Pedernales Electric Cooperative (PEC) will distribute nearly $8.6 million in capital credits to members this December, raising the lifetime distribution to more than $107 million since 2007, according to a press release.
The 2017 distribution was approved Oct. 16 after the PEC Board of Directors reviewed the cooperative’s fiscal health and determined the amount will not result in any adverse impact.
Because PEC is a cooperative owned by its members, it does not earn profits. When revenues exceed expenses, the cooperative earns margins. Each year, when financial conditions allow, those margins are allocated to members in the form of capital credits.
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