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home : local news : local news
January 27, 2020

12/6/2019 2:18:00 PM
Lake Country Power members benefit from retirement of capital credits

Lake Country Power members will see a credit printed on their December billing statement this month after Lake Country Power's board of directors authorized a retirement of $4.4 million in member equity. Capital credits are a core benefit of co-op membership.

"Unlike for-profit companies, co-ops don't operate to build shareholder wealth," said Greg Randa, LCP general manager. "Our goal is to provide member-owners with electricity at a price that is as close to cost as possible. Over time and when financial conditions allow, co-op margins are returned to members in the form of capital credits."

In a co-op capital credits build over time. The credits represent member ownership in a co-op. The equity from members is used to help fund system improvements and reduce the co-op's financing needs and debt burden.

Between Lake Country Power and its three predecessor cooperatives, more than $51 million in capital credits has been returned to members through the years. For more information about capital credits, or to review a current list of capital credits that remain unclaimed by former members, visit lakecountrypower.coop.

Active members will see a credit on their December 2019 billing statement. Inactive members (those who've moved off the co-op system) will be mailed a check to their last known mailing address if the amount is $10 or greater.

Lake Country Power, www.lakecountrypower.coop, is a Touchstone Energy® cooperative serving parts of eight counties in northeastern Minnesota. The rural electric cooperative provides services to nearly 43,000 members and has offices located in Cohasset, Kettle River and Mountain Iron.





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