SPEC to return $4.125 million to members

The Annual Meeting of the Membership will be held on Tuesday, September 11, 2018, at 5:30 p.m. in the Exhibit Hall at the Lubbock Memorial Civic Center. All members are invited to attend and vote for the Board of Directors for Districts 3, 5, 7 and 12.

At the Annual Meeting, the official announcement of a capital credits (margins) refund will be made. The capital credits refund of $4.125 million was approved by the Cooperative’s Board of Directors and will be proportionately returned to members using the Cooperative’s service in 2017, 2005, 1981 and 1980. South Plains Electric Cooperative has returned more than $41.3 million to local members in our local communities over the past 80 years—it’s nothing new.

South Plains Electric Cooperative is mailing checks to more than 35,000 members receiving $10 or more so members will receive their check by the Annual Meeting. If the capital credits refund is less than $10, the refund will be a credit on the member’s August or September bill.

Capital credits come from the money left over after all expenses are paid in a given year. At the end of the year, that money is credited to each member’s account according to the amount of electricity purchased. Assigning capital credits to members, instead of paying dividends to distant stockholders, is just part of the accountability members receive from their local Cooperative.

Unlike other electric utilities, the Cooperative exists to make sure members’ needs are always met, not to make a profit. South Plains Electric Cooperative works hard every day to keep rates as low as possible. But it’s sure nice to know that when there are margins (capital credits), they go back to members. That’s good value for your money!

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