Wake Electric Returns Over $2 Million to Members in 2022
It’s time for you to get the credit—capital credits, that is—for helping build, sustain and grow your local electric cooperative. In mid-December 2022, Wake Electric will return $2 million to members across the seven counties served by the co-op.
When you signed up to receive electric service from Wake Electric, you became a member of an electric cooperative. While investor-owned utilities like Duke Energy return a portion of any profits back to their shareholders, electric co-ops operate on an at-cost basis. So, instead of returning margins to folks who might not live in the same region or even the same state as you do, Wake Electric allocates and periodically returns capital credits to its members, which is based on how much electricity you purchased during a year.
This year, capital credits earned in the year 1997 will be fully retired, as well as small portion of the capital credits earned from 1998 through 2021. Capital credits earned prior to 1995 have previously been fully retired. If your capital credits retirement equals or exceeds our minimum check amount of $25, then you will receive capital credit retirement through a check in the mail reflecting your contribution of capital to, and ownership of, the cooperative during those years. That span of time may seem like a long time ago. However, those funds helped us keep rates low by reducing the amount of money we needed to borrow from outside lenders to build and expand a reliable electric distribution system.