United Power is attempting to return unclaimed capital credit retirements to members who received electric service from the cooperative prior to 2020. If you were a member up to Dec. 31, 2019, you may be eligible to claim a previously issued but unclaimed capital credit refund. 

What Are Capital Credits?

Cooperative members periodically receive capital credit allocations based on their electric usage during a specified time period. The amount you receive is based on the amount of power you used and the margins earned for the time period being allocated. In subsequent years, at the Board of Director’s discretion, previously allocated capital credits may be retired and returned to members. 

Who May be Eligible?

Please look for your name on the list of unclaimed capital credit retirements.

• If you were a United Power member for any period of time through Dec. 31, 2019 AND you were issued a capital credit retirement check in 2020 or earlier that you did not cash;
• If you are the family member or estate representative of a deceased member who had an uncashed capital credit retirement check issued in 2020 or earlier;
• If you are a current member who:
  • Changed your name;
  • Added your name to an existing account;
  • Or did not cash a capital credit retirement check issued in 2020 or earlier.

How Can I Find Out If I Am Due a Refund?

A copy of the unclaimed retired capital credit list is posted in the lobby of United Power’s Brighton office. The list can also be viewed here.

The Brighton office is located at 500 Cooperative Way, off the I-76 service road. Lobby hours are:

Monday-Friday, 8:30 a.m. - 5 p.m.

My Name is On The List. How Do I Claim My Refund? 

If you find your name on the list of unclaimed capital credit retirements, download and complete the Unclaimed Retired Capital Credit Refund Request form. A copy of the form may also be requested by emailing United Power or calling the Member Services department at 303-637-1300. Submitting a form does not guarantee a disbursement will be made. Proper documentation and valid proof of membership during the applicable time period is required. No refund checks will be issued for unclaimed retirement amounts below $5. Once claimed, an individual may opt to donate their capital credit refunds to the United Power Round Up Foundation, which provides assistance to community organizations within the cooperative’s service territory. After the notification period closes on April 30, 2024, all unclaimed retired capital credits for the applicable time period will be considered an assignment and contribution of capital to United Power.  

Refund Request forms must be received by United Power by April 30, 2024.

Impact to be Spread Across All Rate Classes

United Power members will see a rate increase effective for usage beginning Jan. 1, 2024. United Power Board members and staff recently reviewed the cooperative’s costs and determined that rates need to be raised an average of 9.5% to help the cooperative maintain a healthy financial profile.

“These decisions are always difficult, and the Board carefully scrutinized spending in all areas across the cooperative before reaching the conclusion that rates need to be increased,” stated Mark A. Gabriel, President and CEO. “Your cooperative has worked hard to keep costs as low as possible for members during the last three years, especially when inflation began to impact the cost of nearly everything we need to maintain normal day-to-day operations. While we knew this effort was only a delay tactic, we really aimed to keep rates stable for members while costs for everything else in their households were rising.”

Average Household to See $10-$15 Increase Monthly

The average residential member will see increases in both the demand charge and in the energy charge, while the fixed charge will remain the same. The demand charge will increase from $1.50 to $2.50 per kW, while the energy charge will increase from 9.95 cents per kwh to 10.39 cents. 

The average household on the standard residential rate using about 850 kwh per month with a demand of 7 kW will see their bill rise from $114.08 to $124.82, an increase of $10.74. 

Residential time-of-use members will see a similar increase, with an increase in demand from $1.50 to $2.50 per kW. On-peak energy charges will rise from 15.4 cents to 16.07, and off-peak energy charges will increase from 5.25 cents per kwh to 5.5 cents. All other rates will see similar increases. See full menu of rate changes here. 

The cooperative’s rate model forecasts that most households will see a $10-$15 per month increase in their electric bill. However, the structure of United Power’s rates provides members the ability to keep costs lower by controlling demand. Reducing demand is as simple as not using electric appliances at the same time. Additionally, setting timers on dryers and dishwashers so they start after the family goes to sleep moves the demand of that appliance to a lower use period and actively reduces demand costs.

Learn more about demand and how you can reduce the impact of this portion of your bill.. 

Why are rates rising now?

It is important to understand that the cost of wholesale power makes up approximately 75% of a member’s bill. United Power’s current wholesale power supplier is planning a large rate increase in 2024, including a significant change in their rate structure. Once approved, the new rate structure will shift expenses from generation to transmission, which will have a considerable impact on United Power even after our exit. In other words, the cost to deliver power to our members will increase next year — regardless of who is generating and supplying that power. Fortunately, the cooperative will begin purchasing and managing its own wholesale power supply on May 1, 2024, giving us greater control over this portion of our power cost.  

