There’s an old saying that you shouldn’t judge a ship by how it performs in calm water. I think there’s truth to that.

The last few years have been anything but calm in the electric industry. The cost of nearly everything we use to serve you has gone up. We’re investing more in our electric system, preparing for significant growth, and navigating a power supply landscape that is increasingly expensive and complex.

And yet, your cooperative remains financially strong.

One small but meaningful example of that strength will show up on your December electric bill.

This year, Cherryland will return nearly $600,000 in capital credits to our members.

Capital credits are one of the things that make cooperatives different. We don’t have outside investors expecting us to generate profits on their behalf. When our revenues exceed the cost of serving our members, those margins are allocated back to you, our member-owners. When the financial health of the cooperative allows, we return a portion of that money to you.

That last part matters.

Returning capital credits is always a balancing act. We have a responsibility to return money to our members, but we also have a responsibility to maintain a financially healthy cooperative and invest in the poles, wires, substations, technology and people we rely on to keep your lights on.

Doing both takes a long-term view.

Over the last 20 years, Cherryland has returned over $39 million in capital credits to our members. At the same time, we’ve continued making significant investments in our electric system, maintained some of the best reliability in Michigan, and kept our electric rates competitive.

I’m proud of that track record. But I’m especially proud of it right now.

Strong organizations aren’t built by reacting to whatever happens in a single year. They’re built by making careful decisions year after year—saving when you need to save, investing when you need to invest, and always remembering whose money you’re managing.

At Cherryland, that money belongs to you.

So, when you see your capital credit on your December bill, I hope you see more than a few extra dollars during an expensive time of year. I hope you see a small reflection of something much bigger: a cooperative built to weather rough water, invest for the future, and keep delivering value to its members for the long haul.