Chugach Electric mailing capital credits checks
Thousands of past and long-term Chugach Electric members from the year 1985 will receive a share of a $2.8 million retail capital credits retirement approved by the board. During December, Chugach is mailing checks or giving credit on accounts to nearly 30,000 members of record from 1985. The retirement of capital credits is based on the amount of energy each customer purchased in 1985 and the margins Chugach achieved in the same year.
Active members who are due less than $600 from the retirement will receive a credit on their accounts. Checks will be sent to inactive members, members who are due $600 or more, members who have more than one sub-account and members who are on Chugach's LevelPay program. The checks will range from a few dollars to more than $110,000.
Capital credits are one of the benefits of being a member of a cooperative like Chugach. Each member receives a share of the margins (or "profits") earned by the utility in a given year in proportion to the amount they paid for electric service. A member's individual share of the margins is accounted for (or allocated) annually, noticed to the member, recorded and eventually returned as a check or credit when the board of directors authorizes a retirement. Until the capital credits are retired, Chugach uses those margins to partially offset the cost of new construction and other expenses.
Members leaving the Chugach system should leave a forwarding address and keep Chugach updated on future moves until all of their allocated capital credits have been retired.
Current members may check the status of their capital credits accounts online at www.chugachelectric.com. Past and present members may also receive information about their capital credits accounts by calling customer service at 563-7366.
Chugach is the largest electric utility in Alaska, providing power for Alaskans throughout the Railbelt through retail, wholesale and economy energy sales.