Empire Electric Association plans to refund $1.55 million in capital credits to current and former members who paid electric bills in 1994,1995 and 2016, according to an Empire news release on Tuesday, May 2.
“As a nonprofit, cooperative we refund capital credits to our members as we can afford to do so,” General Manager Josh Dellinger said in the release. “We give the money back to our members instead of paying stockholders, as is done in for-profit utilities.”
Capital credits are remaining revenues minus paid expenses. The money and borrowed funds pays for upgrades, the release said.
“In other words, Empire invests excess revenues back into our system,” said corporate Operations Manager Mary Thiesing. “This investment by our members allows Empire to maintain a reliable system and keep rates reasonable.”
Since 1939, Empire has refunded about $26.51 million capital credits, the company said.
Empire will refund members who have moved away if it has member’s new address. To help Empire locate former members, visit www.eea.coop for a list of members with unreturned credits.