Many Paulding Putnam Electric Cooperative (PPEC) members will see a lower electric bill around the holidays. This month, the local electric cooperative is returning nearly $2,500,000 in prior year margins to over 23,000 current and former members.
Eligible co-op members will see a credit on their December electric bill. The money is being returned to members in the form of capital credits.
As a not-for-profit community-focused organization, PPEC uses these margins for investments, such as building or replacing power lines, transformers, and other electric system upgrades to meet members’ evolving needs.
After being used as working capital, the money is returned to members. It represents each co-op member’s ownership — or equity — in his or her cooperative. Capital credits are allocated to members in proportion to the dollar amount of electricity used.
This month’s payment will go to those who used PPEC’s service from 1990-2022.
Including this year’s capital credits return, PPEC has returned more than $34 million to its members.
“This patronage cash back demonstrates that PPEC members are not just customers; they are members and part-owners of their electric cooperative,” said Board Chairman Steve McMichael. “Paulding Putnam Electric Co-op belongs to the communities we serve. Members have equity ownership in our physical assets — and receive a financial return on those assets, unlike customers of other utilities.”
Anyone with questions about their capital credits refund should call PPEC at 1-800-686-2357.
