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Credits arriving for co-op members
Coastal Electric logo

Those who paid electric bills to Coastal Electric Cooperative at any time between 2005-2007 can expect money back from the co-op by the end of December.

In total, Coastal Electric will retire over $2 million in capital credits to around 11,000 members who received service during those years.

Checks will be mailed in December to those receiving a refund of more than $25. Amounts less than $25 will be delivered in the form of bill credits.

To date, Coastal Electric Cooperative has retired over $13 million in capital credits to members.

“The cooperative has always been here for the community,” said Chris Fettes, the CEO of Coastal Electric Cooperative.

Retiring capital credits is part of the cooperative business model, and is a regular practice of the not-forprofit co-op.

“As a not-for-profit corporation, Coastal Electric sets rates based on cost. So our primary focus is not on profits, but on services for our members”, explained Fettes.

“Any margins that exceed cost will eventually be returned to our members.”

When member revenues exceed costs, those margins become the member’s equity in the cooperative.

When the financial strength of the cooperative allows, the member-elected board of directors can order the return of a portion of that equity.

Because they have voting rights and other benefits, those who pay bills to Coastal Electric are “members,” not just customers.

“It’s important for our customers to know that they are member-owners of Coastal Electric. And the capital credit refund is our return to those members for those successful years of service,” Fettes said.

As the co-op is not-for-profit, members’ electric bills collectively cover what is needed to supply power to their homes and businesses – generating the power at plants, buying lines and poles to deliver electricity, maintaining equipment to keep service reliable, and compensating employees.

For more information on Coastal Electric’s capital credit program, visit CoastalElectric.Coop/capital-credits.

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