Capital Credits Co-op returns $3.51 million in 2022

The CCEC Board of Directors approved the retirement of $3.51 million last year, which went to active and former CCEC members in September.

Capital credits are unique to the cooperative business model. Unlike other types of companies, CCEC and other cooperatives do not have shareholders who expect to make money from the company’s profits. We are notfor-profit businesses that exist solely to provide electric service to our members.

When you pay your bill each month, you are contributing to the equity, or your share of ownership, of the cooperative. The funds allocated to each member’s account are used to fund capital needs for items such as power line construction, transformers, trucks, inventory and other equipment.

PREVIOUS CAPITAL CREDIT REtirements

2018: $3,240,463

2019: $4,636,539

2020: $5,193,436

2021: $3,440,690

2022: $3,514,332

When the co-op’s financial status allows, the board of directors will vote to return a portion of capital credits to the membership through a capital credit retirement.

Capital credits also help keep rates at an affordable level by reducing the amount of funds the co-op borrows to maintain and grow its electric distribution system.

How capital credits work

See if you have unclaimed cash

We are holding more than $1.8 million in unclaimed money and want to get it back to its owners. When members move off our lines, they don’t always give us their new address. If a current address for a former member is not available, the funds remain in their closed account.

After three years, however, any unclaimed money is turned over to the state. That’s why it’s important for you to let us know your address and other contact information any time those change.

Visit ccemc.com/CapitalCredits to see a list of all members with unclaimed funds. If you see people you know, tell them to give us a call. We would much rather see that money go to our members and former members, where it belongs.

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3400 Sumner Blvd., Raleigh, NC 27616-2950

Scott Gates, CCC Editor

Warren Kessler

Creative Director

Renee C. Gannon, CCC

Senior Associate Editor

Rue Reynold Editorial Assistant

Jessica Armstrong Graphic Designer

Tara Verna

Creative Services Associate

Keith Alexander Advertising Keith@carolinacountry.com

Joseph P. Brannan

Executive Vice President & CEO

Nelle Hotchkiss

Senior Vice President & COO

Kristie Aldridge, CCC Vice President

North Carolina’s electric cooperatives provide reliable, safe and affordable electric service to 1 million homes and businesses. The 26 electric cooperatives are each member-owned, notfor-profit and overseen by a board of directors elected by the membership.

Why Do We Send You Carolina Country Magazine?

Your cooperative sends you Carolina Country as a convenient, economical way to share with its members information about services, director elections, meetings and management decisions. The magazine also carries legal notices that otherwise would be published in other media at greater cost.

Your co-op’s board of directors authorizes a subscription to Carolina Country on behalf of the membership at a cost of less than $5 per year.

Subscriptions: Individual subscriptions, $12 per year. Schools, libraries, $6.

Carolina Country is available on digital cartridge as a courtesy of volunteer services at the NC Department of Cultural Resources, Library for the Blind and Physically Handicapped, Raleigh, NC 888-388-2460. Periodicals postage paid at Raleigh, NC, and additional mailing offices. Editorial offices: 3400 Sumner Blvd., Raleigh, NC 27616-2950. Carolina Country® is a registered trademark of the North Carolina Association of Electric Cooperatives, Inc.

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Phone: 919-875-3091

Mail: 3400 Sumner Blvd. Raleigh, NC 27616-2950

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Email: editor@carolinacountry.com

Change of address: Please contact your electric co-op or go online to carolinacountry.com/address

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