Coastal Electric Cooperative has approved a $1,534,289.65 capital-credit retirement for people who received electric service from the cooperative during 2011 through 2013. The distribution covers eligible members in an area that includes Bryan, Liberty, Long and McIntosh counties.
The cooperative’s member-elected board approved the retirement at its Oct. 28 meeting. Coastal Electric says it plans to apply the credits in November, with the payment method based on the amount owed: members due $50 or more are expected to receive checks in early December, while amounts below $50 will be credited to upcoming bills starting in November. The cooperative has not provided exact dates for those payments.
Capital credits are members’ ownership shares in the not-for-profit cooperative. Coastal Electric says they come from revenue left after the cost of providing service and are retired when the cooperative’s finances allow.
People who have moved off the cooperative’s system may still qualify for credits from the years they received service. Coastal Electric advises former members to keep their mailing addresses up to date.
The cooperative provides electricity and related services to more than 20,000 members across Bryan, Liberty, Long and McIntosh counties. It says more than $23 million in capital credits have been retired to members to date.
Yolonda Harris
News Now Georgia
