Capital Credits returned to Shelby Energy members
Shelby Energy Cooperative is sending capital credit refunds totaling $445,933.64 to many of our members in the form of bill credits or refund checks, depending on the amount. Members can expect to receive these refunds on their next bill or by mail in December.
“Shelby Energy is like any other private business with one major exception. We are a not-for-profit, community-focused electric cooperative that shares excess revenue back with our members over time,” said Jack Bragg, President & CEO.
Unlike investor-owned utilities, if Shelby Energy takes in more money than needed to pay the bills, the member-elected Board of Directors will sometimes vote to share the excess revenue back with members. We call this refund a “capital credit”.
“Any margins above what is needed to support growth, operation or maintenance of the electric system is given back to our members in the form of capital credits,” said Jared Routh, SVP Finance & Cooperative Services.
The amount of the refund that members of Shelby Energy Cooperative will receive is determined by the amount of electric usage over time. The more electric power used by each member, the more capital credits each account accrues and the larger the refund. It is also very important that we have the updated mailing address and contact information for our members and former members in order to process these refunds. Please visit www.shelbyenergy.com/memberinfo to update your information.
“This year, we returned capital credits for the year 1986 and a portion of 2019,” said Nanette McCarty, Manager of Billing & Customer Service. “If you were a Shelby Energy member during these years, you are eligible for a refund.”
**Refunds of any accumulated capital credits are payable to the estate of deceased members. Application for this can be made by visiting www.shelbyenergy.com/capitalcredits
For more information, visit www.shelbyenergy.com/capitalcredits