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Mecklenburg Electric Cooperative Returns Over $1.8 Million to Members

 


The Board of Directors of Mecklenburg Electric Cooperative (MEC) recently approved a Capital Credit refund of $1,804,247 to cooperative members.  The return of Capital Credits represents one of the unique benefits of receiving electric service from a not-for-profit cooperative. Bobby Conner, chairman of the MEC board says, “Mecklenburg Electric Cooperative has one of the most aggressive Capital Credit return policies in the entire nation; and to date, more than $29.8 million in Capital Credits have been returned to the member-owners of the Cooperative.  We are pleased that our Cooperative is financially sound and that these dollars can be returned to our members.”


Capital Credits represent the member’s share of revenue minus operation costs for specific years, and they are assigned annually to each member’s account based on the amount of electricity they use.   Since a cooperative’s members are also the people the co-op serves, capital credits reflect each member’s ownership in, and contribution of capital to, MEC.  When financial conditions permit, the Board of Directors approves the distribution to the members.  


“For all of us here who work for the members of MEC, it is gratifying to be in a position to return dollars to those we are here to serve,” states John Lee, president and CEO, adding “we work hard to control costs while maintaining exemplary customer service and strong reliability indices, and the return of Capital Credits is verification that our efforts are bringing real value to our membership.”


Organized in 1938, Mecklenburg Electric Cooperative provides power to over 31,000 homes, farms and businesses in the counties of Brunswick, Charlotte, Greensville, Halifax, Lunenburg, Mecklenburg, Pittsylvania, Southampton, and SussexIt is headquartered in Chase City and has district offices in Chase City, Emporia, and Gretna.

 
 

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