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As of 3 p.m. on Wednesday, September 4, the eye of Hurricane Dorian has nearly passed the state of Florida. The forecast calls for tropical storm force gusts and periods of heavy... Continue Reading ›

Clay Electric is following Hurricane Dorian’s movements and preparing for its possible arrival next week in North Florida. The co-op suggests everyone keep an eye on the projected... Continue Reading ›

Clay Electric is making pre-storm preparations for Hurricane Dorian and urges its members to do the same. Due to the anticipated storm track, the co-op is preparing for potential... Continue Reading ›

Clay Electric’s annual vehicle and equipment auction is going on now through April 30. More than 50 vehicles, pieces of equipment and other items are up for auction. Photos and... Continue Reading ›

A forecast team from Colorado State University has predicted a slightly below-average level of activity in the Atlantic basin this hurricane season. The CSU Tropical... Continue Reading ›

The co-op will offer a vehicle and equipment auction as an online event this month. Photos and information on each vehicle and other auction items will be posted on the George... Continue Reading ›

Clay Electric trustees approve $12 million Capital Credits refund

Clay Electric Cooperative’s board of trustees has declared a $12 million Capital Credits refund for members who received service from 1989 through 2017.

Capital Credits reflect the cooperative’s not-for-profit and member-owned status and represent each member’s pro-rata share of any margins left over at the end of the year after all expenses are paid. Capital Credits are a unique benefit of being served by an electric cooperative. Investor-owned electric utilities send their margins (profits) to stockholders, and municipally-owned utilities return their profits to city coffers for use in road-paving or similar projects.

Before Clay Electric’s nine-member board of trustees decided whether a refund could be made, it carefully considered a variety of data and economic conditions. Following this review, the board decided it was prudent to refund $12 million to entitled members and former members. This year’s refund will be the 45th consecutive time that the cooperative has refunded Capital Credits.

Current members of the co-op who are entitled to a refund will receive a credit on their March bills. The number of Capital Credits bill credits scheduled for this year is approximately 135,646. The average amount of a bill credit this year is $37.70.

For those entitled to a refund but who no longer receive service from Clay, a refund check will be mailed around March 21. The co-op is scheduled to mail approximately 73,500 refund checks to this group. The minimum amount to be refunded by check is $10. The average check amount this year is $67.32.

Former members of the cooperative who receive a refund check should cash their check within 90 days. If the check is not cashed and remains unclaimed after 90 days, a $1 maintenance fee will be assessed each month against the Capital Credits refund.

The cooperative utilizes these margins to help lower its borrowing expenses and operational costs before returning the money to entitled members and former members.

If a member or former member of the cooperative has any questions about Capital Credits, they should contact their district office.