Corn Belt Energy announced it will return $15 million in capital credits to members later this summer and other cost-saving measures for consumers during its annual meeting last week at Normal Community High School.
Capital credits represent a member's ownership in the not-for-profit electric cooperative and are allocated based on electricity usage. Every Corn Belt Energy member is automatically assigned a capital credits account. When funds are allocated to a member's capital credits account, their equity in the cooperative increases over time.
Corn Belt Energy also discussed its planned transition to a Time-of-Use rate structure, which will charge different rates based on the time of day electricity is used. The cooperative said the structure is designed to pass along lower wholesale energy costs during periods of lower demand and help reduce monthly utility bills.
The announcements come as energy providers continue to address rising electricity demand, increased stress on the power grid and concerns about the affordability and reliability of power supplies across Central Illinois. In recent months, utilities and local governments have grappled with volatile electricity prices tied to higher summer demand, regional grid strain and broader instability in energy markets.
In May, the environmental nonprofit Ecology Action Center in Normal projected the average Ameren customer would save close to $140 for the year by opting out of the aggregation program for only the second time in 13 years. Aggregation is available only to Ameren customers in Bloomington-Normal.
That recommendation followed warnings earlier this year that electric rates could again fluctuate heavily during the summer because electricity prices remain “historically high” as demand continues to outpace supply during periods of increased air conditioning use. More recently, Bloomington-Normal residents experienced another spike in electricity costs tied to what officials described as general volatility in energy markets and global instability surrounding the Iran war.
At the annual Corn Belt Energy meeting on June 5, the organization addressed concerns surrounding rising costs and long-term energy demand by promoting more affordable incentives like the capital credit return and the new Time-of-Use rate structure model.
The meeting concluded with President and CEO Don Taylor announcing his retirement later this year. Corn Belt Energy said the process of selecting a new CEO is underway.
More than members and families of Corn Belt Energy attended the event. The theme for the meeting was “The Power of Us.”
