Delaware Electric Cooperative is returning almost eight-million dollars in capital credits to its members.
The refunds represent what would be profits, but the co-op is a not-for-profit utility so the money goes back to about 72,000 member / owners. Members since 2009 are eligible for the credit, which will appear on the December bill.
“We know this has been a difficult year for so many people. We hope these member refunds and billing credits will help those who are struggling during the holiday season. The return of money to our members is what sets co-ops apart from the for-profit utilities. We are focused on providing reliable service and affordable rates to members, not on making profits for shareholders,” Delaware Electric Cooperative President and CEO Bill Andrew said.
Active members of DEC in 2009 but who no longer are part of the co-op will receive checks. The cooperative considers membership to be an “investment,” and “returns” in the form of credits may take several years.
Delaware Electric Cooperative has returned more than $42-million to its members during the past eight years.
For more information about the capital credits program, DEC can be reached at 855-332-9090.