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Agriculture

Corn Belt Energy cancels 2020 annual meeting

$3 million in capital credits to be returned

BLOOMINGTON — Due to the coronavirus (COVID-19) pandemic, Corn Belt Energy’s Board of Directors has canceled the organization’s 2020 annual meeting.

The Corn Belt Energy annual meeting was scheduled for Friday, June 19.

“This is not a decision that our board took lightly,” Rae F. Payne, Corn Belt Energy Board chairman, said. “The health and safety of our membership is of the utmost importance, and we greatly appreciate our members’ understanding in our choosing to uphold one of our seven Cooperative Principles — Concern for Community.”

The cooperative is following the COVID-19 pandemic situation very closely and will continue to monitor recommended practices as outlined by the Centers for Disease Control and World Health Organization, as well as state and national officials.

“We want our members to know that Corn Belt Energy’s critical business operations continue without interruption,” Don Taylor, Corn Belt Energy president and CEO, said. “We’re not only looking out for the best interest of our members and the public but also taking careful and necessary steps to ensure the health and well-being of our employees so we can continue meeting the needs of our members through this period of uncertainty.”

Corn Belt Energy’s commitment to its members and community remains strong and its employees, in all areas of the cooperative, continue to work to provide safe and reliable electricity while properly social distancing.

Corn Belt Energy’s member account representatives are also available to assist members who are impacted by the pandemic situation. Those members are asked to reach out to Corn Belt Energy if they need to make payment arrangements or for financial assistance information.

Members with questions and concerns are encouraged to contact Corn Belt Energy at 800-879-0339.

Corn Belt Energy to return $3 million in capital credits

Corn Belt Energy’s Board of Directors also approved a $3 million capital credit retirement May 1 to be returned to active members who had power with Corn Belt Energy in 2018 and 2019.

“Corn Belt Energy has returned more than $47 million in capital credits to members and this year we expect to return an additional $3 million to the membership early this summer,” Taylor said.

When a member signs up to receive electric service from Corn Belt Energy, they become a member of the electric cooperative. At the board’s discretion and as the financial condition of the cooperative allows, capital credits are periodically retired and returned to cooperative members.

Corn Belt Energy’s capital credit returns have typically been distributed in the form of a check. This year, Corn Belt Energy has decided to quickly expedite the process and return capital credit money to each member in the form of a bill credit to the member’s account.

To receive the capital credit retirement, the member must be an active and current member at the time of the capital credit return and must have received electricity from Corn Belt Energy in 2018 and 2019.

Members who have questions about the capital credit retirement should contact Corn Belt Energy at 800-879-0339.

About Corn Belt Energy

Started in 1938 to bring electricity to rural Central Illinois, Corn Belt Energy Corporation now distributes electricity to over 36,000 households and businesses throughout 18 counties. One of the largest cooperatives in Illinois, Corn Belt Energy employs 85 people, maintains over 5,000 miles of line, and distributes electricity from the Wabash Valley Power Alliance, a generation and transmission cooperative based in Indiana.

As a not-for-profit energy cooperative, Corn Belt Energy is owned by the members it serves and is committed to providing reliable, affordable energy. Corn Belt also supports energy efficiency, education and safety initiatives.

Learn more at www.cornbeltenergy.com.

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