For the 35th consecutive year, the Lorain-Medina Rural Electric Cooperative Board of Trustees is refunding more than $1.4 million in patronage capital credits to more than 19,100 current and former members. Most members will see the “Capital Credits Refund” as a credit on their monthly electric bill. If your refund exceeds $100, a check will be mailed later this month.
It has been the board’s practice to retire — or pay back — a percentage of patronage capital credits each year in December as long as the cooperative is financially able to do so. Member economic participation is a core principle of electric cooperatives, and members benefit through the refunding of capital credits. Since 1983, LMRE has refunded more than $25.8 million.
As a member of the cooperative, you receive electric service at cost, and any margin the cooperative makes is allocated back to you as patronage capital credits. We invest those funds in the distribution system to ensure reliable and affordable electric power. Our member satisfaction surveys have shown members have noticed our maintenance efforts and impressive outage statistics.
We are refunding $1,450,184 in capital credits this year, which is up about 17 percent from the 2017 refund of $1.2 million. Your board is asking you to please consider re-investing part of your capital credits refund into your cooperative by joining our political action committee — ACRE Co-op Owners for Political Action. Our local group has grown to 390 LMRE members, which includes all nine board members. In Ohio, we have about 6,100 members, the largest state electric cooperative political action group in the country.
We continue to need your support as the political environment is changing again in Washington D.C. with the January 2019 leadership turnover in the U.S. House of Representatives. We expect to once again see increased attacks on fossil-fuel generation. On behalf of our members, we are always cognizant of the cost of electricity. Cooperatives are committed to responsible, practical and flexible regulations that help to lower power plant emissions.
That’s why we invested $1.2 billion in pollution controls at our coal-fired power plants. Today’s power production is cleaner than ever with a 95 percent reduction in sulfur dioxide and nitrous oxide emissions, We don’t need a heavy-handed regulatory system costing hundreds of millions dollars to reduce emissions just a few percents. Political leaders come and go, but our vigilance protecting our members from unnecessary and costly laws and regulations will continue.
ACRE helps build strong relationships with state and federal legislators. It is critical we maintain the strength of our political voice, and let legislators and regulators know how their proposals would impact you. Electric cooperatives are working with political leaders on providing high-speed Internet service to under-served rural areas, maintaining rights of way, and continued support for rural economic development programs. Please consider using part of your capital credits refund to join Co-op Owners for Political Action. It’s our best tool to get the attention of state and federal decision makers.
Regular membership is just $25 a year. With your approval, we can place a monthly charge of $2.08 on your bill each month. Please review the fact sheet on the back and return the completed form below with your next electric bill. This is the most efficient payment method. Co-op Owners need not to sign up again. If you previously made a one-time payment for your membership, please consider renewing.
