August 25, 2008

FKEC Refunds $1,185,000 in Capital Credits

Florida Keys Electric Cooperative refunded $1,185,000 in Capital Credits this year. Pictured from left are: FKEC Directors Dr. Jim Boilini and Craig Belcher, FKEC CEO Scott Newberry, Director H.B. Barrett, Board Vice President Gretchen Holland, Board Treasurer Frank Hawkins, Directors Karl Wagner and George Hertel, FKEC Board President David Ritz, and Board Secretary Mike Puto.

A total of $1,185,000 is being refunded to Florida Keys Electric Cooperative members as Capital Credits this year.

FKEC has issued 11,258 refunds in the following amounts: 55 larger than $1,500; 37 from $1,000 to $1,500; 827 from $100 to $1,000; 1,750 from $50 to $100; 3,940 from $25 to $50; 3,197 from $10 to $25; and 1,452 less than $10. Active account holders due less than $20 do not receive checks; they instead receive credits on their monthly bills.

This year's Capital Credit refund represents the remaining balance of FKEC's margins from 1990. Refunds are based on the amount of electricity each member purchased in 1990, so refund amounts vary in proportion to the amount of electricity each member used that year.

As a not-for-profit cooperative utility, Florida Keys Electric Cooperative allocates its margins -- the revenues earned in excess of the cost of doing business -- to its members. Margins are retained by FKEC for a number of years to improve the electric system. These margins are then returned to members as Capital Credits.

Members receiving checks in the wrong name or in the name of a deceased member should contact either the Tavernier office (852-2431) or the Marathon office (743-5344) for the appropriate forms.

Capital Credits transfer forms currently available online:  

* Application to Transfer Capital Credits of Deceased Members (4 pages)
* Affidavit of Transfer of Capital Credits for Active Corporations (2 pages)
* Affidavit of Transfer of Capital Credits for Dissolved Corporations (2 pages)

NOTE: You must have the free Adobe Acrobat Reader installed on your computer to view these files.

For Questions & Answers about Capital Credits, click here.

FKEC provides electricity to more than 31,000 members from the Monroe County line to the top of the Seven-Mile Bridge.