21_42_56_584_powerlines Press Releases

For Immediate Release:
Thursday, December 14, 2017

Tideland Electric Retires $960,000

PANTEGO, NC - During fiscal year 2017, Tideland Electric Membership Corporation retired close to $1 million in capital credits. Retirements to the estates of deceased members of the electric cooperative totaled $510,226. Tideland’s board of directors further authorized a general retirement of $450,000 to those members and former members of the cooperative that received service in 1990.

Capital credits represent member margins that are collected through electric bill revenues and reinvested in the cooperative’s utility infrastructure. At the end of each year, Tideland’s expenses are deducted from revenue to determine the cooperative’s net operating margins for the year. Those margins are proportionally assigned to each Tideland EMC member as capital credits based on a percentage of what each member paid for electricity during the calendar year. By utilizing member capital to maintain the electric system, Tideland is able to minimize its reliance on outside lenders thus reducing borrowing costs for the entire membership.

The general retirement is being issued through a combination of checks and electric bill credits. Active account holders will receive a check during the month of December if their electric account is current at the time of distribution and if their refund is $50 or more. All other Tideland members with active accounts will receive a credit on their December electric bill if they had service with the co-op in 1990. Checks will be mailed to former members at their last known address for refunds of $50 or more. Undeliverable or unclaimed refunds are eventually escheated to the North Carolina Department of Treasury.

Tideland EMC serves 22,500 accounts in Beaufort, Hyde, Washington, Pamlico, Craven and Dare counties.
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For Immediate Release:
Wednesday, December 1, 2016

Tideland Board Approves $1.1 Million Capital Credit Refund

PANTEGO, NC - Tideland Electric Membership Corporation’s board of directors has approved a $1.1 million general retirement of member-owned capital. The refund, issued this month, will apply to members of the not-for-profit cooperative during the service years 1989 and 2015.

Capital credits represent member margins that are collected through electric bill revenues and reinvested in the cooperative’s utility infrastructure. At the end of each year, Tideland’s expenses are deducted from revenue and the remaining funds are proportionally assigned to each member as capital credits based on a percentage of what they paid for electricity during the calendar year. By utilizing member capital to maintain its electric system, Tideland is able to minimize its reliance on outside lenders thus reducing borrowing costs for the entire membership. Tideland’s ability to retire capital credits is based on the co-op meeting financial performance goals as established by the U.S. Department of Agriculture’s Rural Utilities Service. The amount returned to an individual member is based on the total amount they paid for electricity during the years for which the refund is made. 

Of the $1.1 million refund, approximately $550,000 will be paid to the estates of deceased members. The remaining $550,000 will be issued through a combination of checks and electric bill credits. Active account holders will receive a check during the month of December if their electric account is current at the time of distribution and if their refund is $50 or more. All other Tideland members with active accounts will receive a credit on their December electric bill. Checks will be mailed to former members at their last known address for refunds of $50 or more.

Undeliverable or unclaimed refunds are eventually escheated to the North Carolina Department of Treasury and can be searched and a claim filed at www.nctreasurer.com/Claim-Your-Cash. In the case of a deceased member, the estate executor or clerk of court should contact Tideland to request a refund application. The form can also be downloaded at the cooperative’s website www.tidelandemc.com.
In addition to capital credit refunds, Tideland EMC members have reaped the benefits of a wholesale power cost adjustment (WPCA) credit issued on all 2016 electric bills. For the first eleven months of 2016 those credits totaled $2 million. The WPCA credit for December is the equivalent of a ten-percent rate reduction for residential accounts. In 2015, WPCA credits totaled $1.3 million.

Tideland EMC serves 22,500 accounts in Beaufort, Hyde, Washington, Pamlico, Craven and Dare counties.

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Tideland EMC members to share $2.4 million capital credit refund

For Immediate Release:
Tuesday, December 1, 2015

Contact: Heidi Jernigan Smith, Corporate Communications Manager
252.944.2410; heidismith@tidelandemc.com

Pantego, NC --- Tideland Electric Membership Corporation’s board of directors has approved a $2.4 million general retirement of member-owned capital. The largest single year retirement in Tideland EMC’s 74 year history, the refund will apply to members of the not-for-profit cooperative during the service years 1986-1989 and 2014.

Capital credits represent member margins that are collected through electric bill revenues and reinvested in the cooperative’s utility infrastructure. At the end of each year, Tideland’s expenses are deducted from revenue and the remaining funds are proportionally assigned to each member as capital credits based on a percentage of what they paid for electricity during the calendar year. By utilizing member capital to maintain its electric system, Tideland is able to minimize its reliance on outside lenders thus reducing borrowing costs for the entire membership. Tideland’s ability to retire capital credits is based on the co-op meeting financial performance goals as established by the U.S. Department of Agriculture’s Rural Utilities Service. The amount returned to an individual member is based on the total amount they paid for electricity during the years for which the refund is made.

According to Tideland EMC’s chief executive officer Paul Spruill this unusually large refund is primarily attributed to historically high electric sales last winter. “While it is always a pleasure to refund member dollars, ideally we don’t want to collect more money than is needed to comfortably meet our obligations,” said Spruill. “Last winter’s extended cold snap, coupled with a much more stable energy market than was originally forecast, resulted in significantly higher member margins than anticipated. This one-time, large refund allows the cooperative to meet its financial obligations while getting member dollars back into our local communities.” In the past 10 years, Tideland has retired $8.9 million to co-op members.

