Frontpage -> Features -> Local -> Lake Country Power board returns $500,000 in capital credits to members

Lake Country Power board returns $500,000 in capital credits to members

Lake Country Power’s board of directors recently authorized a retirement of $500,000 in capital credits. Issuing these refunds is one of the cornerstones of the cooperative’s business model.

The capital credit retirement will include members who purchased energy services from the cooperative in 1981, and approximately one-third of members who purchased energy in 1982. The refunds will be issued to members who have not previously received capital credit retirements for these two years.

“We’ve been working hard to meet the board’s strategy to retire capital credits,” said Lake Country Power’s General Manager Rick Lemonds. “It is important to note that some members may have already received their refunds for 1981 and 1982 from previous capital credit retirements.

“We are cleaning up the oldest outstanding years to meet our goal of retiring capital credits on a 25 year cycle. Once we do that, we’ll go to a hybrid process which will allow retirements to be paid to both current and former members.”

Lake Country Power members with active accounts will receive the retirement as a credit on December’s billing statements. For past members who’ve left the system, checks will be mailed December 15.

Capital credits are a membership benefit for consumers receiving electric services from Lake Country Power. Member equity, or capital credits, is created when any earnings (revenues minus expenses) are left over at the end of each year. This creates a margin. At the end of each year, the co-op assigns each member’s account a share of the margin, known as an allocation. Capital credits are distributed when the board authorizes a retirement.

The individual member’s share of the refund is based on the volume and value of energy purchased during the years being retired. Before returning these margins back to members, Lake Country Power uses this capital to help offset the cost of debt for equipment and materials used for the construction and maintenance of the electric distribution system. This helps lower financing needs.

More than $22 million in capital credits has been returned to cooperative members through the years.

For more information about capital credits, visit the topic-specific section on Lake Country Power’s Web site at www.lakecountrypower.coop.

Lake Country Power, www.lakecountrypower.coop, is a Touchstone Energy® cooperative serving parts of eight counties in northeastern Minnesota. The rural electric cooperative provides services to more than 42,000 members and has offices located in Grand Rapids, Kettle River and Mountain Iron.

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