CFEMC BOARD APPROVES SPECIAL CAPITAL CREDIT REFUND TO ASSIST EMC MEMBERS FINANCIALLY IMPACTED DURING PANDEMIC
Coweta-Fayette EMC isn’t like other utilities – we’re member owned. That means our members are at the center of every business decision we make. We know we are living in unprecedented times and that many of our members are facing financial difficulties due to the COVID-19 pandemic.
Earlier this year, we announced the decision to suspend disconnections for non-payment. On April 28, to additionally assist our member-owners experiencing financial hardships, the CFEMC Board of Directors approved a special retirement of capital credits, totaling $5,000,000, for all members who received electric service from CFEMC in 2019. Qualified members will receive the credit on their May electric bill.
Capital credits are based on a member’s patronage to the EMC. Each month when a member pays their electric bill, a portion of that money is used to cover EMC operating expenses, like building lines, buying equipment and maintaining power lines. At the end of the year, CFEMC subtracts what it costs to do business from the amount collected, and the remaining funds – or margins – are allocated to each members’ capital credit account based on how much they paid in throughout the year.
“Our Board’s action will help our members at a time many are struggling,” President and CEO Chris Stephens said. “This is just another way we are demonstrating we are about more than just providing electricity and making a profit. Our members are our friends and neighbors. I know by working together, we will all get through this. There are brighter days ahead.”
Any member with questions, should contact the CFEMC Customer Service Department at 770-502-0226.