Pedernales Electric Cooperative (PEC) will distribute $12.3 million in capital credits to its members this year.
The 2019 distribution was approved Nov. 22 after the PEC Board of Directors reviewed the cooperative’s fiscal health and determined the amount would not result in any adverse impact.
“Positive financial conditions allowed for us to return these funds to our members,” PEC Chief Financial Officer John Davis said. “Our financials are strong, and we’re proud to follow the cooperative model and provide these distributions.”
As a cooperative owned by its members, PEC does not earn profits. Instead, PEC invests a portion of the money it collects in rates toward strengthening its operations and then assigns the rest to its members. These assigned funds are called capital credits. When financial conditions allow, PEC returns these funds to our members.
Members will receive their capital credit distribution on their December bill. Additional information is also available at pec.coop/capital-credits or by calling PEC’s capital credits line at 800-230-2207.