Orange City, Iowa — One of the area electric coops has decided to make it a little easier on their member-owners to deal with the coronavirus situation.
In light of the COVID-19 outbreak, the Board of Directors of North West REC tell us they have approved an early retirement of patronage dividends to the member-owners. The amount of the retirement is $1.6 million and it will be distributed to the members as a credit on their electric bills dated May 20th.
According to Lyle Korver, NWREC General Manager, this retirement will be based on a Last In, First Out (LIFO) method instead of the normal First In, First Out (FIFO) method.
Korver says that means that the amount that each member will receive is based on their electricity purchases from the Cooperative in 2019 instead of 2008, which will benefit current members.
Jeff Rehder, NWREC Board President, said the directors and management team understand that many of the members are experiencing financial challenges as a result of the COVID-19 outbreak. He says the borad decided this was one way they could provide some timely assistance to their members.
During these unprecedented times, North West REC officials say they are also making every effort to work with customers who are experiencing financial difficulties by waiving late fees, providing payment plan options, and temporarily suspending disconnections for non-payment.
North West REC serves customers in Sioux, O’Brien, Plymouth, and Ida counties in northwest Iowa.
