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GreyStone Power returns capital credits, invites members to virtual Annual Meeting
While this year has been unprecedented, GreyStone Power members can always count on their capital credits checks and the Annual Meeting. Though they may look different than in previous years, GreyStone remains committed to ensuring that the owners of the not-for-profit cooperative receive their many benefits.
Each year, GreyStone returns a portion of prior years’ margins to members. Capital credits checks represent a portion of the margins from the most recent year and the oldest previous year(s). This fall, the cooperative is returning $8 million to current and former members, with checks being mailed on Oct. 1. This capital retirement represents margins earned by GreyStone during part of 2002 and part of 2019. The amount that members receive on their checks is based on how much electricity they purchased during those years. Including this year, a total of $148.7 million has been returned to GreyStone's members over the co-op's decadeslong history.
Because of the financial hardships that the COVID-19 pandemic created, GreyStone returned a record $15 million in capital credits earlier this year. Those members who had power with GreyStone in 2019 received the Capital Credits Early Refund on their May bills, which helped the vast majority of GreyStone’s membership.
To protect the health and safety of GreyStone Power’s members and employees, GreyStone’s 2020 Annual Meeting of Members will be held virtually, with no in-person meeting or event. The virtual meeting will be posted on the GreyStone Power website for members to view on Saturday, Oct. 10, 2020, at 9 a.m., and will be available any time after that for members tuning in later.
Members received a ballot in the September issue of Georgia Magazine allowing them to vote on three board contests: the contested election for District 2, and the uncontested elections for Districts 6 and 7. Members will also vote on the approval of the 2019 Annual Meeting Minutes. Last year’s minutes can be viewed on greystonepower.com/annualmeeting. The results of the election will be announced in the virtual business meeting on Oct. 10.
To view the Annual Meeting, members should have a good, working internet connection along with a device to access the internet such as a smartphone, tablet, laptop and/or a desktop computer.