Russell Dunaway, Executive VP & CEO
For helping build, sustain and grow your local electric cooperative, you get the credit – capital credits, that is. In March, West Florida Electric Cooperative will retire capital credits in the amount of $635,631.39 to our members across the four counties served by the co-op.
You might be wondering whatcapital credits are. Since WFEC is not-for-profit, any funds left over after bills have been paid go into a capital credits account for each co-op member. Then, as your board of trustees determines the co-op is in good financial shape, this capital is paid to the members.
Capital credit refunds are to you (our members) what dividends are to stockholders at for-profit companies, a return of capital. Our goal is to provide you with electricity at a price that is as close to cost as possible. That way, more of your money stays in your pocket up front.
This year, those who were members in 1991 and for the first six months of 1992 will receive capital credits through a check in the mail – approximately 8,613 checks will be mailed this year. This reflects the member’s investment in the cooperative being returned on a 25 year rotation. 51086001
Those funds have helped us keep our rates reasonable, reduced the amount of money we needed to borrow from outside lenders and to build, maintain and expand a reliable electric distribution system.
The Board of Trustees and I are pleased to be able to return capital to our members. As we are celebrating our 80th year of operation this year, we have returned 55 years of accumulated capital credits.