Capital Credits from the 1980’s and 2004 to be retired
At their regular meeting in April, PIE&G’s board of directors took action to retire capital credits in the amount of approximately $1.876 million. Members who received electric service in 1983-86 and 2004 will receive an amount of the above in proportion to their energy use. Checks will be mailed in the fall of 2015.
PIE&G is a member-owned, not-for-profit organization. When revenues exceed expenses, the co-op generates “capital” that is “credited” to individual members on a pro rata basis depending on their “patronage” or purchase of electricity or gas.
These capital credits are used to build the facilities needed to serve the co-op’s members. Capital credits are retired and refunded whenever the board of directors determines that the co-op’s financial condition will not be impaired. Since its inception, the co-op has retired and refunded approximately $9 million in capital credits back to members.