Delaware Electric Cooperative’s Board of Directors voted to return $4.8 million in capital credits to the cooperative’s member-owners in December.
Capital credits are also known as the co-op’s profits or margins. Because DEC is a not-for-profit utility, margins are returned to long-term members, a press release stated. Delaware Electric is based oin Greenwood.
To receive a billing credit or check from the Cooperative, one must have been a Delaware Electric Cooperative member in 1997 or 1998.
If a member has eligible capital credits of $100 or higher, they will receive a check. If their allocated capital credits amount is less than $100, a member will receive a credit on their bill. Members who had an active account in 1997 or 1998, but are no longer served by DEC, will also receive a check for their part of the retired capital credits.
According to Bill Andrew, President and CEO of DEC, “This process is what sets us apart from other utilities. We’re not in business to make a profit for shareholders; we work to offer the greatest value to our co-op members. If there is leftover money, we give it back to our members. We return the money around the holidays because that’s when many people need it the most.”
Over the past five years the cooperative has returned more than $20 million to members.
Delaware Electric Cooperative is a member-owned electric utility serving 90,000 member-owners in Kent and Sussex Counties. For more information visit t www.delaware.coop .
