MONCKS CORNER— Berkeley Electric Cooperative will refund nearly $2.4 million to its members in December in the form of capital credits, about $1 million more than last year, according to co-op board secretary/treasurer Wayne DeWitt.
The member-owned utility has about 82,000 customers. Last year, about 79,000 customers received a refund by check or by a credit on their account if the refund was under $5. The total number of customers receiving refunds won't be known until December, according to co-op spokesman Micah Ponce.
The refunds come from capital credits and are determined by subtracting expenses from excess revenues.
"Because we are a cooperative, we don't maximize profits so that dividends can be paid to stockholders, like an investor-owned utility," DeWitt said. "The co-op is owned by its members; therefore, any savings the co-op manages to generate belong to the members."