When you signed up to receive electricity from Rio Grande Electric (RGEC), you became a member-owner of the Co-op. Other businesses return profits to investors and stockholders, but not us. As a cooperative, RGEC operates at cost. Any revenue left after expenses, is returned to members.
This year, Rio Grande Electric’s Board of Directors approved the distribution of approximately $764,732 to members who purchased electricity during 1992. Funds will be distributed this month!
To date, the Co-op has returned over $ 10 million in capital credits for the years 1949 through 1991. Additionally, last summer RGEC returned another $2,100,359 in Emergency COVID Relief to members, which was the unprecedented early retirement of 35% of 2019 allocated capital credits. Members received these funds as credit on their August 2020 electric bills.
It is important to notify RGEC of any change of address, even if you move and are no longer a member of Rio Grande, because capital credits are mailed to the last address of record for you. If your check can’t catch up with you, it will eventually be turned in to the state’s unclaimed property division.
A member at the emPOWER Summit, RGEC’s 76th Annual Meeting, asked what happens to Capital Credits when a member passes away. It was explained that they become part of your estate.
There remains $1,207,937.63 in unclaimed capital credits. For more information, and to view a full list of those for whom unclaimed credits exist, visit our Capital Credits page.