REC Gives Back $3 Million to Co-op Members
Nov. 16, 2015
It’s time for REC members to get the credit - capital credits, that is. This November REC returns $3 million to members across its 22-county service area in Virginia.
“Capital Credits remind me that I’m not just a customer, I am a member and if they have more money than they need, they give a portion back to me. Money back in my pocket is always nice,” said Tom Korbini, an REC member residing in Berryville, Va.
Capital Credits are a benefit of being a member-owner of REC. “Electric co-ops, like REC, operate on an at-cost basis,” said Chris Headley, REC’s manager of administrative services and controller. “Instead of returning margins to shareholders who might not live in the same region or even the same state, REC returns Capital Credits to its members based on how much electricity they purchased during the year.”
The amount invested by REC members represents their value of ownership in the Cooperative. Members who were eligible for 2014 Capital Credits will see “Capital Credit – General” on their November billing statement, identifying the amount being returned.
“It is nice to see a credit on my electric bill every now and then,” Korbini added.
REC provides electric service to over 160,000 connections in parts of 22 Virginia counties. With its general office in Fredericksburg, the Cooperative operates and maintains more than 16,000 miles of power lines through its service area, which ranges from the Blue Ridge Mountains to the tidal waters of the Chesapeake Bay. Follow REC on Facebook, Twitter and YouTube.
The Korbini family