Paulding, OH- Paulding Putnam Electric (PPEC) members will see a lower electric bill around the holidays. That’s because PPEC’s Board of Trustees recently approved to return $1.9 million to the cooperative’s current and former members. Eligible members will see a credit on their December electric bill. The money is being returned to members in the form of capital credits, also known as profits or margins.
PPEC is a not-for-profit, community-focused organization. One of PPEC’s 7 Cooperative Principles is “Members’ Economic Participation,” which means members contribute equitably to the capital of the co-op in which they are part-owners. The unique part of the co-op model means members also receive a financial return on their capital.
“Simply put, this means that PPEC members contribute a portion of the capital necessary to grow the co-op and upgrade electric reliability,” stated PPEC President and CEO George Carter. “Eventually, as the co-op is financially able to do so, the board approves the capital be returned, or “retired” back to those members who contributed it originally.”
Including this year’s capital credits return, PPEC has returned almost $23 million to its members. According to Carter, this process is what sets PPEC apart from other utilities.
“We’re not in business to make a profit for shareholders,” Carter said. “If there is leftover money, we give it back to members. We return the money to members around the holidays because that’s when many people need it the most.”
Anyone with questions about their capital credits refund should call PPEC at 1-800-686-2357.
Paulding Putnam Electric Cooperative is a member-owned electric utility serving over 12,900 member-owners in Paulding, Putnam, Defiance, Van Wert and Allen counties in Ohio, and Adams and Allen counties in Indiana. For more information visit us on the web at www.PPEC.coop or follow us on Twitter or Facebook.