FAIRBANKS, Alaska - The Golden Valley Electric Association Board approved 9.3 million dollars in Capital Credit Refunds back to its members.
According to GVEA President and CEO, Cory Borgeson, residents would normally have to wait 25 years to get this refund - but due to good financial performance in 2017, the electric co-op is now able to refund 25 percent of those Capital Credits this year.
Checks will be sent in the mail to members whose refunds are greater than $100 dollars while those with less than $100 dollars will not receive a check but will still see a reduction on their bill for November.
Borgeson added that this is the second year where the Capital Credit Refund amount has been fairly significant.
“We've been steadily giving back capital credits every year but the amount has been a lot smaller, a couple million dollars here and there but this is the second year where the amount has been fairly significant and has included capital credits from just the previous year," he said.
The typical member of GVEA will receive a refund between 60 and 70 dollars on their November bill. If you have capital credits questions, you can call 907-451-5625 or email firstname.lastname@example.org.