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Show Garkane Refunds $400,000 To Members LOA Garkane Energy's Board of Directors has announced that a $400,000 Capital Credit Refund is being made to the cooperative's membership mem-bership in December. Current members will see their share of the refund as a credit on the power bill they receive in December, while former members mem-bers who are still eligible for capital credit refunds will receive their checks in the mail. The issuance of capital credit refunds is based on previous year's usage. Therefore, members mem-bers joining the cooperative during dur-ing the past year will not be issued a capital credit until next year and in future years. The refund is a result of the strong financial performance of the cooperative, and is augmented by a rebate from Garkane's power supplier, Deseret Power. Capital Credit refunds are part of what makes a cooperative coopera-tive unique. When Garkane's revenues exceed expenses, the excess revenue becomes a Capital Credit to the members of the cooperative, who are the customers cus-tomers who purchase the electricity. elec-tricity. When cash flows allow, the cooperative issues a refund. For the past six years, refunds have been even larger than usual (See REFUNDS on page 4A) Refunds From Front Page due to wholesale power rebates from Deseret Power. Garkane is one of six cooperatives, which own and direct the operations of Deseret. Deseret provides power to Garkane and others from its Bonanza Power Plant near Vernal, as well as administering adminis-tering members, contracts, with the Western Area Power Administration, the federal power marketing agency which delivers power to Garkane from Glen Canyon Dam. Deseret has enjoyed a successful year, so Garkane, as one of its cooperative coopera-tive owners reaps the benefits and passes them along to its members. Carl Albrecht, Garkane's CEO, stated that he hopes "...a smaller December electric bill will make our members, holiday preparations a bit easier." He went on to say, "Capital Credit Refunds should serve as a reminder of the benefits of being a cooperative member. Our members are receiving refunds at the same time customers of other power companies are seeing see-ing rate increases!" Albrecht went on to say that Garkane's Capital Credit refunds over the past ten years have totaled almost $4 Million. |
