Wayne-White Electric Cooperative will return more than $2 million in capital credits to its members this year.
The cooperative’s board of directors recently approved the retirement of capital credits for members who received electric service during 2007. Members who joined the cooperative after that year are not eligible for this year’s distribution.
Instead of receiving a check, eligible members will see the credit applied directly to their August electric bill.
The amount each member receives is based on how much electricity they purchased during the year being retired.
Wayne-White Electric says capital credits represent members’ ownership in the cooperative. The funds are retained for a period of time to help finance improvements to the electric system and provide reserves for emergencies, including storm damage and other unexpected infrastructure needs, before being returned to members.