WEC returns $400,000 to membership in 2022
When for-profit utilities collect excess revenue, those profits enrich their shareholders. When cooperative utilities take in more revenue from their members than it costs to run the utility, they return that money to their members. Since 1998, WEC has returned approximately $9.5 million in capital credit refunds to Co-op members.
This year, the Board will refund a total of $400,000 to eligible members on the Co-op’s lines in years 1997, 2013, and 2021. Individual refunds may be reduced by any uncollectable or delinquent amounts owed to the Co-op, and no early retirements will be made to the estates of deceased members. Current members will see refunds appear as a credit on their November 2022 bills.
Former members are entitled to receive refunds as well. In order to be eligible, former members must have a minimum $50 capital credit distribution, and must submit an authorization form to the Co-op.
Earlier this summer WEC mailed out Capital Credit Patronage Refund Authorizations to former members. Follow the link below to view the names of people or accounts whose authorizations were returned as undeliverable. If you know any person on this list or their rightful heirs, please have the former member or beneficiary contact Washington Electric Cooperative directly: 802-223-5245 or 800-WEC-5245.
Co-op Community Fund
Approximately 14% of WEC members currently choose to donate their refunds to WEC’s Community Fund. Any current or former member may direct their refund to the Community Fund as a one-time or ongoing gift.
The Community Fund supports small not-for-profits serving Central Vermont communities. The people served by these organizations are often WEC members. The full recipient list is in the July 2022 issue of Co-op Currents. A report on 2022 Community Fund activities will be published in Co-op Currents in 2023.