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GreyStone Power members to receive early capital credits totaling record $15 million
GreyStone Power understands the hardship that many members may face during the COVID-19 outbreak. To help ease that hardship, GreyStone is sending its members capital credits early. The cooperative’s Board of Directors approved a record $15 million Capital Credits Early Refund. Members who had power with GreyStone in 2019 will receive a credit on their May bills.
“This early capital credits return gives our members an additional form of support during a time of uncertainty. As a not-for-profit cooperative, our only reason for existence is to serve our members,” said GreyStone Power President/CEO Gary Miller.
Each year, GreyStone returns a portion of prior years’ margins to members. Capital credits usually represent a portion of the margins from the most recent year and the oldest previous year(s). This return typically occurs in the fall in the form of a check. Last year, capital credits checks were mailed to members on Oct. 1.
GreyStone has returned more than $140.2 million in capital credits to members since 1936, including the latest installment amount of $15 million returning to members this spring.
As a not-for-profit cooperative owned by the members they serve, GreyStone Power is dedicated to providing members with reliable electric service at the lowest possible rates. GreyStone members enjoy some of the lowest rates in the state. The co-op has the third lowest rates out of 94 providers in Georgia. That is according to the Georgia Public Service Commission’s 2020 winter residential rate survey at 1,000 kWh.
The amount of capital credits money members receive is determined by how much electricity they used during the years for which capital is being retired and the co-op’s cost of distributing the power during that time. For the Capital Credits Early Refund, 75 percent of residential members will receive $50 or more.