Capital credits are your share of the cooperative's margins.
A members' allocation is their portion of the previous year's profit based on the amount of electricity they purchase from MiEnergy in relation to the total amount of electricity purchased by all members during the year.
The money is held and used in place of a loan to purchase capital needs like power line equipment.
MiEnergy returns a portion of previously accrued capital credits to active members as a credit to members' primary electric account on the bill received in October.
Former members receive a check by mail in October for amounts over $15. If the refund is less than $15 the amount will remain on the account and be carried over to the next year’s retirement. If you move please call MiEnergy to ensure your mailing address is up-to-date so future capital credits reach you.
Retired capital credits will reduce the electric bill received in October. Allocated/unretired capital credits are not available to the member until the year the board retires them.
MiEnergy's board of directors determines the amount to retire each year. The capital credits are returned annually in October.
No. Capital credits are paid out once a year. Former members must keep their address current with MiEnergy to receive future disbursements.
The capital credits will transfer to the estate of the deceased. The estate can then assign the credits to continue to receive annual disbursements or take a lump sum at a discounted rate.
Credits that remain unclaimed by a member for three years are used to fund scholarships for area high school students.