We May Have Money for You
Each year, former cooperative members leave money behind when they don’t give us their forwarding addresses. That money is their share of Capital Credits allocated to their account when they were co-op members. If you move from our service area, the capital credits accumulated in your account remain in your name. That's why it's important to give us a current address anytime you move so we can send you a refund when Capital Credits are retired.
After three years, any unclaimed funds go to the state. Over the past five years, the cooperative has handed over nearly $800,000 in unclaimed Capital Credits to the Department of the State Treasurer.
If you know someone on the list below, contact them so they can let us know their current address information. To update your address information, contact us at (252) 247-3107.
Click on the letter corresponding to the first letter of the person's last name.
A credit is applied to your bill when cooperative’s directors – your elected representatives – vote to retire Capital Credits. That is usually done annually when the financial condition of the cooperative permits.
If you have an active account, you will see a credit on your bill when a Capital Credit retirement takes place. Checks are mailed to those who are no longer served by the cooperative. Capital Credits are also paid to the estates of deceased members in the form of a present valued lump sum payout. The amount of such distributions will be calculated using a discount rate that equals the Cooperative’s weighted average cost of capital, taking into account the date that the distribution would have occurred. Discounting provides a fair way to recognize special circumstances while continuing to treat members equitably. If you move from our service area, the Capital Credits accumulated in your account will remain in your name. It is important that you keep the cooperative informed of your current address so that we can send you a refund when a Capital Credit retirement is made.
If you have questions about Capital Credits, call Junior Accountant Tara Alderman at (252) 727-2233.
Board Approves Record $4.25 million Capital Credit Retirement
CCEC residential members began paying less—about 9 percent less—for electricity, beginning with bills mailed in September 2016. An average full-time residential consumer with a $153 monthly bill will see that bill drop to about $140. The co-op's directors approved the increase beginning with bills mailed in September.
The credit is largely due to changes in the cost of fuels used for generating electricity, this year, in particular, from lower costs of natural gas used to fuel some power plants.
“CCEC purchases energy for its members on the wholesale market through the N.C. Electric Membership Corporation,” said Communications Director Lisa Galizia. “When the price fluctuates, the co-op may get a credit or have to pay more. In turn, we make a modification of our member’s monthly electric bill to either refund or collect money as needed.”
“With the high energy use most of our members experienced over the hot summer months, this reduction should be a welcome relief,” Galizia continued.
Capital credits represent our members' share of money (based on your electricity usage) that the cooperative earned above and beyond operating expenses from 1988 through 2015. When the co-op’s Board of Directors authorized the retirement of capital credits, they are returned to you, our members. Former members earning $10 or more in capital credits will receive a check in late September or early October.