For the year ending December 31, 2021, Tideland EMC issued credits to both current and former members of the cooperative totaling $2 million.
- The source of those credits is threefold: Wholesale power cost adjustment (WPCA) credits
- Capital credit refunds to the estates of deceased members
- General retirement of capital credits to members who had service with the cooperative in the years 1992 and/or 1993.
Tideland has been issuing a monthly WPCA credit since March 2020. The credit has reduced the price per kilowatt hour (kWh) by $0.00179. For example, our published residential kWh rate for winter is 11.49¢. After the WPCA credit is applied the effective billed rate drops to 11.311 per kWh. The credit similarly applies to summer energy use. The credit amount applied to your electric bill is broken out as a line item on your monthly statement.
In 2020, when we saw a dip in electric sales, WPCA credits totaled $440,000. In 2021, as kWh sales rebounded, the total WPCA credits issued jumped to $625,805 in member savings.
When combined with capital credit refunds to estates, totaling $580,490, and the December general retirement of $800,000, credits for 2021 totaled $2,006,295.
When combined with capital credit refunds to estates, totaling $580,490, and the December general retirement of $800,000, credits for 2021 totaled $2,006,295.
This same time last year we largely believed that the WPCA credit would begin to decline towards the end of 2021. Fortunately, we were able to maintain the credit at its current level and anticipate it remaining unchanged into the second quarter of 2022.
I do want to circle back around to the topic of capital credit refunds to the estates of deceased members. The loss of a loved one is a difficult time. Many are unlikely to even think about their loved one’s cooperative membership beyond transferring the electric service into another name. In fact, it often only comes to the attention of a surviving family member when we mail a general retirement capital credit check to the deceased member.
We have a process in place to settle the balance of the deceased member’s ownership equity. That process begins with the submission of a capital credit claim form along with a copy of the deceased member’s death certificate. If no executor exists, the check is made payable to the clerk of court who will handle the disbursement of funds.
Claim your capital credits
The capital credit claim form can be found on our website at tidelandemc.com