San Isabel Electric members have until November 11 to return their discounted power-supplier capital credit opt-in forms.
The co-op extended the original November 1 deadline to November 11.
Members that return their forms before the deadline will receive a check for their discounted capital credits in mid-December.
“This is a great opportunity to put a larger chunk of change in our members’ pockets before the holidays and the end of the year. Plus, it’s a way for us to pay members back for their investment in the co-op now instead of waiting decades to send them a series of smaller checks,” San Isabel Electric General Manager Reg Rudolph said.
Opting in allows members to receive their power-supplier capital credits in a single discounted payment as opposed to a series of small payments over a period of about 40 years.
The discounted amount being offered is a flat rate of 25 percent of the total balance of unretired power supplier capital credits. This percentage represents the cash value today of the member’s total balance of unretired power-supplier capital credits to be paid to the member throughout a 40-year retirement cycle.
Members are not required to take the discounted amount; they can simply wait to be paid in the future and receive full value.
There is no guarantee that capital credits will be retired at a set time in future years. The electric utilities’ Board of Directors is obligated to consider the financial condition of the co-op when deciding to retire capital credits.
Currently, San Isabel Electric has no plans to make another discounted capital credit offer in the future and has never offered a prior discounted power-supplier capital credit opportunity in its 80-year history.
What should you do?
To opt-in to receive a check in December 2019 for your power-supplier capital credits at the discounted rate, complete and return the original opt-in form no later than November 11. Forms can be returned to San Isabel Electric via mail or at any of the co-op’s three office locations.
Members who do not wish to accept the discounted offer should do nothing.
More information about the discounted capital credit offer is available online at siea.com/capitalcredits. Members can also call 1-800-279-7432 for more information.
San Isabel Electric cannot advise members to act in one manner or another. Participation in the discounted capital credit retirement program is voluntary.
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.