News Releases

Another $3 Million Coming Back to Walton EMC Consumers

FOR IMMEDIATE RELEASE
November 17, 2004

Contact Greg Brooks, 770/266-2307
Contact Katie Woodall, 770/266-2572

MONROE, Ga. – For the second year in a row, most Walton Electric Membership Corporation customer-owners will be taking part in a $3 million refund.  That means $22 million has been returned over the last 17 years.

Most of the refunds will appear as a credit on electric bills, with the average being $27. This saves over $30,000 in check production and mailing costs.

Refunds are based on the amount of the customer's annual power bills.

Walton EMC's customers own the company, so making a profit is self-defeating. A small portion of every dollar spent for electric service is credited to each customer-owner's margins account. Margins are the amount left over after Walton EMC pays all the bills.

Some of the margins are held for reserve funds so Walton EMC is prepared for emergencies. Margins are also used to help pay down debt and to make major purchases. “But when those margin reserves grow to more than what's needed for a safe financial cushion, Walton EMC returns the extra,” explains CEO Ronnie Lee.

That's why Walton EMC's board of directors (composed of 10 Walton EMC customers) voted to refund $3 million this December in the latest refund. Over 92,000 customers will get money back.

This year's refund includes those who received electric service from Walton EMC during 1981, 1982 and/or 2003. Older margins are retired on a continuing basis; margins up to 1981 have already been distributed.

Walton EMC is a customer-owned electric company and serves 107,000 electric accounts in ten Northeast Georgia counties between Atlanta and Athens. Its subsidiary, Walton EMC Natural Gas, serves customers statewide.

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