Co-op returns $1.86 million in Capital Credits to members in September
General Manager Steve Stroshane announced that Polk-Burnett will return $860,000 in Capital Credits this year to co-op members who purchased electricity in 1995-96 and/or 2014. Beyond the regular annual distribution, a special Capital Credit retirement of $1 million will be paid to co-op members who purchased electricity in 1994-95.
Capital Credits are allocated to co-op members each year, based on electricity purchased. Active members with Capital Credit amounts of $20 or more will be mailed a check the week of September 25; a bill credit will be applied for amounts less than $20. Former members will be mailed a check of $10 or more; lesser amounts will be left to accrue for future payouts.
A total of 16,323 active co-op members and 6,722 inactive members will receive Capital Credits this year.
Special retirement is part of $3.7 million nuclear waste settlement
Board President Ed Gullickson announced at the annual meeting in June that Polk-Burnett received $3.7 million from Dairyland Power Cooperative as part of a settlement from the federal government for failure to provide permanent storage for nuclear waste.
"We will invest $2.7 million into a project that replaces deteriorating underground cable and improves reliability for members,” said Gullickson. “This accelerates work that would have taken years to complete and aligns with our mission to provide reliable power."
Beyond investing in system upgrades, the co-op will retire an additional $1 million in Capital Credits in September. The special retirement will be paid out to members who purchased electricity in 1994 and 1995.
“If you were a co-op member in 1994, 1995, 1996 and/or 2014, you will get money back,” said General Manager Steve Stroshane. “Capital Credits are distributed annually and are a direct benefit of cooperative membership.”
“As a member-owned, not-for-profit electric cooperative, Polk-Burnett operates at cost. Any money left after annual expenses is allocated and returned to members, according to our cooperative business principles,” said Stroshane.
Polk-Burnett was established 79 years ago to provide reliable electricity with efficiency and extraordinary service to families, farms and businesses in the rural areas of northwestern Wisconsin.
For more information about Capital Credits and the benefits of cooperative membership, call 800-421-0283, ext. 335.