Umatilla Electric’s Board of Directors has approved the return of $2.9 million to members through its Capital Credits program. These funds will be distributed to members who purchased electricity in 2024, with checks scheduled to arrive in early April.
As a not-for-profit, member-owned cooperative, UEC operates at cost, with net operating revenues (known as margins) returned to members in the form of Capital Credits. Refunds to members are based on the amount of electricity they purchased during specified years.
Capital Credits are one of the most tangible benefits of cooperative membership. This return reflects UEC’s ongoing commitment to operating efficiently, managing costs responsibly, and putting members first.
If you no longer receive electric service from UEC, please keep us informed of changes in your mailing address so any future returns will reach you. If you have questions regarding Capital Credits call (541) 567-6414.
Just in time for the holiday season, the Umatilla Electric Cooperative Board of Directors is delivering a special gift to our member-owners — $1 million in capital credits.
The distribution represents the cooperative's commitment to operating on a not-for-profit basis and returning excess margins to its members. Checks will be mailed this month to member-owners who received service during 2012, with amounts based on their energy usage during that year.
“Being able to give back to our members during the Christmas season is always a gratifying time for our cooperative,” says Bryan Wolfe, UEC Board Chair.
As a member-owned cooperative, Umatilla Electric operates differently from investor-owned utilities. When members pay their electric bills, they build equity in the cooperative. Any funds collected above operational costs — known as margins — are assigned annually to member-owners as capital credits.
Each year, the member-elected board of directors reviews the cooperative’s financial position to determine the most prudent amount of capital credits to distribute while maintaining the cooperative's financial health.
Member-owners who received service during the specified years will automatically receive their checks, though amounts of $10 or less will be retained in member-owners capital credits accounts until reaching that threshold in future distributions.
For member-owners looking to make a difference in their community, UEC offers the option to donate all or part of their capital credits refund to the UCARE program. This initiative assists members facing financial challenges, with Umatilla Electric matching member contributions to amplify the program's impact during the holiday season.
The cooperative also maintains a list of unclaimed capital credits from previous years. Member-owners who received service in 2008, 2017, and 2019. but haven't received their payments may be listed on the unclaimed capital credits roster. These unclaimed credits must be claimed by December 31, 2025, or they will be forfeited to the cooperative.
Members with questions about their capital credits or those who need to update their mailing address can contact Umatilla Electric at (541) 567-6414.
Through this tradition of returning capital credits, Umatilla Electric Cooperative continues to demonstrate the tangible benefits of cooperative membership while spreading holiday cheer throughout its service territory.
Umatilla Electric’s Board of Directors has approved the return of $4,000,000 to Cooperative members in March as part of the utility’s Capital Credits program.
Note: In all, approximately 10,900 refund checks will be issued to members who purchased electricity in 2022 and 2023. Checks will be mailed on March 19 and arrive to members shortly after.
As a member-owned cooperative, Umatilla Electric operates differently from other types of utilities. When members pay their electric bills, they build equity in the cooperative. Any funds collected above operational costs — known as margins — are assigned annually to member-owners as Capital Credits.
Refunds paid out to members are based on the amount of electricity purchased during the specified years. Member-owners who received service during the specified years will automatically receive their checks, though amounts of $10 or less will be retained in member-owners’ capital credits accounts until reaching that threshold in future distributions.
“The return of Capital Credits reflects UEC’s financial strength and stability and provides a means to inform members about the cooperative difference,” said Robert Echenrode, UEC General Manager / CEO. “One of the best features of a rural electric cooperative is being able to invest in and support our local communities.”
Under the leadership of the Board of Directors, UEC has returned nearly $135 million to members since the Capital Credits program began in 1960.
Umatilla Electric Cooperative members who purchased power in 2011, 2019, and 2021 will receive a refund in December as part of the utilities Capital Credits program.
Just in time for the holiday season, the Umatilla Electric Cooperative Board of Directors is delivering a special gift to our member-owners — $6 million in capital credits.
The distribution represents the cooperative’s commitment to operating on a not-for-profit basis and returning excess margins to its members. Checks will be mailed this month to member-owners who received service during 2011, 2019, and 2021, with amounts based on their energy usage during those years.
“Being able to give back to our members during the Christmas season is always a gratifying time for our cooperative,” says Bryan Wolfe, UEC Board President.
As a member-owned cooperative, Umatilla Electric operates differently from investor-owned utilities. When members pay their electric bills, they build equity in the cooperative. Any funds collected above operational costs — known as margins — are assigned annually to member-owners as capital credits.
Each year, the member-elected board of directors reviews the cooperative’s financial position to determine the most prudent amount of capital credits to distribute while maintaining the cooperative’s financial health.
Member-owners who received service during the specified years will automatically receive their checks, though amounts of $10 or less will be retained in member-owners capital credits accounts until reaching that threshold in future distributions.
For member-owners looking to make a difference in their community, UEC offers the option to donate all or part of their capital credits refund to the UCARE program. This initiative provides assistance to members facing financial challenges, with Umatilla Electric matching member contributions to amplify the program’s impact during the holiday season.
The cooperative also maintains a list of unclaimed capital credits from previous years. Member-owners who received service in 2005, 2006, and 2018 but haven’t received their payments may be listed on the unclaimed capital credits roster. These unclaimed credits must be claimed by December 31, 2024, or they will be forfeited to the cooperative.
Since initiating capital credits refunds in 1960, Umatilla Electric has returned nearly $130 million to its member-owners. This consistent practice of returning margins to member-owners distinguishes the cooperative model from traditional utilities and demonstrates the cooperative’s commitment to operating in the best interest of its member-owners.
Members with questions about their capital credits or those who need to update their mailing address can contact Umatilla Electric at (541) 567-6414.
