GVEA Board Approves $9.3 Million in Capital Credit Refunds

November 1, 2018

FAIRBANKS – The Golden Valley Electric Association board of directors has authorized payment of $9.3 million in capital credits to members who had service in 1993 and 2017.

The co-op typically retires capital credits after 25 years. However, this is the second year that the co-op is retiring capital credits after one year. The board authorized an accelerated payout of 25 percent from 2017’s capital credits or $4.8 million. “The early retirement of the 2017 portion was due to significant operating margins in 2017, which totaled $20.1 million,” said Rick Schikora, chairman of the board.

GVEA is a member-owned, not-for-profit cooperative. Any revenue left at the end of each year is allocated to members based on the amount of power purchased throughout that year. These are known as “margins.” The co-op reinvests margins in projects and maintenance, such as building substations or replacing poles or lines. After a period of time, typically 25 years, these margins are returned to members in the form of capital credit refunds.

Active members can expect a check for payments over $100. Amounts under $100 will be reflected as a credit on their November electric bills. Former members will be issued checks if the refund exceeds $25. All refunds will be distributed by the end of November.

You can access more information on GVEA’s website, which has a page dedicated to the topic of Capital Credits. www.gvea.com/resources/capitalcredits


Healy Unit 2 Power Plant Accomplishes First Major Step Towards Startup

Golden Valley Electric Association has fired the boiler at the Healy 2 power plant for the first time since 2016.

The plant was fired on oil yesterday, beginning a test phase that will continue for the next three months. This initial oil firing will allow crews to troubleshoot many of the inter-related systems and identify any issues that need to be addressed during recommissioning. Work will continue this summer with the plant transitioning from oil to coal for additional testing of equipment and systems. The plant is expected to begin producing a small amount of power during this testing with full commercial operation slated for September.

The plant operated briefly in 2016, but was shut down after two separate small explosions, one in March and another in November that year. During the time the plant has been shut down, modifications have been made to the plant’s coal feed and fuel transport systems which were determined to be the root cause of the two mill puff explosions back in 2016.

GVEA purchased the plant from the Alaska Industrial Development and Export Authority (AIDEA) in December 2013. Since then, GVEA has updated systems and replaced obsolete controls. This includes significant environmental upgrades which will be tested during the recommissioning period.

“We are pleased to have gotten to this point to demonstrate the clean coal technology originally designed as part of a Federal Department of Energy project. The recommissioning project is on schedule and on budget,” said Cory Borgeson, President & CEO for GVEA. The community of Healy has seen the addition of 35 new permanent jobs with this project.

Usibelli Coal Mine is gearing up to supply the fuel, which will be delivered by truck. Contractor Bluewater Energy Solutions is performing the startup and commissioning for the restart of Healy Unit 2.

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