Probably, this is a return of excess utility charges. In that case, it's not taxable income.
I'm assuming you joined the co-op because that's the utility provider in your area and you had no choice, you didn't buy stock as an investment. And the company sets utility rates based on expected costs for power and maintenance and storm damage and so on, and returns any excess payments if they overcharged or had a storm-free year or something. In that case, I think this is just a discount or rebate of your utility charges, and since you paid for your utilities with after-tax money, the rebate or discount is not taxable.
If this is an investment, my answer would be very different. And if your rebate was more than you paid for your utility charges, the excess would be taxable. But you would have to let us know more of the details.