The San Miguel Power Association board of directors has approved the return of $1.5 million in member dividends to customers.

In a typical year, SMPA has money left over after paying its expenses. The excess revenue, called “margins,” is allocated to each consumer in proportion to their contributions for that year. For a period of time, these margins are used by the cooperative as capital to finance operations and construction. This helps keep rates an affordable level by reducing the need to...