For Immediate Release
The cooperative's board again voted to refund $3 million in capital credits this December, bringing the total for the last 26 years to $49 million. Approximately 108,000 customer-owners who had accounts in 1987 and/or 2012 are receiving a refund.
Walton EMC is a cooperative, meaning customers own the company. Showing a profit is self-defeating and is why the company returns leftover revenues.
After paying off debt and establishing a reserve for unexpected events such as a catastrophic ice storm, the board studies financial reports and determines if it's financially prudent to issue a refund. If so, most refunds are distributed by a credit on electric bills. This collectively saves the cooperative's customer-owners tens of thousands of dollars in check printing and postage costs.
Walton EMC is a customer-owned power company that provides electricity to 120,000 accounts in a 10-county service area between Atlanta and Athens.
2013 Refund Facts
- Amount – $3 million
- 26-year total – $49 million
- Years refunded in current disbursement – 1987, 2012
- Number of refunds – approximately 108,000
- Average refund – $16.82
- Refund vehicle – bill credit, unless the amount is over $500. All refunds exceeding $500 will be issued by check.