Southern Maryland Electric Cooperative recently announced that it will refund members’ capital credits, which total nearly $5.4 million.
Of that total, a general refund of approximately $3.4 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 million will be paid throughout the year to estates of deceased members and to help satisfy unpaid final bills.
SMECO’s margins for 2018 totaled more than $27 million.
SMECO uses margins — revenue minus expenses — as working capital for system improvements and construction.
At the end of each year, SMECO’s margins are allocated to a special capital credit account for each member, based on how much electricity the member purchased and the rate at which the account was billed.
All eligible active members will receive a credit for their primary account.
Eligible former members will receive a full refund of the balance in their capital credit account if the balance is $100 or less.
For more information on the SMECO capital credits refund, or to designate a primary account, call 1-888-440-3311.