2024-05-BRE MM

Membership MATTERS

Watch for a Bill Credit or Check!

Over $6 Million Coming to Members in May!

Money is coming back to members in May, thanks to a capital credits retirement of over $6 million approved by your board of directors!

Bill credits will appear on May bills for active members due under $100. Active members due $100 or more will be mailed checks on May 10 separately from their electric bill. Members new to the cooperative as of 2024 will be eligible for capital credit refunds beginning next year. Inactive members — those who moved out of the cooperative’s service area — who are due capital credits refunds will also be mailed a check in May. Nearly 94,000 active and inactive members will receive refunds.

Capital credits are a unique benefit of being a member of a cooperative. A cooperative like Blue Ridge Energy doesn’t earn profits. Instead, revenues remaining after all expenses are paid each year are considered “margins.” Margins are allocated annually to members and reflect your member equity (ownership) in the cooperative. After being used for a period of years as capital to help finance reliability projects, these funds are returned to members.

This process helps reduce the need for loans, which in turn, helps keep your electricity rates lower. It also helps maintain a healthy balance between debt and equity to ensure your cooperative’s financial health and stability.

The percentage of equity to be retired and refunded to members is determined annually by your board of directors based on your cooperative’s financial condition. This year, that amount is 3%.

Over the history of Blue Ridge Energy, more than $98 million has been returned to members.

THE

Perspective

Rising

Cost

Environment:

Too Far, Too Fast

As your CEO, I believe it’s crucial to keep you informed about the challenges and opportunities that are occurring, and to provide guidance as we navigate through them together.

First and foremost, I want to emphasize the importance of transparency and open dialogue. Understanding how energy policies impact us as a cooperative is essential, particularly when it comes to matters of affordability and reliability. Striking a balance between sustainability and practicality is key as we chart our course forward. I also welcome any questions you may have as we make every effort to keep our members well-informed.

One of the central topics on my mind, as I’ve shared in past columns, is the pace of our state and nation’s transition to renewable energy sources. While we’re committed to embracing new energy solutions and our power is cleaner than ever, we must tread carefully to ensure that we don’t inadvertently compromise affordability or reliability. It’s about leveraging proven technologies while approaching emerging solutions with caution and on the right timeline so that we don’t sacrifice affordable, reliable electricity in the quest for cleaner energy.

At the time this column is written, current prices for electric generation fuels are lower this year than last year, but we are still

From Blue Ridge Energy CEO Doug Johnson

seeing significant upward cost pressures from the clean energy transition. Overall, the cost trend line for electricity is increasing and is projected to continue increasing for the foreseeable future.

That’s why your engagement matters greatly in shaping energy policies at both the state and federal levels. I encourage each of you to actively participate in dialogue with elected officials to advocate for policies that align with your cooperative’s reliable and affordable service values. In order for us to serve the best interests of our members, we must balance affordability and reliability with sustainability!

Amidst the challenges we face, including the impact of inflation on every business, please know that your cooperative is committed to managing operational expenses responsibly. We’re working diligently to minimize any adverse effects on affordability while maintaining the high level of service you’ve come to expect from us.

As we continue this journey together, I want to express my gratitude for your unwavering support and engagement. Your involvement is what makes our cooperative community so strong, and I’m confident that by working together, we can navigate these dynamic times and emerge even stronger.

Members will be eligible to win one of five exciting prizes when they vote in this year’s Board of Directors Election!

Director election kits mail, and email to those signed up for the electronic version, on May 29.

As a cooperative, Blue Ridge Energy’s Board of Directors is made up of members who represent the entire membership. Each year, Blue Ridge members vote on and elect candidates for four open seats, one in each of the cooperative’s directorate districts: Caldwell, Watauga, Ashe and Alleghany.

Members can vote for director candidates online or by mail during this year’s voting period of May 29 through June 20. Members may vote, or change their previous online or mail vote, if attending the cooperative’s annual meeting in-person. The annual meeting will be held June 27 at 4 p.m. at the corporate headquarters in Lenoir.

If voting by mail, the proxy must be signed by the member with their choices clearly marked and received in the enclosed postage-paid envelope no later than 5 p.m. on Thursday, June 20, 2024. To comply with election management procedures, the form cannot be given to an employee or accepted at any Blue Ridge office.

To ensure the integrity of director elections, Survey and Ballot Systems, an independent election administrator, was approved by the Credentials and Election Committee in December 2023 (committee members’ names are available at BlueRidgeEnergy.com). This committee is comprised of members from across the cooperative’s service area and is responsible for ensuring director elections are properly conducted, including certifying election results.

Director election kits will be sent to members on May 29. Included will be:

• biographical information for all candidates

• proxy with instructions on how members can vote for candidates in all districts by using one of two options: online or by returning the proxy provided in the kit that includes a postage paid return envelope

• or, if signed up for the email director election kit, you will receive a link in the email to easily vote online