Coastal Electric to return $1.5 million in capital credits to members

SAVANNAH, Ga. (WTOC) - Coastal Electric Cooperative will retire $1,534,289.65 in capital credits to members who received electric service from 2011 to 2013, the cooperative announced.

How the decision was made

The cooperative’s member-elected board of directors approved the decision at its Oct. 28 meeting. The cooperative said it will retire the credits in November.

Coastal Electric operates as a member-owned, not-for-profit cooperative. The cooperative said revenues that exceed the cost of providing service are retired to members when its finances allow. Those margins, known as capital credits, represent each member’s ownership share in the cooperative.

When members will receive payments

Members who are due $50 or more will receive checks in early December. Refunds under $50 will appear as credits on upcoming bills, beginning in November.

To date, Coastal Electric has retired more than $23 million in capital credits to its members.

Former members

Former members who have moved off the system are eligible to receive capital credits retirements for the years they were served. The cooperative said they should keep their mailing addresses up to date with the co-op.

More information about capital credits is available here.

Coastal Electric Cooperative provides electricity and related services to more than 20,000 members in Bryan, Liberty, Long and McIntosh counties.