Dakota Valley Electric Cooperative’s (DVEC) board of directors has approved the general retirement of $2,140,905 in capital credits to current and former members of the cooperative, said Arden Fuher, DVEC board president.
The capital credit retirement will be returned to members as a credit applied to their December’s electric bill, said Kelly Wald, DVEC business manager.
This year’s capital credit retirement represents a portion of the capital credits allocated to members who received electrical service in 2001, 2002 and 2004 and who have not previously participated in the cooperative’s early-payment capital credit buyout program, she said.
“The amount of each member’s refund reflects the amount of electricity they used during those years,” she said. “Members who purchased more electricity will see a larger capital credit retirement.”
Former members who purchased power in those years will receive a check as long as the retirement amount is $5 or greater unless it is their final check and closes their account, in which case they will receive a check regardless of the amount.
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“The retirement of capital credits is one of the most fundamental cooperative principles in action,” Fuher said. “Being able to provide this benefit to our members now when it is most needed is just one of the many ways the cooperative serves the needs of its member-owners.”
