Umatilla Electric Cooperative’s Board of Directors has approved the return of $5.1 million to cooperative members in December as part of the cooperative’s Capital Credits program.
In all, about 8,700 current and former UEC members who purchased electricity during 2006 and 2007 will receive a refund. Checks are scheduled to be mailed in the second week of December.
Robert Echenrode, UEC general manager and CEO, said the cooperative’s strong financial position and ongoing efforts to control costs and maximize efficiencies make such distributions possible.
“The Board is pleased to help make a positive impact in the community around the holidays, when it may be needed the most,” he said. “We know this has been a difficult year for many people.”
As a not-for-profit, member-owned company, UEC operates at cost, with net operating revenues, or margins, returned to members in the form of Capital Credits refunds. Refunds that are paid out to members (known as a retirement) are based on the amount of electricity purchased.
Since it began distributing refunds in 1960, UEC has returned more than $85 million to members.
Refunds of less than $10 will not be mailed, but rather retained in the member’s Capital Credits account until it surpasses that amount in a future distribution.
Please call UEC at (541) 567-6414 if you have questions regarding Capital Credits.
