Dear Members,
At its September meeting, the Hood River Electric Cooperative Board of Directors authorized the retirement of $859,955 in capital credits for electric division members and $91,913 in capital credits for internet division members. Your refund will be mailed to you as a check in late November, unless you have a past-due balance or have asked that your retirement be applied to your HREC account.
Here’s who can expect to receive a refund:
- The electric division retirement represents 100% of the 2009 patronage capital allocations. If you were an electric service member in 2009, you will receive a portion of this retirement.
- The internet division retirement is for 50% of the 2016 patronage capital allocations. If you were an internet service member in 2016, you will receive a portion of this retirement.
Following this retirement, HREC will have returned more than $14 million in capital credits to current and former electric division members, with about $8 million remaining to be returned in future years.
This was the first retirement of capital credits authorized by the board for internet division members. The internet division has about $1.3 million in capital credits to be retired in future years.
On a percentage basis, HREC’s return of capital credits is among the highest in the nation. In a 2019 ranking of 708 electric co-ops across the United States, HREC ranked No. 1 in Oregon and No. 6 of all co-ops nationwide. We’re glad to be able to return these funds to you while providing affordable, reliable service every day.
On behalf of all of us at HREC, thank you for the opportunity to serve you.
Libby Calnon
General Manager