For immediate release:
11:30 a.m. – Monday, December 2, 2019
More than $ 4.7 million in cash will be returned to San Isabel Electric members in 2019, between the co-op’s annual capital credit retirement program and the co-op’s first ever discounted power-supplier capital credit program.
Checks will go out on December 13 to members who opted in to receive discounted power-supplier capital credits.
In November, cooperative members claimed $ 3.7 million when given the chance to opt-into a discounted offer to cash in their retired power-supplier capital credits. More than 9,000 members responded by the offer’s November 11 deadline.
San Isabel Electric is paying members who opted-in 25% of what they’re owed in one lump sum now. Members that did not opt-in will be paid the full-face value of their power-supplier capital credits in smaller payments spread out over about 40 years. Power supplier capital credits are based upon the amount of electricity purchased from the co-op’s power supplier during a specified year.
In September, the co-op gave back $ 1 million in cash to members who were part of the co-op in 1989, 1990, and 2018, as part of the co-op’s annual capital credit retirement program. Capital credits are based upon the amount of electricity the member purchased from the co-op in a specified year.
In the last five years, San Isabel Electric has returned more than $ 8.4 million in capital credits to schools, businesses, and residents.
Capital credits are the major difference between electric cooperatives and other forms of electric utilities. Most utilities pocket margins as profit when revenues are more than expenses. Electric cooperatives allocate those margins to member-owners as capital credits, based on the amount of energy each member purchases. When it’s financially safe to do so, the co-op retires, or returns those credits to members. Members receive their share as a check right in their mailbox.
As a not-for-profit cooperative utility, San Isabel Electric provides affordable, reliable electricity with exceptional service to communities throughout southern Colorado. Serving nearly 20,000 member-owners and 24,000 meters, San Isabel Electric has been keeping the lights on since 1938. We don’t just serve communities. We are part of communities.