Adams Electric receives payment from subsidiary
In October, Adams Electric Cooperative, Inc. received $750,000 from its wholly-owned subsidiary, the Adams Utility Services Company (AUSCO).
The payment results from several years of solid financial performance by the Mid-Atlantic Cooperative Solutions, Inc. (MACS) which does business as Aero Energy. Based in New Oxford, Pa., Aero Energy is a residential and commercial energy company that serves approximately 35,000 consumers in southcentral Pennsylvania and Maryland.
AUSCO currently owns a 39 percent share of MACS (Aero Energy). The Choptank Services Corporation, a subsidiary of Choptank Electric Cooperative, based in Denton, Md., owns a similar share and the remainder is held by the Aero employee stock plan that was formed in 2008.
“This dividend is a continued sign that the investment in Aero Energy almost 20 years ago was a good decision” says Steve Rasmussen, Adams Electric CEO/general manager. “Aero continues to grow its share of the fuels market and expand the range of products and services it offers to our members and its customers, so we expect this trend to continue.” Adams Electric has received more than $3.6 million in dividends and other income through AUSCO from MACS since Aero Energy was first acquired in 1998.
Aero’s services include propane, heating oil, kerosene, gasoline and diesel; HVAC installation and maintenance; home automation; natural gas sales to commercial accounts; and the installation and maintenance of standby emergency generators, solar photovoltaic and solar hot water systems.
Adams Electric is a nonprofit, member-owned electric utility serving 32,000 member-accounts in Adams, Cumberland, Franklin, Perry and York counties.