Earlier this year, LCEC Trustees approved an equity distribution of $5.7 million to current and inactive customers and checks and credits were distributed this week. LCEC has returned more than $191 million to customers over the years, which is among the best among the 800 cooperatives in the United States.
Equity is the value of the investment customers/members make in LCEC. As members of a not-for-profit cooperative, LCEC customers provide a portion of the capital necessary to operate the business through the payments they make each month. Without this investment, LCEC would be required to borrow additional funds from outside sources to provide electric service, resulting in higher base rates. LCEC has not had a base rate increase in four years. Although equity is not equivalent to cash, all LCEC customer/members are allocated equity capital annually if revenues exceed expenses. The Board of Trustees review the LCEC financial position annually to determine if a portion of the net margins can be distributed to members.
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