Delaware Electric Co-op announces $4 million refund for members

 

DELAWARE – The Delaware Electric Co-Op is announcing that families who partner with them for their energy are getting a gift back this holiday season.

Over $4 million is making its way back to the households that rely on the cooperative for power in their homes.  The company tells us if they were a typical utility that money would have been counted as the profit for the company, but because of their unique setup, those funds made it back to their stakeholders which in this case were their 64,000 members.

Their CEO tells us they like to have the funds go out during the holiday season, to give an extra boost to a holiday shopping budget, or offset higher prices due to colder weather.

“We could do it any time of the year but we choose to do it at this time because of the holidays and those increasing bills and we know consumers have a need every December so that’s when we do it,” said DEC Ceo Greg Starheim.

Starheim tells us the payments are considered a return on the member’s investment in the electrical system, and after decade members begin receiving billing credits in the form of payments. They say the earliest customers eligible under the current system are those who have been customers since 2010.  Starheim tells us it’s a way of creating greater returns for long-term members.

“Each generation of Cooperative members contributes builds equity in the Co-op and then is rewarded with a capital credit refund,” said DEC Manager of Strategic Communications & Engagement Jeremey Tucker in a statement announcing the payout.

Categories: Delaware, Local News