Cohasset, Minn. – Lake Country Power members will see a credit printed on their December billing statement this month after Lake Country Power’s board of directors authorized a retirement of $3.9 million in member equity. Capital credits are a core benefit of co-op membership.

“Unlike for-profit companies, co-ops don’t operate to build shareholder wealth,” said Greg Randa, LCP general manager. “Our goal is to provide member-owners with electricity at a price that is as close to cost as possible. Over time and when financial conditions allow, co-op margins are returned to members in the form of capital credits.” 

In a co-op, capital credits build over time. The credits represent member ownership in a co-op. The equity from members is used to help fund system improvements and reduce the co-op’s financing needs and debt burden.

Between Lake Country Power and its three predecessor cooperatives, more than $60.9 million in capital credits has been returned to members through the years. For more information about capital credits, or to review a current list of capital credits that remain unclaimed by former members, visit www.lakecountrypower.coop.     

Active members will see a credit on their December 2020 billing statement. Inactive members (those who have moved off the co-op system) will be mailed a check to their last known mailing address if the amount is $10 or greater. Detailed information about the 2020 capital credit retirement will be available in LCP’s December member newsletter, Newsline.   

Lake Country Power, www.lakecountrypower.coop, is a Touchstone Energy® cooperative serving parts of eight counties in northeastern Minnesota. The rural electric cooperative provides services to nearly 43,000 members and has offices located in Cohasset, Kettle River and Mountain Iron. 

For More Information, Contact:
Tami Zaun, Public Relations Coordinator
(218) 326-7152 or tzaun@lcp.coop