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About 500 Bluebonnet Electric Cooperative members and guests gathered at The Silos on 77 event center in Giddings on Tuesday, May 14, for the co-op’s Annual Meeting. Attendees enjoyed live music, heard reports highlighting Bluebonnet’s successes during 2023 and early 2024, re-elected two directors, and won door prizes.
Two incumbent directors in this year’s Board election were re-elected. Shana Whiteley, director from District 2, Travis County, has served on Bluebonnet’s board since 2017. Bryan Bracewell, one of three directors from District 3, Bastrop County, has served on Bluebonnet’s Board since 2018.
“Congratulations to Directors Whiteley and Bracewell,” Board Chairman Ben Flencher said. “I am very proud to serve with them and our fellow directors representing Bluebonnet’s members.”
Bluebonnet is a member-owned electric cooperative governed by a nine-member Board. Bluebonnet’s members elect their directors, who serve staggered three-year terms. One third of the Board of directors is up for election every year.
The business portion of the Annual Meeting began with Board Chairman Ben Flencher thanking members for supporting Bluebonnet and recognizing the tremendous growth occurring in the co-op’s area.
“Bluebonnet has a wonderful history and a bright future,” Flencher said. “The area Bluebonnet serves is where people want to live. Our exceptional staff is committed to providing the power that our members need.”
General Manager Matt Bentke closed out the business portion of the meeting with highlights of Bluebonnet’s performance. Bluebonnet continues to benefit from historic growth in meters and commercial and industrial growth, providing the foundation for financial and operational success. Bluebonnet’s electric rate is one of the lowest in the state and the co-op plans to return $10.37 million in capital credits to members in 2024.
“Bluebonnet’s outstanding financial and operational success supports our goal of benefitting all stakeholders – our electric system, members and communities we serve,” Bentke said. “During the past year we have added more assets, made more improvements and completed more maintenance on our electric system than at any other time during our 85-year history.”
Bluebonnet Electric Cooperative’s Board of Directors unanimously voted during its April meeting to return $6.23 million in capital credits to member-owners of the cooperative, an increase of more than $500,000 over last year. Beginning in May, Bluebonnet’s members will receive a credit on their electric bill for their share of $6.23 million in capital credits.
“We are proud to return historic amounts in capital credits to our members year after year,” said Ben Flencher, Bluebonnet’s board chairman. “It demonstrates the commitment from our Board of Directors and employees to invest in and serve Bluebonnet’s members and communities for more than 85 years.”
Capital credits are revenue above what it takes to operate the co-op. Every April, Bluebonnet’s Directors approve the capital credits payment. When determining how much to return to members, the Directors consider the impact that the amount returned to members will have on electric rates and the co-op’s financial strength.
The amount each member gets back depends on how much electricity they used in previous years through 2023 and how long they have been a Bluebonnet member. Current members will see a credit on their May electric bill for their share of this year’s capital credits retirement. Former members who are still owed a capital credit will be mailed a check in May or June.
During the past 20 years, Bluebonnet has returned $94 million to members in capital credits.
“The continued, historic growth in Bluebonnet’s service area and sound fiscal management has enabled Bluebonnet to return record amounts in capital credits the past several years,” said Matt Bentke, Bluebonnet’s general manager. “In addition to having one of the lowest electric rates in the state, the credit our members will see on their bills in May is one of the most important benefits of being a member-owner of Bluebonnet.”
