GreyStone Power is sending its members capital credits early to help ease the hardship that many may face during the COVID-19 outbreak.
The cooperative’s Board of Directors approved a record $15 million Capital Credits Early Refund. Members who had power with GreyStone in 2019 will receive a credit on their May bills.
“This early capital credits return gives our members an additional form of support during a time of uncertainty. As a not-for-profit cooperative, our only reason for existence is to serve our members,” said GreyStone Power President/CEO Gary Miller.
Each year, GreyStone returns a portion of prior years’ margins to members. Capital credits usually represent a portion of the margins from the most recent year and the oldest previous year(s). This return typically occurs in the fall in the form of a check. Last year, capital credits checks were mailed to members on Oct. 1.
GreyStone has returned more than $140.2 million in capital credits to members since 1936, including the latest installment amount of $15 million returning to members this spring.
The amount of capital credits money members receive is determined by how much electricity they used during the years for which capital is being retired and the co-op’s cost of distributing the power during that time. For the Capital Credits Early Refund, 75 percent of residential members will receive $50 or more.
Photo Credit: GreyStone Power