NHEC Sets New Power Rate

PLYMOUTH, NH (June 28, 2022) – New Hampshire Electric Cooperative (NHEC) is increasing its Co-op Power Charge from 9.62 cents per kilowatt-hour (kWh) to 16.98 cents per kWh. The new rate will take effect with bills rendered on or after August 1, 2022.

The Co-op Power Charge includes the cost that NHEC pays to purchase electricity on behalf of its members from the wholesale electricity market. The cost of these electric market purchases is directly passed through to members who have not chosen to purchase power from a competitive supplier. NHEC does not add any additional charges or fees to its Co-op Power Charge, and it does not fund NHEC’s operations.

In New England, natural gas is the predominant fuel used to generate electricity. The price of natural gas is nearly three times higher than this time last year. Natural gas prices are impacted by global supply and demand, which has led to historically high electricity prices in New England and across the country.

The new Co-op Power Charge and Regional Access Charge will result in a $37.55 a month increase for the typical residential member using 500 kWh per month, or 32% total bill increase. Members using 1,000 kWh per month will see a total bill increase of $75.09 per month, or 37%.

“The price of the electricity NHEC purchases for our members who opt to take Co-op Power energy service has continued to climb,” said Brian Callnan, NHEC’s VP of Power Resources and Access. “An adjustment to the Co-op Power Charge will help stabilize our members’ electricity costs through the upcoming fall and winter.”

“From the supermarket to the gas station to the electric meter, costs are up across the board,” said Jim Bakas, NHEC’s Interim General Manager. “We know that any rate increase is difficult for our members, many of whom are on fixed incomes or already struggling to pay their bills. We want our members to know that we are here to help and there are Co-op, state and local assistance programs available. We encourage members to call us at (800) 698-2007, or visit www.nhec.com/financial-assistance. Our Member Solutions representatives are ready to create payment plans or budget billing that works for you. Our Energy Solutions department is also ready to help with efficiency programs that offer incentives, rebates, and advice for getting the most from your energy dollars.”

Co-op Power Rate Adjustment Schedule

NHEC has traditionally adjusted the Co-op Power and Regional Access Charges in May to reflect power and transmission costs for the upcoming summer period, and again in November for the winter period ahead. To mitigate seasonal price fluctuations and provide NHEC members with more stable rates, NHEC is changing the time of year it sets these charges to August and February of each year. Setting the Co-op Power Charge in August and February will align NHEC with other New Hampshire utilities and avoid the large swings in electricity prices that have occurred over the past several years.

Members Reelect Four Incumbents to NHEC Board of Directors

PLYMOUTH, NH – Members of New Hampshire Electric Cooperative (NHEC) have reelected four members to the company’s Board of Directors.

A total of six candidates were running for election to four open seats on the Co-op’s 11-member Board of Directors. As a member-owned cooperative, NHEC is governed by Directors who are elected by the membership. The four candidates elected by NHEC’s members were Alana Albee of Center Tuftonboro, Carolyn Kedersha of Melvin Village, Thomas F. Mongeon of Rumney and Sharon L. Davis of Campton. All four winning candidates are incumbent Board members and will serve three-year terms.

Below are the full results of the 2022 Board of Directors election.

Alana Albee                 4,849
Carolyn Kedersha        4,815
Thomas F. Mongeon   4,439
Sharon L. Davis           4,027
David S. Boyce            3,968
John M. Goodrich       3,589

At NHEC’s Board Organizational Meeting on June 14, 2022 the Board of Directors elected the following officers to serve one-year terms:

Chair of the Board – Jeffrey Morrill
Vice Chair of the Board – Sharon Davis
Treasurer – Edward French
Assistant Treasurer – Carolyn Kedersha
Secretary – Brenda Boisvert

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.