The negative impacts of the current pandemic are far reaching and affecting nearly all of us. As a result, the REMC has experienced major decreases for energy sales during the COVID-19 issue because many of the REMC’s largest member businesses have temporarily closed or reduced operations during the months of March, April and May. Operating as a not-for-profit cooperative, the decreasing energy sales will definitely impact the cooperative’s financial position.
In response to these concerns, the REMC and its power supplier, Hoosier Energy, have implemented numerous ways to reduce expenses for the remaining 2020 calendar year. These programs and work-related changes should help offset some of the financial impact to your cooperative. A summary of these changes for the balance of 2020 are:
- Postponed significant budgeted additions, where possible, to the REMC headquarters
- Restricted business travel and training
- Postponed certain marketing programs like appliance recycling, commercial and industrial incentives, and general advertising
- Implemented a freeze on hiring new employees
- Reduced non-outage related overtime
We understand how important electricity is to every member, especially during times like these. Therefore, the REMC has not made any changes that would impact electric reliability such as personnel reductions or any changes to line inspections, line construction, or line maintenance.
To further assist members, the cooperative has postponed disconnecting services, charging late payment fees and has created longer payment arrangement periods for members who have financially struggled the most during this epidemic.
Remember, your REMC is a cooperative. Basically, cooperatives only charge what it takes to run its business. Your cooperative is financially strong but to keep rates fair and equitable, changes like those shown above are necessary to keep the cooperative financially stable and allow us to demonstrate compassion for those members who struggle.
We look forward to getting back to business and life as usual.