Delaware Electric Co-op to return $10M to members
Delaware Electric Cooperative’s board of directors has voted to return more than $10 million in capital credits to the cooperative’s member-owners in November. This year, the co-op board is proud to be able to give back to the people and places the company powers a month ahead of the usual December return date.
Capital credit refunds are also known as the co-op’s profits, or margins. Because DEC is a not-for-profit utility, margins are returned to those the cooperative serves. To receive a billing credit from DEC, individuals must have been a Delaware Electric Cooperative member in 2012 and 2013. All eligible active members will receive a credit on their November bill. Members who had an active account in 2012 and 2013, but are no longer served by DEC, will receive a check for their portion of the retired capital credits.
Dwayne Street, DEC CEO, said, “We are all aware of how hectic – and at times stressful – this time of year can be, especially as people begin their holiday shopping. With an earlier return of capital credits in November, members can hopefully worry a little less about finances and focus more on what matters most: spending time with their family and friends."
Over the past 20 years, DEC has returned more than $85 million to members. Newer members who were not served by DEC in 2012 and 2013 will also eventually receive capital credits. The return of capital credits to members represents a return on their investment in the local grid; the immediate payback is in the form of increased reliability. This investment also allows DEC to continue to provide members with reliable power and the lowest electric rates in Delaware.
After a decade or two of membership, members will begin seeing an even greater return on their investment in the form of a billing credit from the cooperative. 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 and builds equity in the co-op, and then is rewarded with a capital credit refund. This system is unique to cooperatives.
For refund information, DEC members may call 855-332-9090.
Delaware Electric Cooperative is a member-owned electric utility powering more than 300,000 people in Sussex and Kent counties. To learn more, go to delaware.coop.
