SEC members to receive $3.5 million in credits
Published 11:38 am Thursday, December 10, 2015
CREWE — Southside Electric Cooperative (SEC) is returning $3.5 million in capital credits to its members this month, marking the second highest retirement amount in the co-op’s 78-year history.
Following last year’s record-breaking capital credit retirement of $5 million, SEC’s Board of Directors has authorized another sizeable refund to former and active co-op members, according to a news release.
“The opportunity to return these funds to our member-owners is a point of pride and enthusiasm for the cooperative. The refund of capital credits is a direct benefit of co-op membership — and goes to the very heart of what it means to be an SEC member,” said Jeff Edwards, SEC’s president & CEO.
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As a not-for-profit electric utility, any revenue SEC earns over and above the cost of providing safe and reliable electric service are considered margins, which represent the members’ equity in the co-op.
Those with refunds equal to or above $25 will continue to receive a check through the mail, according to the release.