Cobb EMC gives $13.6 million to members

Cobb EMC gives $13.6 million to members

Cobb EMC announced that the company will be distributing $13.6 million in capital credits to customers/members who received electricity from the cooperative during 2016. This distribution follows a decision, made by the company’s board of directors, to return 100 percent of the excess revenue that was received for 2016.

“As a not-for-profit cooperative, we’re owned by our members, and we’re here to provide them with reliable electricity – not to make a profit,” said Tripper Sharp, Chairman of Cobb EMC’s board of directors. “When we have a good year and earn profits or margins, we can give cash back to our members. It’s one of the things that makes an electric cooperative unique, compared to traditional utility business models.”

Capital credits are residential and commercial members’ individual portions of the cooperative’s profits beyond operating costs. The amount members will receive is based on how much they paid for electricity in 2016.

The distribution of capital credits is controlled by the electric cooperative’s bylaws, and distribution decisions are made annually by Cobb EMC’s member-elected board of directors, based on the company’s financial position. Directors also assess whether the company needs to invest in system improvements to improve reliability. Reinvesting excess revenues in the cooperative prevents the company from borrowing money, which helps to keep costs down and rates low.

“We’re in a strong financial position this year,” said Sharp. “Our leadership team has planned for and secured future power needs and increased efficiency. Meanwhile, we’ve kept reliability high and provided our members some of the lowest rates in the state.”

For more information or distribution details, visit www.cobbemc.com/capitalcredits.

 

ABOUT COBB EMC

Cobb Electric Membership Corporation, a not-for-profit electric cooperative, safely delivers reliable electricity to more than 180,000 residential and commercial members in Cobb, Bartow, Cherokee, Fulton, and Paulding counties. Cobb EMC’s distribution system consists of more than 9,000 miles of line over 432 square miles. With more than 200,000 meters served, Cobb EMC is one of the largest of Georgia's 41 EMCs and among the largest of the nation's 900 EMCs. For more information, visit www.cobbemc.com, or follow Cobb EMC on Facebook, Twitter, YouTube or Pinterest.

 

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