The sign in front of the Homer Electric Association building in Kenai, Alaska as seen on April 1, 2020. (Photo by Brian Mazurek/Peninsula Clarion)

The sign in front of the Homer Electric Association building in Kenai, Alaska as seen on April 1, 2020. (Photo by Brian Mazurek/Peninsula Clarion)

Homer Electric to issue over $2M in capital credits

Around 16,000 people who were HEA members in 1989 and 1990 will receive a credit on their May energy bill statement.

The Homer Electric Association will be issuing capital credits amounting to more than $2.1 million, according to a press release from the company.

Around 16,000 people who were HEA members in 1989 and 1990 will receive a credit on their May energy bill statement if they still have an account. Those who no longer use HEA as their electricity provider will receive a check by mail to the address on file with the company.

The credit amount is based on the quantity of electricity paid for in those two years, and represents members’ share of equity in the company, according to the press release. Every year the HEA allocates fund margins — the difference between the company’s expenses and revenues — to members, in proportion to what they spent on electricity.

The average capital credit amount is set to be around $130. From 1960 through 2020, HEA has returned more than $35 million in capital credit to current and former members.

It is important that former members eligible for their credits have an updated mailing address on file, the release said.

Reach reporter Camille Botello at camille.botello@peninsulaclarion.com.

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