Denton, Md. – Choptank Electric Cooperative held its 88th Annual Meeting on April 23 in Salisbury with over 350 guests in attendance. During the meeting, Choptank President and CEO Mike Malandro announced that the Board of Directors voted to retire $3 million to members in May.
“As your Board of Directors, it is our goal to operate efficiently enough to have positive margins to retire to our member-owners,” says John Burke, Chairman of Choptank Electric Cooperative’s Board. “We hope this $3 million return will offer a bit of relief after a challenging winter for most.”
The amount received during a capital credit retirement is based on the amount of electricity a member purchased during the retirement years; in this case 1997 and 2024. The average capital credit issued will be $67 per eligible member and will be applied as a credit on May electric bills.
During the Annual Meeting, members voted to pass updated bylaws and re-elected four uncontested Board members to another three-year term: John Burke Jr. of Cecil County, Craig Mathies Sr. of Somerset County, Jeff Rathell Sr. of Talbot County and Bob Thompson of Ocean Pines.
The Cooperative also awarded ten $1,000 in scholarships to students in attendance and shared significant highlights from 2025 about Choptank Electric and its subsidiary, Choptank Fiber. A full recap of the Cooperative in 2025 can be found online at choptankelectric.coop/financial-information.