Nearly $3.5 million returned to cooperative members

By Morning News Staff Reports

Published: September 16, 2008

DARLINGTON — Pee Dee Electric Cooperative will return $3,448,626 in capital credits to its member-owners from 1996, 1997 and 2007.

With capital credit returns, all margins in excess of the cost of doing business are returned in accordance with a distribution plan, based on patronage, approved by the not-for-profit electric utility’s Board of Trustees.

Members receiving $49.99 or less will see their return as a line item on their bill beginning with cycle 4 in September, and continuing for cycles 1, 2, and 3 through October. Checks for members of $50 and higher will be mailed Oct. 1.

“The board is pleased with the ongoing efficient management of resources and fiscally responsible operation of PDEC on behalf of the members, especially in these uncertain economic times,” James A. Goodson Jr., chairman of the Board of Trustees, said in a press release issued by the utility. “The trustees and employees never forget that our members are the most important part of our electric cooperative.”

This marks 32 consecutive years of capital credits returned by cooperative. In the past 10 years, it has returned more that $45 million to the member-owners.

The Pee Dee benefits as these dollars are spent locally, turning over in the local economy an average of four times, according to the utility.

Pee Dee Electric Cooperative serves parts of Darlington, Florence, Marion, Dillon, Lee and Chesterfield counties in northeastern South Carolina.