Board Approves $1 million patronage retirement

Board Approves $1 million patronage retirement

Patronage dividends (also known as capital credits) are headed your way if you were a member purchasing power from the co-op during the year(s) 2002-2003 and/or 2016. These members will receive either a check in the mail or a credit on their electric bill.

 

Midland Power Cooperative is member owned and operated, and we are committed to returning part of your investment. This is done in the form of patronage dividends.

 

This year, approximately $1 million in patronage dividends will be sent to member-consumers. The board of directors (members elected by fellow members) approved the retirement of twenty percent of deferred patronage dividends from 2016 and all of the deferred patronage from 2002. The rest of the $1 million retirement will come from a portion of deferred patronage from 2003.

 

Anyone receiving $20 or more will be mailed a check in late November. Current members that are due less than $20 will receive the payment via a bill credit in December.

 

Inactive members’ receiving their final years’ allocation will receive a check no matter how small the amount. Inactive members with a patronage retirement amount of less than $20 won’t be sent a check until the year that their dividend retirement has reached a minimum of $20.

 

As a locally-owned business, Midland Power is committed to the people and communities it serves. We are proud to have a history of returning patronage dividends annually. We hope that you enjoy the benefits of personalized and reliable electric service from your cooperative today and look forward to a return on your investment in the future.

Page Features: