Delaware Electric Cooperative’s (DEC) board of directors voted to return more than $5 million in capital credits to the Cooperative’s members in December.
DEC expects to distribute checks or billing credits to more than 75,000 members this holiday season. Capital credit refunds are the co-op’s profits, or margins. Because DEC is a not-for-profit utility, margins are returned to members.
Members have been seeing rate increases, due to inflation and related issues.
Individuals must have been a Delaware Electric Cooperative member in 2011 to receive a billing credit from DEC. All eligible active members will receive a credit on their December bill. Members who had an active account in 2011, but are no longer served by DEC, will receive a check for their portion of the retired capital credits.
According to Rob Book, CEO of DEC, “Capital credits represent a payback for members’ investment in the co-op, and we hope this helps to brighten the holiday season for our members. The return of capital credits is part of what makes our not-for-profit electric cooperative so different from other utilities.”
Over the past ten years, the member-owned Cooperative has returned more than $65 million. Newer members not served by DEC in 2011 will eventually receive capital credits. These credits are considered a return on members’ investment in the system. Each month that a member pays their electric bill, they help to pay for improvements to the system.
Members do not receive a refund the first few years because it would not be fair to the earlier members who have paid for the current electrical system. Each generation of Cooperative members contributes, builds equity in the Co-op and then is rewarded with a capital credit refund. This system is unique to cooperatives.
Members who have questions about their capital credit refund can call DEC at 855-332-9090.
Delaware Electric Cooperative is a member-owned electric utility powering more than 300,000 people in Kent and Sussex Counties. For more information, visit us on the web at www.delaware.coop or follow us on social media. It’s the second largest electric utility in Delaware, behind Delmarva Power and has been gaining members due to population growth in its service area.
*Photo Caption: DEC’s COO Dwayne Street, Junior Accounting and Capital Credits Clerk Amber Cannon and Manager of Billing and Capital Credits Ivanessa Cay announce the return of more than $5 million to members.
