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My Fair Share
“Only my local electric cooperative makes every customer an owner of the business. Unlike other electric utilities, my co-op exists to make sure my needs are met, not just to make a profit. As a member-owner, I share in the profits in the form of capital credits.”
What are capital credits and why are they important?
Capital credits are monies retained from rates and other revenue streams that MLEC accumulates in excess of the actual cost of providing electric service. These “margins” are retained for a period of time and used to offset capital costs. Before these margins are used, they are allocated and credited to the Members in good standing for that operating year based on their contribution. Eventually these funds are returned to MLEC members.
It is the goal of your Board to return these funds on a 15-20 year cycle. Even if you move from the Cooperative’s system, these funds remain in your name. It is important for you to keep us informed of any address changes so refunds can be delivered properly.
Mille Lacs Energy is always there with you, reinvesting in your community. That’s why the people have the power.
