Friday, December 12, 2014

Presley: PSC Orders Annual Compliance Filing by Electric Power Associations

Jackson, Mississippi (December 11, 2014) – Today Public Service Commissioner Brandon Presley announced that the Public Service Commission has ordered an annual statement of compliance from electric power associations across Mississippi regarding determining each customer’s ownership share of the electric cooperative and the making of that information available to customers, along with a broad range of issues from open meetings of boards of directors to the lawful election of board members.

“It has been my goal to make sure each customer of an electric power association knows how much their ownership share is worth. Customers deserve to know how much of the cooperative they own and they deserve to get back any excess funds that the cooperative accumulates,” Presley said. “The annual compliance requirement ensures open meetings, proper election of board members and proper handling of electric cooperative funds, all in an effort to better inform the members of each electric power association. After all, they own the cooperative.”

The PSC action today is an outgrowth of Presley’s initial investigation into the issue of member-owned cooperative capital credits policy, begun earlier this year. Electric power associations must make their first compliance filing by May 1, 2015 and annually thereafter.