Cooperative Announces Capital Credit Retirement
One of the key differences between investor owned utilities and your electric cooperative is who the owners of each type of organization are. With the investor owned utility the person who owns shares of stock in the utility is the owner. The shareholder may or may not be the same person as who the utility provides their electric service.
With Craig Botetourt Electric Cooperative, the owners are the ones who receive their electric service from the Cooperative. One benefit to being a member of Craig Botetourt is that you are entitled to capital credits. Capital credits are the revenues we have left after we have paid all of the bills of the Cooperative for each year.
This year, the Board of Directors of the Cooperative approved to pay out over $460,000 of capital credits to its member/owners. The amount to be returned is associated with any unretired amounts from 1991 & 1992. The credit was listed on the bill you received during the first week of December as Capital Credit Return. If you are not currently a member you will receive your Capital Credit as a check.