Umatilla Electric’s Board of Directors has approved the return of $4 million to Cooperative members in April as part of the utility’s Capital Credits program.
In all, 10,265 refund checks will be issued to members who purchased electricity during 2019. Checks will be mailed April 7.
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.
Refunds that are paid out to members are based on the amount of electricity purchased during the specified year.
“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.”
Under the leadership of the Board of Directors, UEC has returned a total of $11.6 million since the pandemic began early last year. Distributions occurred in April 2020 (for electricity purchased in 2018), December 2020 (for electricity purchased in 2006 and 2007) and April 2021, for electricity purchased in 2019.
Since it began distributing refunds in 1960, UEC has returned more than $92 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.