As Duke Energy customers prepare to begin paying $3 billion for nuclear failures, customers at one regional utility cooperative will see rebates.
Board members for the Withlacoochee River Electric Cooperative, also known as WREC, have authorized a $15 million return in capital credits. Customers who have had service for more than one year will receive the credits on their December bills.
Billy Brown, the cooperative's longtime general manager, said in a news release that "everyone at WREC understands the challenges our members face. Their budgets have been squeezed at every point. We are pleased the cooperative is in a sound financial position and we are able to provide this refund and give our members some relief."
Capital Credits are the accumulation of all prior year's revenue after the co-op's expenses have been paid. These credits are applied on a pro-rata basis to each WREC member's account and represent a portion of the total monies paid to the co-op by each member.
Counting this year's refund WREC has given back more than $266 million to its members in Pasco, Hernando, Citrus, Sumter, and Polk counties since 1990.