Great news, CHELCO members! Our Board of Trustees recently approved a retirement of $2.5 million in 2003 capital credits to active and inactive members of the cooperative. These capital credits will be distributed beginning on Dec. 1.
What are capital credits?
As a member-owned, not-for-profit electric cooperative, CHELCO does not exist to make a profit but to provide safe, reliable and affordable service to our members.
Since you, our members, own us, we do not have to maximize profit for shareholders. Instead, if excess margins remain after expenses are paid and the CHELCO Board of Trustees deems the co-op financially secure, capital credits are returned to members.
CHELCO retires capital credits on a 20-year cycle, meaning that if you were a member in 2003, you will receive a capital credit check or bill credit based on how much business you did with CHELCO that year.
Since CHELCO’s inception, members have received nearly $50 million in total capital credit retirements.
All active members whose capital credit amount is less than $30 will receive a bill credit, while all those with $30 or more will receive a check.
Inactive members whose capital credit amount is $5 or greater will receive a check. Amounts under $5 will be placed in a hold to be added to a future retirement until the total is $5 or greater.
CEO Steve Rhodes commended the CHELCO team’s commitment to efficiency and the Board’s decision to retire capital credits. “Our team continues to emphasize managing controllable costs and identifying ways to be more efficient,” Rhodes said.
“Our co-op is in a strong financial position, and I’m proud that we are able to give back to our members.”