Capital Credits

The word “margins” means something different to a cooperative member.

For many large utilities,“margins” is the money they send to their Wall Street investors. But Wiregrass Electric is a cooperative, and the money we generate beyond the cost of doing business is considered “capital credits.”

As a cooperative, WEC does not earn proἀts like a normal corporation. Instead, WEC is member-owned, and as a member you are entitled to a share of the margins earned by selling electric services. We refer to these margins as capital credits, and they reflect each member’s ownership in WEC.

What’s the difference?

Capital credits stay in the Wiregrass region, working to operate and improve the power system our members depend on. Each year, these capital credits are credited to the accounts of our members based on the amount of business each member (person or company) does with WEC.

When these funds are not needed for day-to-day operations, WEC issues a capital credit refund. Because of WEC's financial strength, the Board of Trustees has continued to refund some of those credits in compliance with the By-Laws.

As the Board and Management of Wiregrass Electric continue to look for ways to improve operational efficiencies, we will carefully evaluate our ability to refund capital credits in the future. Just another example of Wiregrass Electric making a difference in the lives of our members.

Patronage Capital at a Glance

• When you establish service with Wiregrass Electric, you become a member.
• At the end of each year, WEC’s positive margins are recorded based on your total yearly electric billings. This information is available in your Online Account section.
• Since your portion of patronage capital is based on the amount of electricity you use, the amount you are allocated varies from year to year and is calculated for each account in your name.
• WEC carefully tracks your ownership in the Cooperative through your patronage capital allocation balance.
• Each year, the WEC Board of Directors evaluates the financial condition of the Cooperative to determine if patronage capital can be distributed.
• When capital credits are paid, they are refunded in order of priority according to the year in which the capital was furnished and credited, with the capital first received being that first retired.
• WEC may not refund patronage capital every year. When the Board votes to distribute patronage capital, WEC calculates the amount each eligible member will receive.

Unclaimed Capital Credits

Recently, WEC mailed checks to refund capital credits for the year 1979. Several of those checks were returned as undeliverable.

The names from all undeliverable checks are available here on our website and at all WEC offices.

If you were a member in 1979 and did not receive a capital credit refund, please check these sources for your name.  If your name is listed, please call 1-800-239-4602, or come to the Hartford office for instructions on how to claim your check.

You will need some documentation in order to claim a check:

• You must provide a valid driver’s license or state ID if you are the mem-ber of record.
• If the member of record is deceased, you must provide a death certiἀcate plus one of the following:

1. Letters of Administration, or
2. Letters of Testamentary, or
3. If you do not have item 1 or 2, please provide evidence that you are the legal and authorized representative of the estate.

This information must be presented at WEC’s Hartford office located at 509 N. State Highway 167 in Hartford.

If you have any questions, please contact us at 1-800-239-4602. 

Click here to download the list of unclaimed Capital Credits.