Clay Electric personnel continues efforts Wednesday evening, July 7, to restore service to members who were impacted by Tropical Storm Elsa. As of 8 p.m., 1,836 members remained... Continue Reading ›

Clay Electric Cooperative is grieving for a lost friend and co-worker. Lineworker William “Ziggy” Ziegenfelder, 56, passed away while working in the co-op's Gainesville service... Continue Reading ›

Vehicles from our fleet are currently up for auction online and more will be available in the coming weeks. Three auctions will take place; two will feature small fleet vehicles... Continue Reading ›

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

The 83rd Annual Meeting video report is now available. You’ll hear remarks from the president of the Board of Trustees, Susan Reeves; General Manager Ricky Davis' report; and the... Continue Reading ›

Due to ongoing concerns surrounding the spread of coronavirus, the co-op has made the difficult decision to cancel the gathering portion of Annual Meeting for the second year in a... 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.