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Powerline Press NEWSLETTER December 2014


A Supplement of Oklahoma Living Published by Lake Region Electric Cooperative for its members. Vol. 5


How is the Amount for a Security Deposit Calculated?


Energy Effi ciency Tip of the Month Security Deposit and Credit Policy


Be merry and bright, but don’t let your holiday lights shine all night. Save money on your electric bill by installing a light timer for your home. It can help lower your electric bill and reduce energy consumption. Use a manual timer plugged into an electrical outlet to automatically turn lights on and off as scheduled.


Source: Department of Energy


Offi ces Closed LREC will be closed December 25 & 26 in observance of Christmas.


As a nonprofi t electric cooperative, Lake Region Electric Cooperative (LREC) is committed to pro- viding the best service at the lowest possible cost to its members - and this means operating at the height of effi ciency. With that purpose in mind LREC has implemented the following procedures regarding a security deposit that will help cut costs due to losses from delinquent accounts and bad debt write-offs. LREC, by allowing a member to use electricity during the month and billing him or her the fol- lowing month, is simply extending credit to the members. Therefore, a security deposit is required on all accounts.


Security Deposit for Existing Accounts


If an existing member has more than two late payments in a twelve month period, we will request that the member pay a security deposit in order to adequately protect other members of the co-op against the possibility of non-payment on the amount owed. This deposit amount is two times the highest monthly electric bill with in the last 12 months. The reason for this is that it usually takes sixty days to disconnect a member’s electric service for non-payment (Thirty days before it is billed and thirty days after the bill is mailed out). This is the industry standard that is followed by most electric utilities and sanctioned by the Oklahoma Corporation Commission and not unique to LREC. The mentioned deposit is automatically added to any account that does not have a security deposit on fi le and has more than two late payments in the past twelve months.


Security Deposit for New Accounts


A security deposit is required on all new accounts. The amount of the security deposit will be equal to two times the highest bill for that location for existing services or $300 for a new construc- tion. However, this security deposit can be waived under the following 111120 circumstances:


1. 2.


A new member may choose to have LREC perform a credit check to determine if a security deposit is needed ($5 credit check application fee paid by member). If the credit check indicates that a security deposit is not required, the deposit amount will be waived.


LREC also offers a pre-paid account similar to a pre-paid phone service. Under this option No Deposits are required. A member simply purchases a certain amount of electricity in advance. The member will be notifi ed by phone or email when the balance is low. The member then can purchase more electricity. This can be done daily, weekly, monthly or as often as one wishes.


LREC Powerline Press 1 No. 12


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