More than 12,000 current and former Central Electric Cooperative members will be sharing nearly $2.5 million in capital credit payments, the not-for-profit utility announced Friday.
CEC will mail checks to 12,113 members totaling $2,481,482, The average check will be $204.
The cooperative said it has returned more than $46 million in capital credits to its members since 1981. CEC says it has sent credits to members in 40 of the last 43 years.
Here is the full announcement from CEC, including an explanation of how members receive credits:
REDMOND, Ore. – Central Electric Cooperative announced today that 12,113 current and former members will receive capital credit payments totaling $2,481,482. CEC will mail members their checks next week.
Individual checks to current and former CEC members who purchased power in 1999 will average $204. The difference between the $3.5 million capital credits retirement and the $2.5 million paid to members is for members for whom CEC does not have a current address. Members can inquire regarding unclaimed capital credit payments by checking the list on the coop’s website, which is updated frequently.
Since 1981, Central Electric has returned more than $46 million in Capital Credits to its members.
As a not-for-profit utility, Central Electric has two options for raising capital, borrowing, or raising capital from its members. The cooperative lowers its capital costs by melding member capital credits funding with borrowed money on which CEC must pay interest.
Cooperative members share in the benefits of margins annually earned. CEC’s bylaws authorize its board of directors to pay capital credits to members when the utility’s financial condition permits. CEC has issued Capital Credits to members in 40 out of the last 43 years.