Paulding, OH-(12-12-17) Paulding Putnam Electric Members will see a lower electric bill around the holidays. That’s because Paulding Putnam Electric Cooperative’s Board of Trustees recently approved to return $1.4 million to the Cooperative’s members. Members will be seeing a credit on their December bill. The money is being returned to members in the form of capital credits, also known as profits or margins.
PPEC is a not for profit co-op, and one of the 7 cooperative principles is Members’ Economic Participation, which means members contribute equitably to the capital of the co-op. “Simply put, this means that PPEC members contribute a portion of the capital necessary to grow the co-op. Eventually, as the co-op is financially able to do so, the board approves the capital be returned, or “retired” back to those members who contributed it originally,” stated PPEC President and CEO George Carter.
Including this year’s capital credit return, Paulding Putnam Electric has returned over $21 million to its members. According to Carter, this process is what sets them apart from other utilities. “We’re not in business to make a profit for shareholders. If there is left over money, we give it back to members. We return the money to members around the holidays because that’s when many people need it the most.”
Paulding Putnam Electric is a member-owned electric utility serving over 12,900 member-owners in Paulding, Putnam, Defiance, Van Wert and Allen counties in Ohio, and Adams and Allen counties in Indiana. For more information visit us on the web at www.PPEC.coop or follow us on Twitter or Facebook.
Anyone with questions about their capital credit refund should call PPEC at 1-800-686-2357.