Co-op returns capital credits

Published 9:42 pm Thursday, December 19, 2013

Community Electric Cooperative’s Board of Directors voted to return more than $920,000 in capital credits to its member-owners. Checks were mailed Dec. 4 to approximately 7,000 past and present members who received service from the cooperative in 2000 and 2001.

“While investor-owned utilities return a portion of any profits back to their shareholders, electric co-ops operate on an at-cost basis,” Board Chairman Jeannette Everett said. “So instead of returning leftover funds, known as margins, to folks who might not live in the same region or even the same state as the co-op, we allocate and retire capital credits based on how much electricity you purchased during a year.”

“As directors elected by the members to represent their interests, we are proud to put this amount of money back into the hands of those who used the service and helped provide the funding to build and maintain the Cooperative’s electric system,” Everett added.

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This refund represents the 21st consecutive year the co-op has made a general retirement of capital credits. To date more than $14 million has been returned to the members who participated in the cooperative’s business.

Headquartered in Windsor, Community Electric Cooperative currently serves more than 10,900 accounts throughout Suffolk, Isle of Wight, Southampton, Sussex and Surry.