OVEC is a not-for-profit member-owned utility that operates at cost. Revenues above the cost of doing business are allocated to the members annually in the form of capital credits. The board of directors vote to retire capital credits when the financial condition of the cooperative will not be impaired.
The decision to retire capital credits again this year was made due to the continued financial strength and sound management of the cooperative.
This year we are returning margins from the years 1995 and 2021. Your share is figured based on the amount of electricity you used during each of those years. Current members that are eligible will receive this refund as a credit on their August 1st bill.
Former members who longer have service with the cooperative will receive their refund in the form of a check by mail. If you were not a member during any of these years, you will not receive a refund this year.
It is important for both current and former members to maintain a current address on file with OVEC so that we can ensure any retirements due to them will be received.