MEC returns $802,440 in capital credits to members

BULLHEAD CITY, AZ.  Mohave Electric Cooperative’s board of directors has authorized a capital credits return of $802,440.55 to members in 2022. MEC members who had electric service in 2000 or 2021 will receive their share as a check if their share is $10.00 or more. If the share is less than $10.00, active service accounts will receive a bill credit on their August or early September bill cycle. The checks were mailed out during the second week of August.

“One of the benefits of being a member of Mohave Electric Cooperative is that members share in any margins earned,” said Ardie Lauxman, chief financial officer of MEC. “If MEC has a positive margin and meets our lenders’ requirements, the board of directors may vote, once a year, to retire, or pay out a portion of available capital credits to members.”

MEC CEO Tyler Carlson said, “This is the 76th year that MEC has been serving our community, and our decision to retire capital credits again this year aligns with the Cooperative objectives we’ve upheld since 1946.”

Since 2015, MEC has returned $10.9 million in capital credits to members. Lauxman explains, “MEC operates as a not-for-profit corporation. Revenues from the sale of electricity are used to purchase wholesale power, pay operating expenses, make payment on outstanding loans, and provide a financial reserve as a condition of lenders. Any remaining funds are called positive margins and are allocated to members as capital credits. Additional information on capital credits is available at MEC’s website mohaveelectric.com, click on member services, and capital credits.”

Founded in 1946, Mohave Electric Cooperative is a not-for-profit utility providing reliable, cost-effective power to 36,700 members, 43,500 meters, with more than 1,555 miles of line spanning areas from Bullhead City to Topock on the west, Hualapai to Burro Creek to the south, and Nelson to the east. MEC is an equal opportunity provider and employer.