Intercounty Electric Cooperative Association’s Board of Directors has approved a total of $3.2 million in capital credit retirements.
These capital credit checks will be mailed late December.
An initial $1,867,234 finishes up capital credits from 2003 and starts on those from 2004, while the other $1,332,766 represents Sho-Me Power’s transmission capital credits from 1999, 2000 and a portion of 2001.
Member-owned, not-for-profit electric co-ops set rates to generate enough money to pay operating costs, make payments on any loans, and provide an emergency reserve. At the end of each year, operating expenses are subtracted from the operating revenue collected during the year. The balance is called an operating “margin.” Margins are allocated to members as capital credits based on their purchase of electricity from the cooperative — how much power the member used.
If a member moves or no longer has electric service with Intercounty, it is important for them to inform the co-op of their current mailing address. This is necessary to ensure future retirements will reach them. If they purchased electricity during the years being retired, they are entitled to a capital credit retirement, even if they move out of Intercounty’s service area.
If you have any questions about your capital credits, contact the member accounts department at 866-621-3679.
Basked in Licking, IECA serves 2,916 square miles covering Phelps, Dent and Texas counties and parts of seven other counties. It employs 112 local citizens and operates over 5,600 miles of line, serving over 31,000 active meters.