PAULDING — This holiday season Paulding Putnam Electric members will see a lower electric bill now that a return of $1.4 million was approved by the Paulding Putnam Electric Cooperative Board of Trustees.
Members will see a credit on their December bill and the money will returned in the form of capital credits, also known as profits or margins.
Paulding Putnam Electric is a member-owned electric utility serving over 12,900 member-owners in Paulding, Putnam, Defiance, Van Wert and Allen counties in Ohio, and Adams and Allen counties in Indiana.
The PPEC is a not for profit co-op, and one of the seven cooperative principles is Members’ Economic Participation, which means members contribute equitably to the capital of the co-op. In addition to this year’s return, the cooperative has returned over $21 million to its members.
“Simply put, this means that PPEC members contribute a portion of the capital necessary to grow the co-op. Eventually, as the co-op is financially able to do so, the board approves the capital be returned, or “retired” back to those members who contributed it originally,” stated PPEC President and CEO George Carter in a news release.
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews.