By Indiana Reed
Special to The SUN
Archuleta and La Plata county businesses and residents who have paid their electric bills to La Plata Electric Association (LPEA) since at least 2014 will receive capital credits refunds totaling $3.85 million during the November billing cycle.
The LPEA Board of Directors, at the regular monthly board meeting Oct. 21, approved the refund, with the majority of the capital credits (also known as patronage capital) to be credited to electricity bills, though any refund amounts larger than $100 will be mailed as checks beginning Nov. 10.
“Capital credits represent our members’ investment in La Plata Electric Association,” said Mike Dreyspring, LPEA CEO, noting that LPEA is a not-for-profit corporation with a 501(c)(12) tax designation. “As part of that tax designation, which establishes us as a cooperative, we are required to allocate margins in the form of capital credits to our members as annually determined by our board of directors. Refunding capital credits to our members is one of the many things that make electric cooperatives unique.”
Since incorporation in 1939, LPEA has refunded nearly $44 million.
This year, LPEA has the additional benefit of passing on retired capital credits from Tri-State Generation and Transmission, as Tri-State is a cooperative, with LPEA one of its 44 members.