Pierce Pepin Cooperative Services Approves $600,000 Equity Distribution
The Pierce Pepin Cooperative Services board of directors met by teleconference on April 7. The board took unprecedented action to provide $600,000 of financial relief to PPCS member-owners by providing an early retirement of capital credits. “There is no better time than the present to return member equity, providing financial relief from COVID-19,” stated board chair Roger Wiff. Anyone who was a member of the cooperative in 2019 will receive a distribution from the cooperative’s 2019 margins in May based on their allocation and present value. The distributions will be made available to most members by check or on their next billing statement.
“The board action demonstrates the value of electric cooperatives. No other electric utility returns margins back to its customers,” stated Nate Boettcher, president and CEO. “We exist because of our members and without them there is no cooperative. This is the right thing to do during this emergency,” stated Boettcher. Almost every member of the cooperative will receive some form of cash distribution, including those who were members in 2002, as part of their normal retirement. “Our cooperative has always been a good steward of its financial resources and we are fortunate to be able to do this now for our members when they need us most,” said Wiff.
Commercial members facing economic hardship are encouraged to call Jay Nesseth, member relations manager. PPCS is reviewing several programs that may be made available to commercial accounts. As a reminder, crews continue to work in the field and members are asked to maintain a safe distance as part of COVID-19 guidelines. The cooperative offices are currently closed to the public. Members can go to www.piercepepin.coop or call the cooperative office if they have questions about the distribution.