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 third 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.
Refunds of less than $10 will not be mailed, but rather retained in the member’s Capital Credits account until the balance surpasses that amount in a future distribution.
Under the leadership of the Board of Directors, UEC has returned a total of $15.5 million in the past two years. Previous distributions occurred in April 2020, December 2020 and April 2021.
Please call UEC at (541) 567-6414 if you have questions regarding Capital Credits.