CHELCO members who had accounts in 2019 will receive capital credits in the form of a bill credit or check in May based on their usage throughout the year. CHELCO’s Board of Trustees approved a special retirement of $1.4 million in capital credits to members in addition to our December capital credit retirement due to cost-saving measures.
“These capital credits come at a time when many of our members face uncertain situations due to COVID-19, and we hope this will provide some relief for those who are struggling financially,” said CEO Steve Rhodes.
Annually, after CHELCO pays its expenses, margins remain. Since CHELCO is a not-for-profit, member-owned cooperative, margins are typically retired annually in the form of capital credits after 20 years of membership. CHELCO has been retiring capital credits for more than 50 years, and for the past three years, we’ve been able to make retirements twice each year.
CHELCO members who receive $40 or more will get a check, while those with retirements less than $40 will receive a credit on their May bills.