Chop­tank Elec­tric Co-op board ap­proves $2.1 mil­lion in cred­its

Kent County News - - REAL ESTATE & BUSINESS -

DENTON — The Chop­tank Elec­tric Co­op­er­a­tive board of direc­tors voted to re­turn $2.1 mil­lion to its mem­bers dur­ing the month of De­cem­ber.

Of the $2.1 mil­lion to be re­turned, ap­prox­i­mately 60 per­cent will be paid to long­time mem­bers who have Chop­tank Elec­tric cap­i­tal cred­its owed to them from 1992 and 1993, a news re­lease states. The other 40 per­cent will be paid to mem­bers who have been al­lo­cated Chop­tank Elec­tric cap­i­tal cred­its from 1994 through 2017.

Any ac­tive mem­ber who has ac­crued cap­i­tal cred­its less than $35 will re­ceive the amount cred­ited di­rectly to their De­cem­ber bill. Ac­tive mem­bers who have ac­crued more than $35 in cap­i­tal cred­its will re­ceive a check in the mail.

For any mem­ber who is in­ac­tive, there must be an ac­crued $35 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.

“When you signed up to re­ceive elec­tric ser­vice from Chop­tank Elec­tric, you be­came a mem­ber of Chop­tank Elec­tric, not a cus­tomer,” the re­lease states.

While in­vestor-owned util­i­ties re­turn a por­tion of any prof­its back to their share­hold­ers, elec­tric co-ops op­er­ate on an at-cost ba­sis. Co-ops re­turn their prof­its to their mem­bers.

CON­TRIB­UTED PHOTO

Chop­tank Elec­tric Co­op­er­a­tive board of direc­tors re­cently voted to re­turn $2.1 mil­lion in cap­i­tal cred­its to mem­bers.

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