Keeping it reliable, affordable, environmentally responsible
Operation at cost is part of the cooperative difference
York Electric Cooperative isn’t like other utilities—you, as a consumer and a member, own a portion of the cooperative. And one benefit of that membership involves the allocation of excess revenue, called margins, in the form of capital credits. YEC operates at cost— collecting enough revenue to run and expand the cooperative but with no need to raise rates to generate profits for distant shareholders. When YEC has money left over, it’s allocated back to you and other members as capital credits. When your cooperative’s financial position permits, YEC retires, or pays, the capital credits to members in cash or as a bill credit.
This month YEC will retire $700,000 in capital credits to people who were members in 1988, 1989 and 2010. Members will receive a capital credit check in the mail unless the amount due to you is less than $10. If your refund is less than $10, the amount will be printed on your utility bill statement as a line item credit. Your refund is based on your power consumption and YEC’s total revenue over operating expenses.
Members do not receive a check the same year they earned capital credits because YEC uses members’ equity to fund system improvements. If we couldn’t get the operating capital from member payments, the money would have to be borrowed from the bank or some other source, which would cause electric rates to go up.
Unclaimed checks
There are many members who had capital credit checks mailed to them in the past but did not cash them. In most cases, the checks have been returned by the postal service because it could not locate the members at the address on file. If you received electrical service from YEC at any time and think you may have an unclaimed capital credit check, look for your name in the searchable listing. If your name or the name of someone you know is listed, please contact our office at (803) 684-4248.
Being able to return capital credits is a direct reflection on the financial strength and stability of your cooperative, and that’s something in which we can all take pride. It’s just one more way YEC is looking out for you.
Paul Basha
President and Chief Executive Officer
Related Topics:
Unclaimed Capital Credits