The not-for-profit electric utility must pay back excess profits to its members.
The latest round of payouts stems from how much energy members used in 1997 or 1998. Only those who were residential or commercial members at that time are eligible to receive the refund.
“This process is what sets us apart from other utilities,” said DEC president and CEO Bill Andrew. “We’re not in business to make a profit for shareholders…If there is leftover money, we give it back to our members.”
Of the cooperative’s 90,000 current members, about 56,000 will receive a refund. Because it’s based on energy used nearly three decades ago, the amount of that refund varies widely, but many will get more than $100 back.
“If there is leftover money, we give it back to our members. We return the money around the holidays because that’s when many people need it the most,” Andrew said.
Over the past five years, DEC has returned more than $20 million to its members.