From Tideland Electric

 

PANTEGO — During fiscal year 2017, Tideland Electric Membership Corporation retired close to $1 million in capital credits. Retirements to the estates of deceased members of the electric cooperative totaled $510,226. Tideland’s board of directors further authorized a general retirement of $450,000 to those members and former members of the cooperative that received service in 1990.

Capital credits represent member margins that are collected through electric bill revenues and reinvested in the cooperative’s utility infrastructure. At the end of each year, Tideland’s expenses are deducted from revenue to determine the cooperative’s net operating margins for the year. Those margins are proportionally assigned to each Tideland EMC member as capital credits based on a percentage of what each member paid for electricity during the calendar year. By utilizing member capital to maintain the electric system, Tideland is able to minimize its reliance on outside lenders thus reducing borrowing costs for the entire membership.

The general retirement is being issued through a combination of checks and electric bill credits. Active account holders will receive a check during the month of December if their electric account is current at the time of distribution and if their refund is $50 or more. All other Tideland members with active accounts will receive a credit on their December electric bill if they had service with the co-op in 1990. Checks will be mailed to former members at their last known address for refunds of $50 or more. Undeliverable or unclaimed refunds are eventually escheated to the North Carolina Department of Treasury.

Tideland EMC serves 22,500 accounts in Beaufort, Hyde, Washington, Pamlico, Craven and Dare counties.