday, June 7 at 10 a.m. at the Merrill Place Conference Center on the campus of Plymouth State University. Members can also attend the Annual Meeting online. To register to attend online, please visit https://www.nhec.com/2023-annual-meeting. All NHEC members are welcome to attend.