Press Release – Later this month, Powder River Energy Corporation will retire nearly $1.95 million in capital credits to its eligible cooperative member-owners. Powder River Energy’s board of directors authorized the retirement at its October Board Meeting.
Capital credits are a major benefit of being a member of an electric cooperative and are a reflection of one of the seven cooperative principles: Member Economic Participation. At the close of each fiscal year, all revenue received in excess of expenses for that year are allocated to each member as a capital contribution based on gross margin contributed through power purchases.
The total amount in a member’s capital credit account represents the value of ownership in the cooperative. This value or capital contribution is returned to the membership over time in the form of capital credits.
This year’s capital credit retirement is being paid to individuals and businesses who were members of the cooperative and received electric service in 1984 and 2015. Capital credit checks in excess of $20 will be mailed just before Christmas. Members who have capital credits less than $20 will see the dollars applied as a credit on their December bill. A letter inside the mailings will explain the opportunity for members to donate their capital credits to the Powder River Energy Foundation.
Since 2011, PRECorp has provided the opportunity for members to help build the Foundation’s giving to non-profit organizations in northeast Wyoming. To date, the membership has generously donated more than $61,000 of their earned capital credits to the Foundation.
As in past years, PRECorp will not issue checks for under $5. The retired amount will remain on the member’s account and will be refunded once it reaches $5.
Some members did not leave forwarding addresses. Unless they are claimed within three years, those funds will revert to community donations.
Anyone with questions or concerns should contact PRECorp at 1-800-442-3630.