Through this tradition of returning capital credits, Umatilla Electric Cooperative continues to demonstrate the tangible benefits of cooperative membership while spreading holiday cheer throughout its service territory.
Umatilla Electric Cooperative members who purchased power in 2021 and 2022 will receive a refund in late March as part of the utilities Capital Credits program.
At its February meeting, UEC’s Board of Directors approved $3 million to be refunded to UEC’s members, which represents a portion of the cooperative’s 2021 and 2022 margins.
The Cooperative’s efforts to maximize efficiencies and control costs make such refunds possible. As a not-for-profit, member-owned company, UEC operates at cost, with net operating revenues (known as margins) returned to members in the form of Capital Credits refunds. Our business model allows us 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.
Umatilla Electric Cooperative members who purchased power in 2010, 2015, and 2016 will receive a refund in December as part of the utilities Capital Credits program.
At its November meeting, UEC’s Board of Directors approved $8 million to be refunded to UEC’s members, which represents a portion of the cooperative’s 2010, 2015, and 2016 margins.
The Cooperative’s efforts to maximize efficiencies and control costs make such refunds possible. As a not-for-profit, member-owned company, UEC operates at cost, with net operating revenues (known as margins) returned to members in the form of Capital Credits refunds. Our business model allows us 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.
If you no longer receive electric service from UEC, please keep us informed of changes in your mailing address so any future refunds will reach you. If you have questions regarding your refund, please call us at (541) 567-6414 or (800) 452-2273.
Umatilla Electric Cooperative members who purchased power in 2019 and 2021 will receive a refund in March as part of the utilities Capital Credits program.
At its February meeting, UEC’s Board of Directors approved $6 million to be refunded to UEC’s members, which represents a portion of the cooperative’s 2019 and 2021 margins.
“The return of Capital Credits reflects UEC’s financial strength and stability and provides a means to inform members about the cooperative difference,” said Robert Echenrode, UEC General Manager and CEO. “One of the best features of a rural electric cooperative is being able to invest in and support our local communities.”
One of the many benefits of being a member-owner of Umatilla Electric Cooperative is sharing in any margins generated by the business. UEC’s Board of Directors will return $6 million to Cooperative members in December as part of the Capital Credits program. Checks will be mailed by mid-December to members who purchased electricity during the years 2009, 2014, and 2015.
The Cooperative’s efforts to maximize efficiencies and control costs make such refunds possible. As a not-for-profit, member-owned company, UEC operates at cost, with net operating revenues (known as margins) returned to members in the form of Capital Credits refunds. Our business model allows us 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.
If you no longer receive electric service from UEC, please keep us informed of changes in your mailing address so any future refunds will reach you. If you have questions regarding your refund, please call us at (541) 567-6414 or (800) 452-2273.
In March, UEC’s Board of Directors approved the return of $4.5 million to members as part of the cooperative’s capital credits program. Current and former members who purchased electricity during 2018 and 2020 will receive a refund.
Checks will be mailed in mid-April. 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.
As a not-for-profit, member-owned company, UEC operates at cost, with net operating revenues returned to members in the form of capital credit refunds. Refunds paid out to members are based on the amount of electricity purchased during the specified year.
With the latest distribution to members, UEC has exceeded $100 million returned to members since the cooperative began distributing capital credit refunds early in its history. UEC becomes 1 of only a handful of U.S. rural electric cooperatives nationwide to reach the milestone.
“As capital credits reflect each member’s ownership in the cooperative, it’s a tremendous achievement to reach this milestone,” said Bryan Wolfe, President of UEC’s Board of Directors. “It’s important for us to demonstrate to our members what it means to be a cooperative. What better way to tell our story than to return capital credits?”
UEC’s annual meeting on October 10, 1947, was lightly attended; as it turned out, only a few dozen members were present in person to witness the dawn of “capital credits.”
Ray Woolley, UEC’s general manager at the time, explained how it would work: Members would share in the cooperative’s profits, called ‘margins’ — revenue minus expenses. A member’s share of the margins would be called capital credits.
For example, if a given member spent $200 for electric service during the year and UEC’s margins totaled 10% of revenue, UEC would set aside $20 to be returned to that member at a later date. The membership voted 30-1 in favor of adopting capital credits.
Typically, then and now, rural electric cooperatives keep capital credits money for a given period of time to help keep interest expense on loans to a minimum, using the funds to maintain and improve electric service. The process of refunding is called “retiring” capital credits and starts with retiring the oldest credits first.
At UEC, no capital credits were assigned from 1937 until 1941, because the cooperative operated without profits during its early years of service. Capital credits have been assigned in all years since, and UEC paid its first capital credits, totaling $29,216, to its members in 1960.
Today, noting the $100 million milestone, UEC General Manager and CEO, Robert Echenrode said, “We are proud to continue the tradition of capital credits, and to spend every day in service to our members.”
Umatilla Electric’s Board of Directors will return $4 million to Cooperative members in December as part of the utility’s Capital Credits program.
Checks will be mailed the 3rd week of December to members who purchased electricity during the years 2008 and 2017. Robert Echenrode, UEC General Manager and CEO said the cooperative’s efforts to maximize efficiencies and control costs make such refunds possible.
“Being able to give back to members during the Christmas season is always a gratifying time for our Cooperative,” Echenrode said. “Our business model allows us to focus on providing reliable service and affordable rates to members, not on making profits.”
As a not-for-profit, member-owned cooperative, UEC operates at cost, with net operating revenues (known as margins) returned to members in the form of Capital Credits refunds. Refunds to members are based on the amount of electricity they purchased during the specified years.
Under the leadership of the Board of Directors, UEC has returned a total of $15.5 million in the past 2 years.
