Oakdale Electric Cooperative (OEC) returned $1,200,000 to members in May as a result of an early capital credit retirement authorized by the cooperative's board of directors. Capital credits are normally retired in October. However, due to the financial hardship many members are facing due to the COVID-19 pandemic, the board of directors unanimously agreed members could use the financial assistance now.
"It is our cooperative duty to take care of our members. We hope this early capital credit retirement will provide members with an additional means of financial support during this unprecedented time," stated Rick Barrett, Oakdale Electric Cooperative chairman.
Eligible members received their capital credits from one of the options below:
Bill Credit: Members with a balance forward greater than their capital credits return received a credit on their May electric bill.
Bill Credit + Check: Members with a balance forward less than their capital credits return received a credit on their May electric bill and will receive a mailed check with their remaining capital credit return balance.
Check: Members without a balance forward will receive a mailed check for their capital credits return.
As a member of Oakdale Electric Cooperative, you are also an owner. When you make a payment to Oakdale Electric Cooperative, a portion of that payment goes directly toward your investment in our electrical system. Unlike investor-owned utilities that generate profits on behalf of shareholders, not-for-profit electric cooperative return any profits, or margins, to their members in the form of capital credits.