WEC has returned almost $10 million to members since 1998
When your electric cooperative takes in more money than it costs to run the utility, where does that money go?
Have you ever noticed a credit on your November electric bill?
As a member of an electric cooperative, excess revenue is returned to you and your fellow member-owners. That is a major difference between shareholder-owned utilities and cooperatively-owned utilities: When for-profit utilities collect excess revenue, those profits enrich their shareholders. But members of cooperative utilities get excess revenue back over time in the form of capital credit refunds. Since 1998, WEC has returned almost $10 million in capital credit refunds to Co-op members.
This year, the Board will refund a total of $400,000 to eligible members who were on the Co-op’s lines in years 1998, 2013, and 2022. Individual refunds may be reduced by any uncollectable or delinquent amounts owed to the Co-op. New in 2023, the Co-op may offer conditional early retirements to the estates of deceased members or their heirs. Contact Rosie Casciero for more information at 802-224-2322. Refunds will appear as a credit on current members’ November 2023 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. In July, WEC mailed Capital Credit Patronage Refund Authorization forms to former members. Those forms are due back September 29, 2023.
Follow the link below to view the names of people or accounts whose authorization forms 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.
WEC’s 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 can be found here. A report on 2023 Community Fund activities will be published in Co-op Currents in 2024.