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Dakota Valley Electric Cooperative’s (DVEC) board of directors recently approved a $2.4 million payout in capital credits to current and former members of the cooperative, board President Arden Fuher announced.
This year’s general retirement represents unretired capital credits, based on the margins (profits) allocated to members who received electrical service through 2006, said Kelly Wald, DVEC business manager.
Wald said DVEC members will receive this year’s capital credit retirement in one of two ways.
Capital credit retirements of less than $200 will be applied to DVEC members’ electric accounts in December.
Members whose retirement amount totals more than $200 will receive a check in mid-December. Checks will also be mailed to the last known address of all former members included in the retirement.
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In addition to the $2.4 million to be paid out in December, the cooperative estimates that during the year it will have retired an additional $310,000 to estates and to members who left the system and requested a buyout of their capital credits at that time.
Capital credits are retired at the discretion of DVEC’s board of directors based on the financial health of the cooperative. DVEC has retired nearly $18 million in capital credits to its current and former members since 2010.
“As a non-profit cooperative, being able to provide this benefit is just one of the many ways cooperatives serve the needs of its member-owners," Fuher said. "The payout of capital credits to the persons and businesses who actually used the electricity is one of the most fundamental cooperative principles in action.”
Dakota Valley Electric is a member-owned, non-profit electric cooperative providing sustainable electric energy and services to more than 4,300 member-owners in southeastern North Dakota.
The cooperative’s headquarters are co-located in Milnor and Edgeley, with line outposts in Wahpeton, Hankinson, Oakes and Gackle. The cooperative’s service territory includes all or parts of Dickey, LaMoure, Sargent, Ransom, Richland, Stutsman, Logan and McIntosh counties.
