UEC to return $5.1 million to customers
Published 12:00 pm Thursday, December 10, 2020
HERMISTON — Umatilla Electric Cooperative will be returning $5.1 million in profits to its members in December as part of the cooperative’s Capital Credits program.
About 8,700 current and former UEC customers, who purchased electricity from UEC in 2006 and 2007, will receive a refund, according to a news release by UEC.
Checks are scheduled to be mailed in the second week of December, and the amount is based on the customer’s electricity usage during those years. Amounts under $10 will not be mailed out, but will be saved and added on to future refunds until the total reaches at least $10.
UEC is a not-for-profit cooperative owned by all of its members, designed to operate at cost. When UEC makes profits above what it needs to continue running, it returns money to its members through the Capital Credits program. According to UEC, since it began issuing refunds in 1960 the cooperative has returned $85 million to members.
Robert Echenrode, UEC general manager and CEO, said in a statement that the cooperative’s strong financial position and ongoing efforts to control costs and maximize efficiencies make such distributions possible.
“The Board is pleased to help make a positive impact in the community around the holidays, when it may be needed the most,” he said. “We know this has been a difficult year for many people.”
For questions about the Capital Credits program, call UEC at 541-567-6414.