Pantego–For fiscal year 2014, Tideland Electric Membership Corporation will return $552,000 in capital credits to members and former members of the not-for-profit cooperative. The total is composed of two types of refunds: a general retirement and retirement to the estates of deceased members. Members who received electric service from the cooperative during the years 1986 and 2013 were included in the general retirement that takes place this month. The general retirement of $288,500 was authorized by the electric co-op’s board of directors. Depending on the size of the refund and individual account status, members will receive their refund either as a December electric bill credit or in the form of a check. Additional retirements totaling more than $263,500 were paid to the estates of deceased co-op members.
Tideland EMC is a member-owned cooperative providing electric utility service at cost. Therefore, any funds remaining after all expenses have been paid are eventually returned to Tideland members and former members through a series of capital credit refunds. The amount returned to an individual member is based on the total amount they paid for electricity during the year for which the refund is made. Since 1993, Tideland EMC has returned more than $9.3 million in capital credits to its membership.
During the period of time that capital credits are retained, Tideland EMC reinvests those funds in system improvements thus reducing the co-op’s borrowing costs. The decision to retire capital credits is based on the co-op meeting financial performance goals as established by the U.S. Department of Agriculture’s Rural Utilities Service.
In addition to capital credit refunds, Tideland EMC members have reaped the benefits of a wholesale power cost adjustment (WPCA) credit issued monthly since January 2013. The WPCA credit for the past 24 months has averaged just under $5 per 1,000 kilowatt hours purchased.
Unclaimed capital credits are eventually forwarded to North Carolina Escheats at the State Treasurer’s office. In the case of a deceased member, the estate executor or clerk of clerk should contact the cooperative at 1-800-637-1079 to request a refund application. A request form may also be downloaded at the cooperative’s website: www.tidelandemc.com.
Tideland EMC serves 22,500 accounts in Beaufort, Hyde, Washington, Pamlico, Craven and Dare counties.