Union Power is searching for more than 6,400 members, or former members, of the Cooperative with outstanding capital credits.
Capital credits are the members’ share of the Co-op’s margins, calculated as revenue minus expenses. Each member’s share is figured as a percentage of how much electricity they were billed for in a given year. The margins are then reinvested for capital expansion, system improvements and ongoing operations and maintenance activities. This reduces the amount of money being borrowed, which helps keep rates as low as possible. Once the Cooperative has met its financial requirements, and after a period of time, capital credits are retired (paid), representing the return of member-furnished capital.
In September 2018, the Co-op retired $3.5 million worth of capital credits to eligible members. A check was issued and mailed to the member’s address we have on file.
Each year, many checks are marked undeliverable and returned by the U.S. Postal Service. To determine if your check was returned as undeliverable, visit union-power.com/capitalcredits, click on the Unclaimed Capital Credits link. If your name is listed, contact customer service at 704-289-3145 or 1-800-922-6840 between the hours of 8:00 AM and 5:00 PM, Monday through Friday.
Many former members have moved away from our service area without leaving a forwarding address. Union Power would like to return all capital credits to their rightful owners. Many of these former members likely have family or friends living in the area who could notify them that Union Power owes them a refund. If you see the name of a family member or friend on the list, let them know to contact Union Power to update their mailing address and receive their capital credit.
It is the duty of Union Power Cooperative to return all capital credit checks that remain unclaimed by the rightful owners to the State of North Carolina (or the state of last known address, if different).