WE’RE GIVING MONEY BACK!
When you moved into LREC’s service area, you became a member of our electric cooperative. Our cooperative (or co-op) is owned by our customers/members, much like a credit union.
As a not-for-profit business, we exist to provide you with reliable electricity – not to make a profit. When we have a good electric year and earn profits or margins, we can give cash back (bill credit) to our past and present members. It’s one of the things that makes an electric co-op unique, and it’s one of the many benefits of being a co-op member.
Your board of trustees (who are elected by our members) can vote to return excess revenue, based on the financial health of the co-op. The money you receive – known as a capital credit refund – is your individual portion of the cooperative’s profits.
LREC is in a strong financial position this year. Our leadership has planned for and secured future power needs and increased efficiency in our electric grid, all while maintaining high reliability and some of the lowest rates in the state of Oklahoma.
With this in mind, our board of trustees will return $1.2 million (This December) to you and other past and present members who received electric service from LREC during the years of 1987 (100%) and 2017 (20%). The amount you receive is based on how much you paid for electricity during the years listed.
The average capital credit refund for a member on our lines during the year 1987 is around $45.29 and for 2017 is $14.75. If you have questions about capital credits or would like to learn more please call your co-op at 918-772-2526.