Fargo, North Dakota – Customers of a local utility are receiving refunds and credits.
“As a member-owned cooperative, at the end of the year we look at our excess revenue which we call margins, and because we are a cooperative we have member-owners. Over the years extra revenue called margins is allocated to our membership,” said Cass County Electric Cooperative President and CEO Marshal Albright.
Customers will get $4.5 million in capital credit retirements from the nonprofit utility, according to Albright.
Customers who used the internet in 2001 and 2002 and are still using the service will therefore start getting credits on their bills in March. Customers from those years who are currently inactive will receive checks in the mail, according to Albright.
The utility works at cost, therefore any surplus earnings or profit margins are distributed to member-owners as capital credits.
