As of Monday, July 16, 2012
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Snapping Shoals EMC members to receive $2.8 million
Members of SnappingShoals Electric Membership Corporation, a power provider based in Covington, will return $2.8 million in capital credits to SSEMC members. The amount of each refund is based on the member's electric energy use for the year 1994. If a person was a member during 1994, and the amount returned to that customer is less than $25, that amount will be credited to the July bill. If the amount of capital being returned to the member is more than $25, then a check will be mailed to the customer.
SSEMC has returned capital credits to members almost every year in the past 23 years, and has cumulatively returned $34 million dollars overall.
As a non-profit organization, SSEMC's capital credits, or margins, are the revenues that are over and above the cost of providing service for the electric co-op's customer-owners. These are required by lending institutions to establish financial strength for loans.
SSEMC routinely refunds these capital credits to its members when its board of directors determines it is appropriate to do so.