Press Release
Summary
On May 6, 2020, Thermal Energy Corporation (TECO) announced that it has rebated its customers for their April 2020 chilled-water and steam service charges – a total of $6.2 million.
“TECO is based on a cooperative business model, working closely with the institutions we serve on the Texas Medical Center campus,” says Steve Swinson, TECO’s president and CEO. “We do not see ourselves as a vendor, contractor or consultant. We believe we are a part of every institution we serve, so we were looking for ways we could help them through the serious financial challenges posed by COVID-19. Ultimately, with the unanimous support of TECO’s board of directors, TECO decided not to invoice members for their April chilled-water and steam service.”
That amount will instead become each customer’s immediate rebate for the fiscal year. TECO normally looks at its financial condition, evaluates its future needs and assesses the possibility of a rebate to its member customers after the end of its fiscal year August 31. Since TECO’s financial condition is already strong just over halfway through this fiscal year, TECO decided that if it could make a contribution to the people it serves, now would be the time.
TECO’s employees will continue, as they have over the past two months, to execute their commitment to 100% reliability. That does not change, regardless of the circumstances.
The Texas Medical Center is the world’s largest medical city, and TECO operates the largest district cooling system in North America.
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