Umatilla Electric’s Board of Directors has approved the return of $8 million to UEC members in December as part of the cooperative’s Capital Credits program.
In all, over 13,000 current and former UEC members who purchased electricity during 2010, 2015 and 2016 will receive a refund. Checks are scheduled to arrive this week. Robert Echenrode, UEC General Manager/CEO, said the cooperative’s strong financial position and ongoing efforts to control costs and maximize efficiencies make such distributions possible.
“The Board is pleased to help make a positive impact in the community around the holidays, when it may be needed the most,” he said.
As a not-for-profit, member-owned company, UEC operates at cost, with net operating revenues, or margins, returned to members in the form of Capital Credits returns. Those returns, that are paid out to members (known as a retirement), are based on the amount of electricity purchased.Since it began distributing refunds in 1960, UEC has returned more than $120 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. Visit www.umatillaelectric.com or call UEC at (541) 567-6414 if you have questions regarding the Capital Credits program.