A capital credit retirement package worth over $7.1 million was approved by Great Lakes Energy’s Board of Directors in September. This includes $1 million in capital credits earned by members in 2013, and over $6.1 million from 1989. Co-op members receiving the refunds will see a credit on their December electric bill, and amounts over $1,000 will be sent as a check.
“Including this year’s retirement, a total of nearly $41.5 million in capital credits have been retired and returned since 2003,” said GLE CEO Steve Boeckman. “Most importantly, we have remained financially strong despite economic conditions, changing energy prices, and other issues and challenges facing the electric industry today.
Unlike investor-owned utilities, Great Lakes Energy and other electric co-ops return a share of their profits (or “margins”) back to their members when revenues exceed operating costs.
