Over these last several winter months, complaints about high bills have been more numerous than usual. This has been due to the colder, longer and whiter winter we have had this past year. When the customer is questioned as to what is being used as far as heaters, heat tapes, etc. or in the case of a seasonal customer, what has been left on at their residence, we can in most cases determine that the higher usage is due to cold weather. Besides the winter conditions, your Board of Directors has also implemented a rate increase, effective this past January 1, to satisfy our mortgage agreements with our lenders. A PCA (Power Cost Adjustment) was also added to the billings received the beginning of May in an attempt to recoup additional PCA charges from Great River Energy. Any questions having to do with your energy account, please contact Kim in our business office.

Since our last annual meeting, your Board has also adopted some changes in Capital Credits Policy. Effective July 1, 2007, survivors of joint memberships can now cash out their capital credits at a discounted rate. This is the same with estates. In addition, only the capital credits resulting from operations of North Itasca Electric Cooperative, Inc. will be paid out. G&T Capital Credits will only be paid out if and when North Itasca Electric Cooperative receives them. Any questions having to do with your capital credits, please contact Tina in our business office.

Our upcoming annual meeting will once again be held at the headquarters building on June 14th, 2008, with breakfast starting at 8 a.m. and the meeting beginning at 10 a.m. We look forward to seeing everyone!