Central Electric Co-Op issues $3.5 million in capital credits – but $1 million not mailed due to lack of current address
REDMOND, Ore. (KTVZ) – Central Electric Cooperative announced Friday that 12,113 current and former members will receive capital credit payments totaling $2,481,482. CEC will mail members their checks next week.
Individual checks to current and former CEC members who purchased power in 1999 will average $204.
The difference between the $3.5 million capital credits retirement and the $2.5 million paid to members is for members for whom CEC does not have a current address. Members can inquire regarding unclaimed capital credit payments by checking the list on the coop’s website, which is updated frequently.
Since 1981, Central Electric has returned more than $46 million in capital credits to its members.
As a not-for-profit utility, Central Electric has two options for raising capital, borrowing, or raising capital from its members. The cooperative lowers its capital costs by melding member capital credits funding with borrowed money, on which CEC must pay interest.
Cooperative members share in the benefits of margins annually earned. CEC’s bylaws authorize its board of directors to pay capital credits to members when the utility’s financial condition permits. CEC has issued capital credits to members in 40 out of the last 43 years.
Central Electric Cooperative, Inc. Background
A member-owned, not-for-profit electric cooperative, Central Electric Cooperative (CEC) has provided electric utility services to its members in central Oregon since 1941. At the close of 2022, CEC served 37,217 accounts held by 29,952 members in its 5,300 square-mile service territory in Deschutes, Crook, Jefferson, and parts of Lake, Linn, Wasco, and Grant counties. CEC’s electrical system includes 24 substations and 4,085 miles of energized power lines, including 187 miles of transmission line, 2,265 miles of overhead distribution line, and 1,633 miles of underground distribution line.
