Thursday, December 11, 2014 Wauchula, Fla. — The Board of Directors of Peace River Electric Cooperative (PRECO) has authorized the return of more than $830,000 in Capital Credits to almost 11,000 consumer-members this month. Members who purchased electricity from the cooperative during 1994 will be receiving checks in the mail soon.
All electric cooperatives are owned by the people they serve and every member has part-ownership of the business. When revenues exceed expenses, PRECO credits the overage—called margins—back to the members through a Patronage Refund process.
The Patronage Refund process is two-fold. First, Capital Credits are allocated to the member’s account in the year margins are generated. Second, the process is completed when the Board of Directors determines the co-op’s financial position safely permits the retirement of these Capital Credits.
“The Board of Directors is pleased to make this refund possible for our members,” shares Randy Shaw, CEO of PRECO. “Returning Capital Credits to members is part of the cooperative difference.”
Over the last 10 years, PRECO has returned $6.8 million to its members in the form of Capital Credits checks.
Peace River Electric Cooperative (PRECO), a Touchstone Energy® distribution electric cooperative headquartered in Wauchula, Florida, provides electric service and energy solutions to more than 37,000 member accounts in 10 Florida counties in central Florida: Brevard, DeSoto, Hardee, Highlands, Hillsborough, Indian River, Manatee, Osceola, Polk and Sarasota Counties. Through almost 3,500 miles of power lines, the electric cooperative has been in business since 1940 as a member-owned, not-for-profit organization.