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.
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 or would like to update your address, please call us at (541) 567-6414 or (800) 452-2273.