Members to see benefit in December
December 4, 2018
Grand Rapids, MN – Lake Country Power members will see a capital "credit" printed on their December billing statement this month. Lake Country Power’s board of directors authorized a retirement of $3 million in capital credits. Capital credits are the core of co-op membership.
“We are not-for-profit, but we are required by our lender, the federal government, to make a margin, and maintain safe, reliable electric service for member-owners,” said General Manager Greg Randa. “Our goal is to provide member-owners with electricity at a price that is as close to cost as possible. Over time co-op margins are returned to members in the form of capital credits.”
Active members will see a credit on their December 2018 billing statement. Inactive members (those who've moved off the co-op system) will be mailed a check to their last known mailing address if the amount is $10 or greater.
Between Lake Country Power and its three predecessor cooperatives, more than $47 million in capital credits has been returned to members through the years. For more information about capital credits, or to review a current list of capital credits that remain unclaimed by former members, visit lakecountrypower.coop.
Lake Country Power, www.lakecountrypower.coop, is a Touchstone Energy® cooperative serving parts of eight counties in northeastern Minnesota. The rural electric cooperative provides services to nearly 43,000 members and has offices located in Grand Rapids, Kettle River and Mountain Iron.