|Big Thicket Messenger - Local News
Stories Added - September 2008
Copyright 2008 - Polk County Publishing Company
SHECo gives members money
Big Thicket Messenger - September 2008
The Sam Houston Electric Cooperative Board of Directors recently voted and approved the return of $2.5 million to Co-op member-owners. Returned as capital credits, these refunds will be issued as a credit on members’ September electric bill.
Capital credits are allocated from revenues collected in excess of operating expenses during the previous year. Once the determination has been made that the financial condition of the Cooperative is stable and adequate to meet operating costs, debt covenants and emergence expenses, the Board can elect to return a portion of excess capital in the form of capital credits to Co-op members. Capital credits are proportionate to individual electrical use.
“Unlike investor-owned utilities that pay out excess capital to shareholders, Sam Houston Electric Cooperative unused capital, or monies collected in excess of operating costs, to our member-owners in the form of capital credits,” said Chief Executive Officer Kyle Kuntz. “We work hard to find the best deals on electricity and operate as efficiently as possible in order to pass the maximum savings on to our members.”
To date, Sam Houston EC has returned $25,013,196 million in capital refunds to its member-owners.
Members with questions regarding their capital credit refund are encouraged to contact a Sam Houston EC Member Services Representative at 1-800-458-0381.
Sam Houston Electric Cooperative was created in 1939 as a not-for-profit utility and provides electricity to more than 66,000 accounts in 10 East Texas counties.