Choptank Electric to distribute $1.75 million to members
DENTON — The Choptank Electric Cooperative Board of Directors voted to return $1.75 million to its members during the month of December to long-time members who were part of the Co-op in 1992.
The amount received is based on how much electricity the member purchased during the year. Any active member who has accrued capital credits less than $75 will receive the amount credited directly to their December bill. Active members who have accrued more than $75 in capital credits will receive a check in the mail. For any member who is inactive, you must accrue $75 before a check is sent. Inactive members must have a good address listed at the co-op to receive their check. The checks are scheduled to be mailed by mid-December.
“Since a cooperative has members, the capital credits reflect each member’s ownership and contribution of capital to the cooperative. This differs from investorowned utilities who pay dividends to shareholders. These shareholders may or may not be customers of the utility,” said Olin Davis, chairman of the Board of Directors for Choptank Electric Cooperative.
Choptank Electric allocates and periodically retires capital credits to its members based on a variety of factors including the overall financial condition of the Cooperative. “Allocating and retiring capital credits to members helps distinguish a cooperative from other business models,” said Davis. “We’re proud to support our local communities by putting money back into the pockets of our members and their economies. It makes our business model special.”
For more information on capital credits, call the Member Service Center at 1-877892-0001, email capitalcredits@choptankelec tric. coop, or go online to www. choptankelectric.coop.
Choptank Electric Cooperative Board of Directors approve $1.75 million in capital credits for 2016.