BISMARCK, N.D. (KXNET) — Basin Electric’s board of directors unanimously voted to decrease member rates by an average of one mill per megawatt hour. This rate decrease amounts to approximately $33.5 million in 2023 alone.
The board’s action to reduce rates comes just weeks after approving two other financial resolutions to return millions to its members.
At its July meeting, directors authorized a $15 million bill credit on members’ July power bills as well as the retirement of $13.2 million in patronage capital credits. These two actions will bring the amount returned to members since the year 2000 to over $630 million via retiring patronage capital credits and bill credits.
Patronage capital credits represent value returned to the membership from their investment in the cooperative in previous years. A bill credit reflects a rate reduction on the current year’s sales. The rate reduction is a relief for future member ratepayers.
While the rate decrease will take effect on January 1, 2023, the patronage capital credits were distributed in late July and the bill credit will appear on the bill members receive this month.