GREENWOOD, Del. - Delaware Electric Cooperative's board of directors has voted to return more than $5 million in capital credits, or the cooperative's profits, to member-owners in December. More than 65,000 members can expect a check or credit on their December bill.
Eligible individuals must have been a Delaware Electric Cooperative member in 1991, 1992, or 2010. All eligible active members will receive a credit on their December bill. Members who had an active account in 1991, 1992, or 2010 but are no longer served by DEC will receive a check for their portion of the retired capital credits.
Over the past ten years, the member-owned cooperative has returned more than $60 million to members. President and CEO Rob Book said he hopes the refund will brighten the holiday season for members.
"Our Co-op remains committed to continuing the tradition of returning money to members," Book said. "As a not-for-profit cooperative, we have an obligation to return margins and we intend to keep that promise."
Because the DEC is a not-for-profit utility, margins are returned to those the cooperative serves. Newer members who were not served by DEC in 1991, 1992, or 2010 will receive capital credits in the form of a billing credit after about a decade of investment in the system. In the meantime, each time members pay their electric bill, they are helping to pay for improvements to the system that keep the lights on and increase reliability.
Anyone with questions about refunds should call DEC at 855-332-9090.