HILCO  Loses  Holcim

HILCO's largest customer pulls the plug!

HILCO Cooperative has lost a major account of approximately $30,000,000 in annual energy sales.  This continued annual "loss" of general revenue results in almost $2,000,000 in operational margins (profits) and capital credits which will no longer be available to HILCO members as a part of their member equity each year.  Not simply a one year "write off" -- this is a recurring reduction in general revenue and profits because the lost account cannot return to HILCO unless the Board agrees to opt into retail competition.

The loss of the account will result in a reduction of an annual operating budget of over $60,000,000 down to $30,000,000 and can have significant impacts on the fiscal soundness of the company, its ability to borrow funds (already over $50,000,000 in debt), and its ability to remain competitive in the future. These funds are member assets that appear to be squandered before our very eyes.

It is believed the loss of the account can be laid at the feet of the current board of directors in their inability to ensure proper direction and leadership of the Co-op.  To avoid the possibility of a collapse of the Co-op, members throughout the five county service territory must be diligent in their awareness of Co-op operations.  Board members have refused to release monthly operating statements, changed district boundaries on a recurring basis, refused to allow members access to regular board meetings and yet continue to retain several hundred thousands of dollars for their annual fees and travel expenses for the board member and spouse.  If you are unhappy with your current power bill -- just wait until you see the impact of this event on future rates.  It's time to get involved folks!

Rescue HILCO -- Take our Co-op Back!