Central Electric Cooperative announced 12,762 current and former members will receive capital credit payments totaling $2,103,643. CEC mailed members their checks last week.
Individual checks to current and former CEC members who purchased power in 2000 will average $165. The difference between the $3 million capital credits retirement and the $2.1 million paid to members is for members for whom CEC does not have a current address. Members can inquire regarding unclaimed capital credit payments by checking the list on the coop’s website, which is updated frequently.
Since 1981, Central Electric has returned more than $48 million in Capital Credits to its members. As a not-for-profit utility, Central Electric has two options for raising capital, borrowing or raising capital from its members. The cooperative lowers its capital costs by melding member capital credits funding with borrowed money on which CEC must pay interest.
Cooperative members share in the benefits of margins annually earned. CEC’s bylaws authorize its board of directors to pay capital credits to members when the utility’s financial condition permits. CEC has issued Capital Credits to members in 41 out of the last 44 years.
