FOR IMMEDIATE RELEASE
CONTACT: Patrick Higgins
COLUMBUS, Ohio — Ohio’s electric cooperative network, comprised of 24 not-for-profit, consumer-owned cooperatives throughout the state, today announced that, in 2016, it collectively returned more than $31 million in capital credits to member-consumers. Capital credits are annual operating margins (revenue in excess of operating costs) disbursed to co-op members annually, based on the individual member’s share of purchased electricity from the cooperative, over time. The regular return of capital to owners is a primary tenant of the electric cooperative industry.
“Members’ economic participation is at the very foundation of our seven cooperative principles,” said Ohio’s Electric Cooperatives President & CEO Pat O’Loughlin. “It’s a pillar that holds Ohio electric cooperatives to a standard that ensures effective, efficient operations, and which holds us accountable to our member-owners in the delivery of clean, safe, reliable, and affordable power. It’s also testament to the economic strength of the cooperative business model.” Co-ops serve approximately 1 million Ohioans in 77 of the Buckeye State’s 88 counties.
In addition to the return of capital credits, Ohio’s electric cooperative network collectively paid more than $26 million in 2016 property taxes.
In 2015, Ohio electric cooperatives also contributed $1.5 million toward “Operation Round-Up” initiatives, in which proceeds from member-consumers who voluntarily round their monthly invoices to the next dollar amount are disseminated to local charitable organizations. “Another of our guiding principles is concern for community” O’Loughlin stated. “We’re increasingly proud of ‘Operation Round-Up,’ and the difference that it makes in lives of those in the communities that we serve.”