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Member Information
An electric cooperative is a member-owned and controlled utility which provides electricity and associated services at cost to its members. A cooperative is a business owned jointly by those who use its services - because you are a member of the Northern Neck Electric Cooperative, you are also one of its owners.
Democratically Controlled
Cooperative membership offers members a voice and a vote in the business affairs of the Cooperative. Members have direct input into who sets policy for the Cooperative. Seven of your fellow members sit on a board of directors that governs the cooperative and are elected by you and other Northern Neck Electric Cooperative members.
Capital Credits
Because Northern Neck Electric Cooperative is a cooperative, it provides "at cost" service to its members. The Cooperative's year-end margins are allocated back to its members in the form of "capital credits".
Margins are what investor-owned utilities and many other companies refer to as "profits". The Cooperative's margins are determined by taking the amount of money the cooperative receives from its members during the year and subtracting the costs of providing electric service during that year. Each member's portion of the year's "capital credit allocation" is determined by how much electricity the member used during the year. Until "capital credit refunds" are made, the margins are used by the Cooperative to build, upgrade, and maintain the electrical system.
Each year, Northern Neck Electric Cooperative's Board of Directors decides, based on the cooperative's financial condition, what percentage of the "capital credits" will be refunded to its members. Members and former members should keep the Cooperative informed of their correct mailing address so that when a refund is made, they will receive their check in a timely manner.
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| Copyright © 1997-2004 Northern Neck Electric Cooperative, Inc. All Rights Reserved. |
