Customers who buy energy from Co-Operative Energy are to receive a 1.5 per cent dividend on their energy bills, following a vote at the company’s annual general meeting on Saturday and will receive a payout of arpund 1.5 per cent on their energy bills.
The company’s 25,000 customers are shareholders of the energy supplier and receive two dividends each year.
The profit share was decided by members at the AGM of the Mid Counties Co-operative, the co-operative behind Co-operative Energy. The overall profit distribution for Midcounties members for the year ending January 2012 was £3.3 million. The Co-operative Energy share of that total was £105,000, based on the energy supplier’s turnover of £7.2 million in the year.
The share of profits returned to members is divided up based on how many points they’ve accumulated as customers in the previous accounting period. Points are awarded according to how much money customers have spent, how often they send in meter readings and for introducing new customers to Co-operative Energy through the refer-a-friend scheme.
Customers will be individually notified of how much they will receive over the next few weeks.