Great news! Iowa Lakes Electric Cooperative is returning nearly $1 million ($999,220) of capital credits to its member-owners this month.
Your Cooperative is also a member-owner of its two wholesale power suppliers (Corn Belt Power Cooperative and Northwest Iowa Power Cooperative). This year, Corn Belt Power Cooperative authorized a retirement of a portion of the capital credits that your Cooperative was allocated in 2017 and your board of directors has elected, in turn, to pass on these retired capital credits to you, our member-owners.
If you were a member-owner and purchased electricity from Iowa Lakes during 2017, please check this month's bill for a bill credit labeled "Capital Credits Retirement."
This credit represents a portion of the capital credits that were allocated to you based upon your 2017 electric usage.
Your Cooperative is committed to providing member-owners with reliable and affordable electric service and this service reliability is a big benefit of membership. Another benefit of being a member of Iowa Lakes Electric Cooperative is sharing in the profits or margins that remain after year-end.
Accordingly, your "Capital Credits Retirement" bill credit represents your share of the $999,220 of capital credits that are being passed on to the member-owners. Including this retirement of capital credits, a total of $14,936,562 in capital credits has been returned to Cooperative member-owners. This definitely highlights the benefit of the cooperative business model and an advantage of being a Cooperative member-owner.