Dakota Electric is pleased to announce the retirement of $2.6 million in capital credits. This year, the board of directors approved the return of the remaining 2002, 2003, and 2004 allocations, as well as 60% of the 2005 allocation, to its members.
Capital credits, which represent members’ ownership in the cooperative, are derived from annual profits. These credits are allocated based on electricity usage and are reinvested to reduce borrowing, ultimately keeping rates low for Dakota Electric’s members. The cooperative has set a goal to retire these credits on a 15-year rotation by 2025, as approved by the board of directors.
Members who purchased electricity from Dakota Electric between 2002 and 2005 can expect to receive a check in the mail this month. The cooperative encourages members to keep an eye out for their checks, which will be arriving soon.
“Dakota Electric is proud to return these capital credits to our valued members,” said Ryan Hentges, President and CEO of Dakota Electric. “As a member-owned cooperative, we prioritize the financial well-being of our members and strive to provide reliable and affordable electricity. Returning capital credits is just one way we fulfill our commitment to our members.”
To learn more about capital credits and how they benefit members, visit Dakota Electric’s website at www.dakotaelectric.com/about-us/capital-credits.