Your Whitewater Valley REMC board of directors has reviewed the financial condition of the cooperative and is pleased to announce the retirement of $885,000 in capital credits. Following the cooperative’s capital credits retirement policy, 70% of the generation and transmission margins from 1993 and 10% of the most recent year, 2021, will be retired and returned to members.
The amount you receive is based on two factors: your length of membership with the cooperative and the amount of power used during the period being retired. Refunds less than $10 are applied as a credit on your electric bill. If your refund is more than $10, you receive a check in the mail.
When you signed up to receive electric service from Whitewater Valley Rural Electric Membership Corporation (REMC), you became a member — and owner — of a cooperative electric utility.
While investor-owned utilities return a portion of any profits back to their investors, electric co-ops operate on a not-for-profit basis. So, instead of returning profits, known as margins, to investors who might not live in the same region or even the same state as you do, we periodically retire capital credits (also called patronage capital or equity capital) based on how much you paid the co-op for electricity during a specified time period.