Chugach Electric retires nearly $4.3 million in retail capital credits
Thousands of past and long-term Chugach Electric Association members are receiving a share of a nearly $4.3 million retail capital credits retirement. The Chugach board approved the retirement at its Nov. 1 meeting. Capital credits are a unique benefit of belonging to a member-owned cooperative like Chugach. The payments return to members their share of the margins earned from the power they purchased in an earlier year. Over the past 21 years, Chugach has returned more than $52 million in capital credits to its members, including the estate payments and discounted capital credits payments.
Chugach is currently mailing checks or giving credit on accounts to more than 34,000 former and current members of record for the remainder of capital credits earned in 1987 and a portion of credits earned in 1988. Each member's share of the capital credits is based on the amount of energy purchased and the margins - known as profits by other businesses - Chugach achieved in those years.
The average member will receive about $94. This year the largest check being issued is nearly $197,000. Active members usually have their accounts credited for their retirement amount, although active members who have multiple accounts, are on level pay or are due an amount larger than $600 will receive a check. While credits for less than $5 will be applied to active accounts, checks will not be issued for an inactive member owed less than $5 until their cumulative amount is $5 or more. Members leaving the Chugach system should provide 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.