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Beltrami Electric to pay out more than $1.7 million in capital credit

This year the board of directors for Beltrami Electric approved retiring and paying more than $1.45 million in capital credits to current and former members in 2022. In addition, the cooperative paid out more than $260,000 in estate retirements, which brings the total capital credits paid in 2022 to more than $1.7 million.

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BEMIDJI — Beltrami Electric Cooperative members will see a capital "credit" on their electric bills soon, just in time for the holiday season.

This year the board of directors for Beltrami Electric approved retiring and paying more than $1.45 million in capital credits to current and former members in 2022. In addition, the cooperative paid out more than $260,000 in estate retirements, which brings the total capital credits paid in 2022 to more than $1.7 million, a release said.

Qualifying accounts include members of the cooperative prior to 2022 with an active billing account. The capital credit refund will appear as a credit on upcoming electric bills. Checks to former members are scheduled to be mailed in mid-December.

"Receiving capital credits is just one of the benefits of membership in Beltrami Electric Cooperative. As a not-for-profit cooperative, margins are allocated to members based on their patronage,” president and CEO Jared Echternach said in the release. “Our goal is to provide member-owners with electricity at a price that is as close to cost as possible. Over time those margins are returned to members in the form of capital credits.”

Each year since 1984, Beltrami Electric's board of directors has authorized a retirement of capital credits to the membership. To date, more than $29 million has been returned to members in the history of the cooperative.

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Anyone with questions about their capital credit refund may call the cooperative at (218) 444-2540 or (800) 955-6083.

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