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GreyStone Power sends members $12 million in capital credits
GreyStone Power members enjoy many benefits as owners of the not-for-profit cooperative. One of the benefits that GreyStone members enjoy is a capital credits check. Checks are sent to GreyStone members in October.
Each year, GreyStone returns a portion of prior years’ margins to members. Capital credits checks represent a portion of the margins from the most recent year and the oldest previous year(s).
GreyStone has returned $125.2 million in capital credits to members since 1936, including the latest installment amount of $12 million returning to members this year. This is the second year in a row that GreyStone has had its largest capital return.
“This capital credits check gives our members an annual return on their investment in GreyStone Power and reminds them of the difference between getting power from a co-op versus an investor-owned utility that operates to pay dividends to stockholders. As a not-for-profit cooperative, our only reason for existence is to serve our members,” said GreyStone Power President/CEO Gary Miller.
Revenues exceeding the cost of service to individuals and businesses that purchase energy from the co-op are credited to a special account in each member’s name. This year, members are receiving a return on their investment in GreyStone from the years 2001, part of 2002 and part of 2018. Only those receiving power from GreyStone in those years will receive checks.
The amount of 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. GreyStone does not immediately distribute the full amount of surplus capital at the end of each year; some of the member capital is put in reserves in order to keep rates as low as possible and to deal with unforeseen challenges and rising costs.
Checks are sent to each member’s last known address, so it is important to leave a forwarding address with the co-op if you move. If a check is not claimed after five years, the money is used through the GreyStone Power Foundation, Inc. to assist charitable nonprofits.