LCEC Customers
to Receive Equity

The Lee County Electric Cooperative will give customers nearly $13 million in equity refunds or credits beginning in June, a power company spokeswoman confirmed Friday.

The refunds and credits will range from $1 to $229,194.

Refund checks will go to 48,500 customers based on the amount of equity they have in the system. Credits on the bills will be assigned to another 141,100 customers receiving a return of less than $250.

A customer must have equity worth $56 or more to qualify for the program, spokeswoman Karen Ryan said.

The refunds are part of LCEC’s equity distribution program approved by the board of directors, Ryan said. Equity is the value of the customer’s investment in the system after annual costs are paid. Customers invest in the company through their power bill payments.

“If you use more electricity, you get more money back,” Ryan said.

An equity account balance is kept for each customer. “The balance in their equity owner account is their investment in the company. It’s not money in the account. It’s in poles, wires and equipment,” Ryan said.

The coop’s privacy policies don’t allow it to disclose who gets the biggest payouts, Ryan said. The largest goes to an investor-owned company.

Refunds averaged about $20 per person last year. About 97 percent of those refunds were under $100.

Information about the size of each customer’s equity account value will be included with their check, credit or by letter.

Money owed to former members who can’t be located is returned to LCEC’s general fund. Those members have three years to contact LCEC to get the money.