Refunds in double-digit millions for fourth straight year
The Intermountain Rural Electric Association Board of Directors has approved $15.3 million in capital credit refunds to its customers.
This marks the fourth year in a row in which IREA has returned capital credits in the double-digit millions. IREA has refunded $58 million to customers since 2014.
Most customers will see their capital credit refund payment as a line item on their March bills. A capital credit refund check is mailed in lieu of a bill credit, however, if the customer has opted out of the bill credit, is on budget billing, maintains multiple active accounts, or no longer has an active account.
As a member-owned cooperative, IREA does not operate for profit. We instead allocate to our customers shares of our net revenue remaining after all operating expenses have been covered each year, based on each customerâ€™s patronage, or electricity usage . These allocations are not held by IREA as cash; our margins are reinvested in the infrastructure required to provide electric service. Part of the allocated capital credits are paid out annually based on the companyâ€™s financial condition.
The IREA Board of Directors is committed to returning capital to customers while also maintaining and improving the infrastructure needed to provide service, meeting financial requirements and maintaining low rates.
For more information about capital credits, visit www.IREA.coop/capital-credits.