Thousands of Midwest Energy members received a pleasant surprise in the mail in July, when $2.6 million in capital credits from 1990 and 1991 were returned to members in the form of a check or bill credit.
“Capital credits are the monies left over after all our expenses are paid,” said Tom Meis, Midwest Energy’s Chief Financial Officer. “In the corporate world, these would be called profits; but as we’re a cooperative, we retain that money to reinvest in our business, then return it back to our customers on a roughly 20-year cycle.”
Members who earned capital credits decades ago but are still customers receive their credits in the form of a bill credit; members who have moved out of Midwest Energy’s service area receive a check. This year, 6,107 members received bill credits earned in 1990-1991; a total of 13,675 former members received checks. The average capital credit returned was $131.43.
For more information, contact Mike Morley at (785) 625-1463.