Randy Price
President and CEO
I’m writing to you today not from behind a desk, but from the same place you are — as a Paulding Putnam member, rooted in this community, paying the same bills, and counting on the co-op to keep the lights on for our families, farms, and businesses. Like you, I pay my electric bill every month and feel the weight of rising costs. So when our board of trustees made the difficult decision not to retire capital credits this year, I want you to hear it straight from me:
This wasn’t taken lightly, and it wasn’t about withholding what’s yours. It was about protecting what we’ve all built together for the long haul.
Let me be clear: Your capital credits are still being allocated. Every April, we update the amount of patronage you’ve earned — money that belongs to you and stays in your account. What we’re pausing is the retirement of older credits (distributing them as bill credits). The board has this authority under our Code of Regulations, Article VIII, Section 2, which gives trustees the responsibility to decide when retirements happen to preserve the co-op’s financial health. That’s not bureaucracy — it’s accountability.
Here’s why this matters now: From 2020 to 2024, we sold 21.6% more electricity, but the cost to deliver it rose 30.2% — an 8.6% decrease in margins on the electric side alone.
Insurance, property taxes, cybersecurity, software, equipment — every line item is climbing faster than revenue. (The graphic below shows a few examples.) Continuing this trend will lead to a net loss in the coming years.
I want to be clear that this has absolutely nothing to do with the fiber internet project. The cost to provide your electric service is simply outpacing the revenues collected.
We didn’t start retiring capital credits until 1997, and the world has changed. If we paid out now, we’d be borrowing against your future reliability.
But let me also say this: We haven’t forgotten who needs it most. Estates will still be retired this year. If a loved one has passed away, we’ll ensure their capital credits are returned to the family. That’s the co-op way.
I know some of you are hurting. If your bill feels heavier than it should, please call us. We have:
- Free home and business energy audits with our advisor to find leaks, inefficiencies, and savings.
- Rebates on ENERGY STAR appliances, heat pumps, and more.
- Budget billing to smooth out peaks and valleys.
- Payment arrangements and aid for those in crisis.
You’re not a customer — you’re an owner. And as your CEO, my job isn’t just to keep the grid running today, but to make sure your grandkids inherit a co-op that’s still strong, still local, and still yours.
If you have questions, please don’t hesitate to call Paulding Putnam at 800-686-2357, email us at member_services@ppec.coop or stop by our office to talk to us in person.