by Bill Scott, GLE President/CEO
Your electric cooperative is a financially sound business and you can take credit for that. In fact, the credit you receive is more than just a thank you for allowing us to serve you. This month, we again issue capital credit refunds to our Great Lake Energy members.
Capital credit refunds are provided to members when your electric co-op’s board of directors determines we are financially healthy and can afford to return them This year, we will return $5 million in capital credit refunds. Since 2003, we have returned over $71.4 million in capital credit refunds to GLE members.
GLE members who purchased electricity from their cooperative in 2017 or 1996, or both, will receive a refund. For most GLE members, the capital credit refund appears IN RED on the bill they receive this month.
How are we able to do this? Great Lakes Energy is a not-for-profit business. We operate at cost – collecting enough revenue to run and expand the business without the need to generate profits for distant shareholders. Any additional margins or profits we earn are allocated back to our members when we are financially strong enough to do so.
Capital credit refunds are just one way your co-op shows its commitment to our members and communities. With a large 26 county region to serve, we remain a community-centered business with eight local offices to tend to your energy needs. Your friends and neighbors work for the co-op and we have many programs available to help you save energy. Great Lakes Energy is not just an electric utility provider, but a local business you own that contributes to the success of your community. We all can be proud of that.