During these unsettling times that our entire nation is experiencing due to the COVID-19 pandemic, it is with great pleasure to provide you with a bit of good news.
Iowa Lakes Electric Cooperative board of directors recently voted to pay out more than $1.77 million in capital credits.
Iowa Lakes Electric Cooperative buys its power from two generation and transmission cooperatives, (Corn Belt Power Cooperative and Northwest Iowa Power Cooperative). Your Cooperative received a $1.77 million capital credits dividends retirement from Corn Belt Power Cooperative related to our 2019 business with Corn Belt. Your board of directors elected to, in turn, pass this retirement through to our membership right away. The credits will show up as a credit on this month's billing statement as reduction in the amount owed as illustrated on the billing image below.
We know families are experiencing financial hardships because of the coronavirus as many members are already facing reduced employment or unemployment. Your Cooperative is trying to do its part to help stimulate our local economy and support our member-owners during the COVID-19 pandemic.
Please stay safe and know that our team are here for you and that your Cooperative will continue to operate and provide the highest-quality service possible for you, the member-owners we serve. The spread of COVID-19 may necessitate changes in how we interact, but it will not change what we do. The cooperative way of doing business has brought us this far, and the cooperative way will help us through the crisis. We will get through this together, the cooperative way.