While the amount will vary, most members will see a credit on their December bill statement in the form of a capital credit refund. The TVEC Board of Directors approved a total of $3.1 million in refunds to co-op members for 2016, including retirement of capital credits from 1988 and 1% of all other allocated but unretired capital credits.
“Because TVEC is member owned, they share in the earnings in excess of our cost of proving electric service,” said General Manager and CEO Jerry Boze. “Each year these earnings are allocated to current and former members in proportion to the amount of electricity purchased.”
As a non-profit entity, all money charged to members must be used for the purchase of wholesale electricity, maintaining and updating infrastructure, and operating expenses. Any excess funds are budgeted for future improvements or refunded to members as directed by the board.
If you have any questions about your capital credit refund, please contact your co-op staff at 800-766-9576.