Member-owners who lived on Dakota Electric lines from 2002-2006 to receive checks
(FARMINGTON, MN) December 31, 2024 – This year, the Dakota Electric board of directors approved the retirement of $5.5 million in capital credits to be paid back to members. Member-owners who lived on Dakota Electric’s lines from 2002 to 2006 will be mailed a check in mid-December reflecting their share of ownership in the cooperative.
“Dakota Electric is proud to return these capital credits to our valued member-owners,” said Ryan Hentges, President and CEO of Dakota Electric. “As a member-owned, not-for-profit electric distribution cooperative, we prioritize the financial well-being of our members and strive to provide safe, reliable and affordable electricity. Returning capital credits is one way we fulfill our commitment to our members.”
If you were a former member and did not receive a capital credits check, review the unclaimed capital credits list and submit an unclaimed capital credits payment request. We request that former members keep us up to date with their current address. We must follow state laws for unclaimed property if we attempt to send you a capital credit check, and the post office returns it due to an outdated address. We continue to carry unclaimed capital credit amounts on our books for up to seven years. If, after the required time, we still have not located you, the law requires us to either turn the money over to the state or donate it to a charitable organization. Our current policy, as set by the board of directors, is to donate all unclaimed capital credits money to local community colleges and schools for student scholarships and educational purposes.
Capital credits in a cooperative like Dakota Electric represent members’ ownership and are derived from annual profits. These credits are allocated based on electricity usage and reinvested to reduce borrowing, keeping rates low.
The cooperative has set a goal to retire these credits on a 15-year rotation by 2025, as the board of directors approved. Please keep us informed of your current address by calling 651-463-6212. Questions? Email [email protected] and include your check number. To learn more about capital credits, visit www.dakotaelectric.com/aboutus/capital-credits.
About Dakota Electric Association:
Dakota Electric Association is a member-owned, not-for-profit electric cooperative serving over 115,000 members in and around Dakota County. Established in 1937, Dakota Electric is committed to providing its members with reliable, affordable, and sustainable electricity while actively engaging with the community and promoting energy efficiency. For more information, visit www.dakotaelectric.com or follow Dakota Electric on X, Instagram, Facebook or LinkedIn.
