Whetstone Valley Electric is a cooperative, owned by its members. We do not technically earn profits. Each year, the revenue collected from each member less the cost to serve electricity is allocated as capital credits. This is your investment in the Cooperative and will eventually be returned to you. Currently our board returns these investments using a "first in first out" basis around a 15 year cycle.
The amount of capital credits you earn in a given year is based upon the amount of capital you contribute to the cooperative through payment of your monthly bills. The sum of your monthly bills for a year is multiplied by a variable percentage to determine your capital credits.
No. Allocated capital credits may not be used to pay current bills. Your electric bill is due now, whereas your capital credits will be paid to you in later years.
The capital credits of a deceased member may be paid without waiting for a general retirement. Although these estate payments are not automatic, a representative of the estate can request the credits by submitting certified forms. The request will be considered by the Whetstone Valley Electric Board of Directors. If early retirement of the capital credits is approved, a check will be issued to the estate for 100% of our Cooperative portion of capital credits and 15% each of the Basin Power and East River portion of capital credits of the remaining balance and the account closed.
Your capital credits remain on the books until they are retired. Currently, our Board returns these investments on a 15 year cycle.
If you leave the Whetstone Valley Electric Service Area, always make sure we have your current mailing address.
Whetstone Valley Electric Cooperative, Inc. // Copyright Â© // All Rights Reserved
P.O. Box 512 // Milbank, SD 57252 USA // 605.432.5331