Letter: Are We Really A Co-op?

In the same “notification,” Beacon is claiming to be, “a wholly owned subsidiary of CCEC?" You may seriously question exactly who owns CCEC.

• Who made the decisions to encumber the membership/owners with two sixty million dollar loans?

• Who knows what the total loan costs are projected to be (interest rates, term of loans, penalties, etc.)?

• Who decides how and when capital credits are distributed (currently, 25% of 2021 “allocation” and 100% of “allocation” from 1995), as well as how much?

• Who calculates the “allocations” and “net margin” of providing electric service: defined as excess “revenues over the costs of providing electric service in a year”? There is NO mention of capital credits being utilized, allocated, or approved for “wholly owned subsidiaries” and/or their subcontractors.

• Who has documentation of a comprehensive business plan which would ensure the CCEC owner/members that funding/subsidies are insured and guaranteed with appropriate interest and penalties for delays/defaults?

It is clear to me that the CCEC Board of Directors is gambling with our money and are not held accountable or liable: just like the most recent bank failures.

Take a good look. Critical decisions are needed, particularly with the upcoming CCEC Board election.

Catherine Wiley

CCEC member for over 30 years