Southern Maryland Electric Cooperative (SMECO) is refunding members’ capital credits totaling nearly $7.1 million. Of that total, a general refund of approximately $4.7 million will be issued in July. Eligible active members will receive credits on their bills, and checks will be issued to eligible former members. Special refunds of about $2.4 million will be paid throughout the year to include estates of deceased members. SMECO’s margins for 2021 totaled more than $24 million. SMECO uses margins—revenue minus expenses—as working capital for new construction, system improvements, and facility upgrades. Sonja M. Cox, SMECO president and CEO, explained, “Our members help to finance SMECO’s operations, and they can be assured that we are investing in infrastructure and technology that will benefit them.” Cox added, “SMECO customers invest in their cooperative every time they pay their bill, and we are responsible for keeping the lights on. But, because our customers are our members, we also exercise a basic cooperative principle by sharing a portion of SMECO’s margins with them.” SMECO’s margins are based on the cooperative’s revenue and expenses, not the cost of energy. While the cost of energy has increased over the last year, SMECO makes no profit on energy costs, […]
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