NEOSHO, Mo. — New-Mac Electric Cooperative announced at its annual meeting over the weekend that it will be crediting $250,000 to the electric bills of its customer/owners this month. The meeting was held at Crowder College in Neosho.
New-Mac customers, which the company calls members, will see the power cost adjustment on their bills for service in November, said Mark Rakes, manager of marketing.
New-Mac is a cooperative as opposed to an investor- or municipality-owned utility.
“Being a cooperative means we pay back any unused money to our customers,” Rakes said. “Our customers are our members and that’s the unique thing about being on the utility line of a cooperative member; we work for the people that own us. And our members own us so any unused profits are accumulated and returned to our customers.”
The company is also distributing an additional $1.25 million in capital credit refunds to customers who have been receiving the New-Mac service since 1998. New-Mac has residential, commercial and industrial customers in parts of Lawrence, Newton, Jasper, Barry and McDonald counties.
Rakes said, “Our customers, members, they’re the people we live next door to. Those are the same ones that walk in the door and see us if they need something to do with their electric service.”
Rakes also said New-Mac does not expect to implement a rate case in 2017, barring unforeseen developments. He said rates will likely be raised in 2018, but that the company hopes to avoid raising rates in the coming year.
New-Mac has only raised rates four times in the previous 25 years, the company said in a news release.