United Power staff has kept a watchful eye on spending, particularly over the past three years, but our operation is challenged by rising costs just like most households and businesses. Unavoidable increases in property taxes and insurance premiums are impacting the cooperative. Add to this the rising cost of construction materials and critical components like transformers and wire, and it has been a challenge to balance our budgets. Even the costs for attracting and retaining talented employees continues to climb in both wages and benefits. 

How Can Your Cooperative Support You?

United Power has numerous resources to help our members manage their energy usage. Weatherization information to make your home envelope tighter, energy audits to provide tips on energy efficiency measures, rebates to support purchasing energy efficient appliances, and information on lifestyle changes that can help reduce costs are all ways we put the power to control costs in our members’ hands. 

If you need help managing your electric costs, please feel free to contact us for assistance. Members may reach United Power by phone at 303-637-1300, via email, or by chat at www.unitedpower.com during normal business hours.

United Power Announced Three New Power Purchase Agreements in July

United Power recently announced three new power purchase agreements in advance of its upcoming exit from its current wholesale power contract with Tri-State Generation and Transmission in May 2024. The cooperative has reviewed dozens of power supply proposals over the past several months to determine the most fiscally and socially responsible partners moving forward. Finding and securing established partners in the energy industry will not only ensure sufficient power supply is available for United Power’s growing load, but having multiple agreements also presents added flexibility for the cooperative’s power mix.

United Power tried to no avail to negotiate more contract flexibility and lower costs on behalf of its members. These costs are above market value, accounting for more than 70% of the cooperative’s operating expenses. Further, the existing contract locks United Power into a restrictive generation mix and prevents it from obtaining more than 5% of its total load from locally generated sources, such as utility-scale solar farms, gas-capture facilities, or even residential rooftop solar. The cooperative’s  power purchase agreements announced in July demonstrate the freedom available by exiting its current wholesale power contract next year. 

Two of the three agreements will facilitate a large portion of United Power’s expected load when the cooperative exits its current contract. The cooperative’s load is presently the largest among Colorado distribution co-ops — at more than 630 megawatts (MW) — despite serving the smallest geographic footprint. The third agreement is an innovative battery storage solution that will help mitigate costs when power demand is high — also known as peak demand. 

“The energy industry is entering a period of revolutionary change,” said Mark A. Gabriel, United Power’s President and Chief Executive Officer. “We have always put our members first and will continue to do so while advancing our position as an industry-leading distribution cooperative. Leaving our restrictive wholesale power contract affords us the flexibility and freedom to keeps rates competitive, join national power markets, and attract innovative energy partners.” 

As the exit date approaches, questions about the cooperative’s future have started to circulate. It is important that members know the upcoming power supply transition will not impact your membership with the cooperative. United Power will continue as your power provider. New power suppliers will allow the co-op to better serve its members, who can expect the same commitment to delivering reliable and economical electricity to local homes and businesses. Office locations in Brighton, Coal Creek, and Carbon Valley will also still provide the service and support members have come to expect.  

Guzman to Provide Key Power Block

United Power’s power purchase agreement with the Denver-based power supplier Guzman Energy locks in one-third of the cooperative’s power needs beginning in May 2024. The 15-year agreement features fixed wholesale power pricing that provides prearranged power supply costs and rate stability for members. 

Guzman partners with cooperatives, municipalities, companies, and tribes across North America to customize energy portfolios that make economic and environmental sense.

New Utility-Scale Solar Addition

United Power signed a 25-year power purchase agreement to receive power from Whetstone’s Solar of Alamosa project in Southern Colorado. It will add 30 MW of renewable energy to the co-op’s diverse portfolio of generation resources beginning in 2024. 

The solar farm sits atop one of the state’s highest elevation plateaus and receives some of the highest irradiance in the country. Built in 2012, project upgrades are scheduled throughout 2024 to achieve optimum power output. 

Ameresco’s Largest Battery Project

United Power and Ameresco will partner to connect nearly 80 MW/315 MWh of battery storage capacity throughout the cooperative’s service territory. The groundbreaking project will allow United Power to balance its load while integrating renewable resources. Batteries will be located on eight different cooperative-owned substation sites in Adams, Broomfield, and Weld counties, storing and dispatching power during heavy consumption periods.