Of the $2.4 million current year refund, approximately $418,000 will be paid to the estates of deceased members. The remaining $1.98 million will be issued through a combination of checks and electric bill credits. Active account holders will receive a check during the month of December if their electric account is current at the time of distribution and if their refund is $100 or more. All other Tideland members with active accounts will receive a credit on their December electric bill. Checks will be mailed to former members at their last known address for refunds of $100 or more.

Undeliverable or unclaimed refunds are eventually escheated to the North Carolina Department of Treasury and can be searched and a claim filed at www.nctreasurer.com/Claim-Your-Cash. In the case of a deceased member, the estate executor or clerk of court should contact Tideland to request a refund application. The form can also be downloaded at the cooperative’s website www.tidelandemc.com.

In addition to capital credit refunds, Tideland EMC members have reaped the benefits of a wholesale power cost adjustment (WPCA) credit issued on all 2015 electric bills. For the first ten months of 2015 those credits totaled $949,523 and will exceed $1 million by year end.

Tideland EMC serves 22,500 accounts in Beaufort, Hyde, Washington, Pamlico, Craven and Dare counties.

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Tideland EMC Refunding Over $552,000 To Members in 2014

For Immediate Release: Monday, December 1, 2014

Pantego - For fiscal year 2014, Tideland Electric Membership Corporation will return over half a million dollars in capital credits to members and former members of the not-for-profit cooperative. The total is comprised of two types of refunds: a general retirement and retirement to the estates of deceased members. Members who received electric service from the cooperative during the years 1986 and 2013 were included in the general retirement that takes place this month. The general retirement of $288,500 was authorized by the electric co-op’s board of directors. Depending on the size of the refund and individual account status, members receive their refund either as a December electric bill credit or in the form of a check. Additional retirements totaling more than $263,500 was paid to the estates of deceased co-op members.

Tideland EMC is a member-owned cooperative providing electric utility service at cost. Therefore, any funds remaining after all expenses have been paid are eventually returned to Tideland members and former members through a series of capital credit refunds. The amount returned to an individual member is based on the total amount they paid for electricity during the year for which the refund is made. Since 1993, Tideland EMC has returned more than $9.3 million in capital credits to its membership.

During the period of time that capital credits are retained, Tideland EMC reinvests those funds in system improvements thus reducing the co-op’s borrowing costs. The decision to retire capital credits is based on the co-op meeting financial performance goals as established by the U.S. Department of Agriculture’s Rural Utilities Service.

In addition to capital credit refunds, Tideland EMC members have also reaped the benefits of a wholesale power cost adjustment (WPCA) credit issued monthly since January 2013. The WPCA credit for the past twenty-four months has averaged just under $5.00 per 1,000 kilowatt hours purchased. The co-op also lowered all kilowatt hour rates on July 1, 2014.

Unclaimed capital credits are eventually forwarded to North Carolina Escheats at the State Treasurer’s office. In the case of a deceased member, the estate executor or clerk of clerk should contact the cooperative at 1-800-637-1079 to request a refund application. A request form may also be downloaded at the cooperative’s website: http://www.tidelandemc.com/documents/RequestforDeceasedMemberCapitalCredits.pdf

Tideland EMC serves 22,500 accounts in Beaufort, Hyde, Washington, Pamlico, Craven and Dare counties.

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Tideland Awards $10,000 to NCCUMC Disaster Recovery

For Immediate Release: Thursday, August 14, 2014

Pantego, NC - Tideland Electric Membership Corporation and CoBank recently awarded $10,000 to the North Carolina Conference of the United Methodist Church (NCCUMC) Disaster Recovery Ministry through Co-Bank’s Sharing Success Matching Grant Program. CoBank’s “Sharing Success” matching grant program is designed to celebrate the vital role that cooperatives play in the U.S. rural economy and in individual communities across the country. Co-Bank has committed $3 million dollars in 2014 to match donations by cooperative partnerships through nonprofit organizations in their local communities. Contributions are matched on a dollar-for-dollar basis, up to $5,000. The matching funds were made as a community investment by the co-op’s 501c3 non-profit the Tideland Electric Care Trust.

This is the third year in a row that Tideland has successfully obtained CoBank matching grant funds for projects in the area. In 2013, the funds were awarded to the Hyde County domestic violence shelter to equip the facility with new energy efficient appliances and security equipment. In 2012, the funds were awarded to NCCUMC Disaster Recovery to assist with repairing homes in Stumpy Point following Hurricane Irene. This year the $10,000 grant will help NCCUMC Disaster Recovery continue work on homes damaged by the series of tornadoes that struck Beaufort County in April of this year.

Tideland EMC’s vice-president Doug Brinson and chief executive officer Paul Spruill traveled to a co-op member’s home on July 24 to present the check to NCCUMC disaster response superintendent Cliff Harvell. A large group of young adults from Roanoke, Virginia were on the jobsite that week volunteering a portion of their summer vacation to help repair storm damaged homes.

CoBank, a member of the Farm Credit System, is a national cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states.

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