Stearns Electric Returns $2.1 Million in Capital Credit Patronage
November 30, 2022
In September 2022, the Stearns Electric Association Board of Directors authorized a $1.1 million general retirement of Cooperative Capital Credits to our members. These, combined with Generation and Transmission (G&T) and estate retirements for the year, will total over $2.1 million back to Cooperative members. As a member-consumer, you may receive money back from the Cooperative in early December.
As a non-profit electric cooperative, Stearns Electric is jointly owned by its member-consumers. Unlike investor-owned utilities, which are designed to make a profit for shareholders, Stearns Electric refunds capital (money), above the cost of operations, to our member-consumers in the form of Capital Credits.
Additionally, our wholesale power provider, Great River Energy, retired patronage capital to its member-owner cooperatives this year, including Stearns Electric. These are called Generation and Transmission (G&T) Capital Credits. Stearns Electric’s Board of Directors passes these G&T Capital Credits onto you, our members.
Stearns Electric refunded over $2.1 million to our members represented by the following:
General Retirements totaling $1,450,000
- Cooperative Capital Credits of $1,100,000
- Generation and Transmission (G&T) Capital Credits of $350,000
Estate Retirements totaling $660,000
If you purchased electricity from Stearns Electric during the years of 2001 and/or 2017-2021, you may receive a Capital Credit check based on the Cooperative Capital Credit distribution. Additionally, members who purchased electricity from Stearns Electric during the years of 1988-1989 may receive a Capital Credit check based on the G&T Capital Credit distribution.
Capital Credit amounts of less than $10 are held until additional Capital Credits are retired. Checks can be expected to arrive in the mail during the first two weeks of December. This year’s average Capital Credit check is $56.45.
These Capital Credit payments are quantifiable proof that as a member of Stearns Electric, you are an owner of a successful, effective organization. Life to date, we have distributed more than $38 million in Capital Credits to our members.
If you have any questions regarding Capital Credits, please contact our Capital Credits Coordinator during regular business hours at (800) 962-0655. You can also visit our website at www.stearnselectric.org/capital-credits.
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