The Poudre Valley Rural Electric Association (PVREA) Board of Directors is mailing nearly 40,000 capital credits checks, totaling $3 million, to its members today.
The PVREA Board of Directors approved earlier this year to retire capital credits in September, pumping $3 million back into the local economy. Based on members’ energy use, many of the capital credit checks are substantial dollar
amounts for PVREA’s larger consumers. When PVREA members receive their capital credit check, the money goes right back into the local economy.
“Some of our largest energy users are local businesses, school districts, municipalities and large manufacturing companies who support our local community; the financial impact of those organizations’ capital credits checks is quite significant to them and the community they serve,” PVREA President and CEO Jeff Wadsworth explained.
The purpose of the allocation and retirement of capital credits is to allot any of the Cooperative’s margins to members in the form of capital credits. As a member-owned utility who operates on a not-for-profit basis, capital credits is used as working capital and then retired to members at a later date. PVREA utilizes the capital funds to maintain the infrastructure of the Cooperative, which minimizes its reliance on outside lenders and helps keep rates at an affordable level for members.
The Cooperative met its financial performance goals as established by the Board of Directors, allowing the retirement of $3 million to members this year.
Current and previous members who held membership in the Cooperative in the years 2003 and/or 2016, and have accumulated retired credits of $10 or more, will receive a capital credits check in the mail. PVREA has paid out over $17 million of capital credits annually in the past five years alone.
More information and a video on capital credits is available on the Poudre Valley REA website at www.pvrea.com/capital-credits or by calling 1-800-432-1012.
Poudre Valley Rural Electric Association is a member-owned, not-for-profit electric distribution cooperative serving more than 40,000 homes and businesses in Boulder, Larimer and Weld Counties in Northern Colorado.