AEC to send $500K to members in capital credits

Diane Sieker photo

ANZA – The Anza Electric Cooperative Inc. board, at their regular meeting, Thursday, May 28, voted to send the capital credit retirements out in the June electric bills.

“During the coronavirus pandemic, we felt that sending the capital credit funds to the members early in the year would help provide some much-needed financial relief. This has been typically done in the September time frame, but the situation calls for more immediate action,” Kevin Short, general manager of AEC, said.

Capital credits are calculated by the cooperative based on patronage levels of members’ electric service. AEC currently retires these credits on a 20-year basis, with the oldest credits being retired first and portions of the following years next. Most of the funds will appear on active members’ bills as a credit, with former members receiving mailed checks.

One of the seven principles of the cooperative is member economic participation and provides for capital credit retirement and for AEC to operate on a not-for-profit basis, which means that any excess operating revenue is returned to members on a patronage basis.

Founded in 1951, Anza Electric Cooperative Inc. provides electric and internet service for its members in the Anza, Aguanga and Mountain Center/Pinyon communities.

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Submitted by Anza Electric Cooperative.