Walton EMC Returns $9 Million to Customer-Owners
Just in time for the holidays, Walton EMC is returning $9 million in capital credits to eligible customer-owners. Including this year’s distribution, the co-op has refunded a total of $143 million back to members and communities.
“As a cooperative, Walton EMC is owned by its members and they benefit from the financial success of the company,” said Dr. Michael Lowder, Board chair. “Our capital credit allocation allows the co-op to return to members any revenue beyond the costs of providing electricity. It’s a win-win for everyone in our community.”
For not-for-profit companies like Walton EMC, any revenues over and above the total expenses for the year are considered margins instead of profit. These margins are assigned to customer-owners’ accounts as a capital credit based on the total dollar amount each paid for energy in a particular year.
“Our competitively priced, reliable power supply, along with our continued efforts to maximize efficiencies and control costs, make these refunds possible,” said Ron Marshall, Walton EMC president and CEO.
Each year, the co-op’s member-elected Board approves refunds after reducing debt, saving for emergencies and investing in infrastructure, among other things.
The 2023 capital credit refunds are calculated based on the total dollar amount of energy each customer-owner purchased during 2000, 2001, 2018 and 2022. The distribution will occur from early December through early January.
Refund amounts below $500 are applied as a credit to customer-owners’ accounts. Checks are issued to active customer-owners receiving a refund above $500, as well as former customer-owners who had accounts during the years targeted for the distribution.