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REDMOND, Ore. – Central Electric Cooperative announced today that 12,762 current and former members will receive capital credit payments totaling $2,103,643. CEC will mail members their checks this week.
Individual checks to current and former CEC members who purchased power in 2000 will average $165. The difference between the $3 million capital credits retirement and the $2.1 million paid to members is for members for whom CEC does not have a current address. Members can inquire regarding unclaimed capital credit payments by checking the list on the coop’s website, which is updated frequently.
Since 1981, Central Electric has returned more than $48 million in Capital Credits to its members.
As a not-for-profit utility, Central Electric has two options for raising capital, borrowing or raising capital from its members. The cooperative lowers its capital costs by melding member capital credits funding with borrowed money on which CEC must pay interest.
Cooperative members share in the benefits of margins annually earned. CEC’s bylaws authorize its board of directors to pay capital credits to members when the utility’s financial condition permits. CEC has issued Capital Credits to members in 41 out of the last 44 years.
Central Electric Cooperative, Inc. Background
A member-owned, not-for-profit electric cooperative, Central Electric Cooperative (CEC) has provided electric utility services to its members in central Oregon since 1941. At the close of 2023, CEC served 38,067 accounts held by 30,508 members in its 5,300 square-mile service territory in Deschutes, Crook, Jefferson, and parts of Lake, Linn, Wasco, and Grant counties. CEC’s electrical system includes 24 substations and 4,111 miles of energized power lines, including 184 miles of transmission line, 2,268 miles of overhead distribution line, and 1,659 miles of underground distribution line.