Grand Rapids, MN – Lake Country Power members will see a credit printed on their December billing statement this month after Lake Country Power’s board of directors authorized a retirement of $4.4 million in member equity. Capital credits are a core benefit of co-op membership.
“Unlike for-profit companies, co-ops don’t operate to build shareholder wealth,” said Greg Randa, LCP general manager. “Our goal is to provide member-owners with electricity at a price that is as close to cost as possible. Over time and when financial conditions allow, co-op margins are returned to members in the form of capital credits.”
In a co-op capital credits build over time. The credits represent member ownership in a co-op. The equity from members is used to help fund system improvements and reduce the co-op’s financing needs and debt burden.
Between Lake Country Power and its three predecessor cooperatives, more than $51 million in capital credits has been returned to members through the years. For more information about capital credits, or to review a current list of capital credits that remain unclaimed by former members, visit lakecountrypower.coop.
Active members will see a credit on their December 2019 billing statement. Inactive members (those who've moved off the co-op system) will be mailed a check to their last known mailing address if the amount is $10 or greater.