Midland Power Cooperative’s board of directors approved the retirement of $900,000 in patronage dividends (also known as capital credits) during their September board meeting.
Patronage retirement payments will go to member-consumers that purchased electricity from Midland Power Cooperative (or Humboldt County REC) during 2000 and/or 2014. These members who are due $5 or more (and those no longer living on Midland Power lines) should receive a check in the mail shortly after Thanksgiving. Members due less than $5 in patronage retirement will receive the payment as a credit on the electric bill they receive in December.
Patronage dividends from Midland Power Cooperative are similar to the dividends investor-owned corporations pay to their shareholders. The difference is that the members who receive electricity from Midland Power are the co-op’s shareholders.
Annual payouts of patronage dividends are important to the directors at Midland Power. Over the last eight years the cooperative has distributed more than $5.2 million in patronage dividends to members.
Anyone with questions regarding Midland Power’s patronage program is encouraged to call 800-833-8876 or learn more at www.midlandpower.coop.
Midland Power Cooperative is a member-owned electric cooperative that provides electricity to homes and businesses in portions of the following counties in Iowa: Boone, Calhoun, Dallas, Franklin, Greene, Grundy, Guthrie, Hamilton, Hardin, Humboldt, Kossuth, Marshall, Pocahontas, Polk, Story, Webster, and Wright. Midland Power serves these areas from its headquarters in Jefferson and additional locations in Humboldt, Boone and Iowa Falls.
