Co-op returning record $5.4 million
Credit applied to members' September bills
Following last year's record capital credit refund, the CCEC Board of Directors has announced an even larger capital credit payout this year – $5,489,648 – for current and former members of the cooperative.
Our power costs were much lower than anticipated in 2016, resulting in higher margins. For that reason, more than $3,000,000 of the total capital credit refund is from last year’s margins. The remainder is from capital credits for the years 1990 through 2015.
“The budgeting process has many moving parts. Our staff is diligent in researching and preparing the budget each year,” said Board President Doug Fulcher. “However, when we have a significant deviation from budgeted expenses at the end of the year, as we did in 2016, we want to get that money back to our members.”
Current members will receive a credit on their September bill. The dollar amount to be returned is determined by both the number of years of membership and how much energy the member has used. Like last year, many will see their September bill greatly reduced or even paid in full once the credit is applied. Former members will be mailed a check at the end of September.
Learn more about how capital credits are allocated and distributed click here.