Lake Country Power members will see a capital "credit" printed on their December billing statement this month, the utility announced Tuesday. Lake Country Power’s board of directors authorized a retirement of $3 million in capital credits. Capital credits are the core of co-op membership.
“We are not-for-profit, but we are required by our lender, the federal government, to make a margin, and maintain safe, reliable electric service for member-owners,” said General Manager Greg Randa. “Our goal is to provide member-owners with electricity at a price that is as close to cost as possible. Over time co-op margins are returned to members in the form of capital credits.”
Active members will see a credit on their December 2018 billing statement. Inactive members (those who've moved off the co-op system) will be mailed a check to their last known mailing address if the amount is $10 or greater.
Between Lake Country Power and its three predecessor cooperatives, more than $47 million in capital credits has been returned to members through the years.