GREENWOOD, Del. (WBOC/AP)- Directors of Delaware Electric Cooperative have voted to return nearly $7.7 million in capital credits to the co-op's member-owners.



The capital credits, which represent profits or margins, are to be distributed in December to customers of the not-for-profit utility.



Officials say the billing credits or checks will be given to customers in 1987, 1988, 1990, 1991, 2005, 2006 or 2007. If a member has eligible capital credits of $100 or higher, they will receive a check. If their allocated capital credits amount is less than $100, a member will receive a credit on their bill.

Members who had an active account in 1987, 1988, 1990, 1991, 2005, 2006 or 2007, but are no longer served by DEC, will also receive a check for their portion of the retired capital credits.

“We return the money to members during the Christmas season because that’s when members need it the most," said Bill Andrew, president and CEO of DEC. "The return of capital credits is one of the many ways electric cooperatives are different from the for-profit utilities. We make decisions based on what’s best for our members and return any profits to those we serve.”

Over the past six years the cooperative has returned nearly $35 million to members.

Newer members, who were not served by DEC between 1987 and 2007, will also eventually receive capital credits, but the co-op said it may take a few years. Capital credits are considered to be a return on the members’ investment in the system. Each month members pay their electric bill, they are helping to pay for improvements to the system that keep the lights on. The immediate payback is in the form of increased reliability and low rates.

After about 10 years, members begin seeing an even greater return on their investment in the form of either a yearly billing credit or a check from the co-op. Members don’t receive a refund the first few years because it wouldn’t be fair to the older members who have paid for the current electrical system, according to the co-op.

Anyone with questions about their capital credit refund should call the Cooperative at 855-332-9090.