Mountain Parks Electric sends out over $2 million in 2022 refunds
Editor’s note: This story has been updated with the correct name of Mountain Parks Electric.
Mountain Parks Electric announced Dec. 5 it would return $2.2 million to its members, and general manager Mark Johnston said the refunds have been sent out. The amount of members’ returns is based on how much electricity they purchased, Johnston said.
The co-op does not return money the same year members earn it, though. A Dec. 5 news release explains that is because of loans Mountain Parks continues to pay off that were used to cover its start-up costs. Johnston says the refunds work on about a 20-year cycle, so the $2.2 million in refunds in 2022 were from the early 2000s.
“What is allocated in 2023 will actually be returned to the members probably in 2043,” Johnston said.
The allocation Johnston mentions is the amount of capital credits the co-ops board decides to retire, that number being $2.2 million for 2022.
People receiving $50 or less in refunds will receive a credit on their bill, while those receiving over $50 were sent a check, which were mailed out by Dec. 10 last year, Johnston said. For anyone with credits who is no longer a Mountain Parks customer, the co-op sends a check to their last known address.
“In some cases, the checks are returned to us as undeliverable,” Johnston said. “We make a list of everybody that should have gotten a check and it was returned to us, and members can look on our website to see if there are capital credits that are owed to them.”
Mountain Parks holds the credits for three years before putting the money towards its education fund, which supports schools and community development in Grand County. Johnston said the fund is primarily funded by unclaimed capital credits.
“We gave (West Grand School district) basically $137,000 to buy an electric school bus,” Johnston said. “That came from the education fund. When we fund driver training for students, that comes from the education fund. When, last year, we gave out almost $80,000 in scholarships, that came from the Education Fund.”
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