ATTICA — For the 38th consecutive year, the North Central Electric Cooperative Board of Trustees refunded more than $700,000 in patronage capital credits to more than 12,500 current and former members.
Member economic participation is one of the seven guiding principles of electric cooperatives. It has been the board’s practice to retire —or pay back — a percentage of patronage capital credits each year in December as long as the cooperative is financially able to do so.
Since 1980, North Central Electric has refunded approximately $20.4 million.
Buckeye Central School District received a cooperative member refund check for $1,982.70
As a member of the cooperative, members receive electric service at cost, and any margin the cooperative makes is allocated back as patronage capital credits. The cooperative invests those funds in the distribution system to ensure reliable and affordable electric power.
North Central Electric Cooperative refunded $715,947 in capital credits in 2018, which is up about 19 percent from the 2017 refund.
North Central Electric serves approximately 9,600 consumers in Seneca, Crawford, Wyandot, Richland, Huron, Sandusky, Hancock and Wood counties.