The Poudre Valley Rural Electric Association mailed checks totaling $3 million to 29,508 consumers on Sept. 23. The board of directors approved the retirement of capital credits for patronage capital allocated in 2000 and 2013. Member/consumers who received service from Poudre Valley REA in those years, and have accumulated allocated credits of $25 or more, will receive a check.
Poudre Valley REA is a consumer-owned electric cooperative serving more than 37,000 member/consumers in Boulder, Larimer and Weld Counties in Northern Colorado. As a cooperative, PVREA operates on a not-for-profit basis and any margins (profits) are allocated to each member in proportion to their patronage, or how much electricity they purchased. These funds are called capital credits and are held in the member’s name until the board of directors determines that the association’s financial condition will allow retirement. Poudre Valley REA has refunded nearly $23,000,000 of annual capital credits in the past decade alone.
“Electric cooperatives are different from investor-owned utilities; instead of paying profits to stockholders, cooperatives return revenue in excess of expenses to members,” said CEO Jeff Wadsworth.
More information on capital credits is available on the Poudre Valley REA website at www.pvrea.com or by calling 800-432-1012.