Some members of Umatilla Electric are getting money back in their pockets for the holidays.
UEC’s Board of Directors approved a Capital Credit retirement of $6 million during a recent board meeting. Checks will be mailed mid-December for members who purchased power during the years 2009, 2014 and 2015.
As a nonprofit, member-owned company, UEC operates at cost, with net operating revenues (known as margins) returned to members in the form of Capital Credits refunds.
UEC’s business model allows the co-op to focus on providing reliable service and affordable rates to members, not on making profits. Refunds to members are based on the amount of electricity they purchased during the specified years.
“Being able to give back to members during the Christmas season is always a gratifying time for our cooperative,” said General Manager Robert Echenrode. “We look forward to a new year and new opportunities to come our way in 2023.”
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.
If you were previously a member of the cooperative and no longer receive electric service from UEC, notify UEC of changes in your mailing address so any future refunds will reach you. If you have questions regarding Capital Credit refunds, call the UEC office at 541-567-6414 or 1-800-452-2273.