It Pays To Be a Member
Citizens Electric is more than your local electric utility and you are more than a consumer. The decisions we make are not to satisfy investors or generate profits, but to serve our members and our communities, ensuring our system is well-maintained and delivers reliable power. When you make a payment to Citizens Electric, a portion of that payment goes toward your "capital" investment in our electrical system. As a not-for-profit corporation, Citizens Electric returns margins to members in the form of capital credits. At the discretion of the Board of Directors, capital credits are refunded to members whenever they determine that returning capital credits will not jeopardize the Corporation's financial stability. Citizens began retiring capital credits in 1993 and has since retired over $46 million to its members. It is just part of what makes cooperative membership different.
Retirement of Capital Credits
Citizens Electric Corporation’s Board of Directors has authorized a capital credit retirement of approximately $3.0 million to members who had service with the Corporation during 1997, 1998, & 2020. The refund will clear 100% of the remaining 1997 patronage, 61.83% of 1998 patronage and 31.82% of 2020 patronage.
Although Citizens Electric is a corporation, it conducts business as a member-owned, not-for-profit cooperative. Funds paid to the Corporation that exceed expenses are called patronage capital or capital credits. At the end of every year, these funds are assigned to each member according to the amount of electricity purchased during that year. By using these funds to build new lines and update Citizens’ electric system, we are able to reduce our borrowings and provide reliable electric service at the lowest possible cost.
The decision to refund capital credits is the sole discretion of Citizens’ Board of Directors and is determined each year based upon the financial condition of the Corporation.
Due to the expense of issuing checks, credits totaling less than $20.00 will be held until future capital credit retirements are processed and the cumulative total to be paid reaches $20.00.
Estate Retirements are available at a discounted rate. If you are receiving a retirement check in your role as Power of Attorney, you may contact our Member Services team to complete the necessary paperwork to obtain a final retirement.
If you have any questions concerning capital credits or other items, please contact us at 877-876-3511 or firstname.lastname@example.org
If you move, please be sure to leave your new address with us so we can continue to refund any capital credits you are eligible to receive in the future.
- Upon death, the deceased member’s capital credit account is available for estate retirement. The representative of the estate should contact Citizens Electric to settle the capital credit account.