In an effort to provide immediate financial assistance to those affected by COVID-19, MidSouth Electric Co-op is offering kilowatt relief to all active members. On May and June statements, members will notice a new bill credit, lowering their payment and keeping more money in their pockets.
To immediately relieve financial hardship and help members more efficiently, the MidSouth Board of Directors has decided to provide this billing relief in lieu of capital credits this year.
Each year, the board of directors evaluates the cooperative’s financial standing and determines how much revenue is returned to consumer-members in the form of capital credits. Traditionally, capital credits are credited to member-consumers’ accounts in June. The decision to replace capital credits with billing relief was made carefully and strategically with the best interest of members in mind. This decision by the board provides members with immediate financial assistance during the COVID-19 crisis and will amount to more funds going to members than a capital credits retirement would have provided.
As part of this plan, three cents per kilowatt-hour of consumption is being returned as relief. That means an average monthly bill of 1,500 kWh would receive a $45 credit for the months of May and June. The total amount in billing relief is projected to be about $4 million. Members will see the credit on their billing statements in the wholesale power cost adjustment line item.
MidSouth is guided by seven principles that reinforce our responsibility to members. During this time, we are especially focused on the principle of Concern for Community. Members experiencing financial difficulties as a result of the pandemic should contact a member service representative at (936) 825-5100 to learn about financial assistance opportunities through local, community-based programs. MidSouth is—and will continue to be—committed to community.
MidSouth serves more than 25,000 consumer-members in and around Montgomery, Grimes, Walker, Waller, Brazos, Madison and Waller counties. The co-op is focused on providing quality service at a reasonable price, bringing vital services to increase both the quality of life and economic health in the MidSouth service area.