Delaware Electric Cooperative’s Board of Directors has voted to return $3.4 million to the cooperative’s member-owners over the next month. The money is being returned to members in the form of capital credits, also known as profits or margins. Because DEC is a nonprofit utility, margins are returned to the people the cooperative serves.
Capital credits from 1993 and 1994 will be distributed to members through a credit on their electric bill or a check. To receive a billing credit or check from the cooperative, clients must have been Delaware Electric Cooperative members in 1993 or 1994. 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, members will receive a credit on their bill. Previous members will also receive a check for their portion of the retired capital credits.
Bill Andrew, president and CEO of DEC, said “This process is what sets us apart from other utilities. We’re not in business to make a profit for shareholders. If there is leftover money, we give it back to members. We return the money to members around the holidays because that’s when many people need it the most.”
Over the past six years, the cooperative has returned $12 million to members. Anyone with questions about their capital credit refund should call the cooperative at 855-DEC-9090.
Delaware Electric Cooperative is a member-owned electric utility serving 84,000 member-owners in Kent and Sussex County, Delaware. For more information visit www.delaware.coop or www.beatthepeak.coop or follow on Twitter and Facebook.