Author Archives: Mark Bolton

Coastal Electric Cooperative to refund $1.8 million to members

Next week, 6,283 Coastal Electric Cooperative members will get a welcomed surprise, just in time for the holidays.

The co-op will retire over $1.8 million in capital credits to members Coastal Electric served from 1988-1991. Most of those people will receive checks, to be mailed Dec. 12. Active members who are getting less than $25 in capital credits will see the return as a separate line item credit on their December electric bills.

The retirement of capital credits—so-called because members provide capital to the cooperative for it to operate and expand—depends on the co-op’s financial status. Coastal Electric Cooperative holds onto allocated capital credits to cover emergencies and unexpected natural disasters like hurricanes, and to expand its electric system, all of which may require large-scale construction of poles and wires. This action decreases the need to raise rates or borrow money to pay for the infrastructure. After a number of years, if financial conditions permit, Coastal Electric’s board of directors may decide to retire a set amount of capital credits.

Members are annually allocated capital credits based on the amount of electricity they consumed during a year.

To date, Coastal Electric Cooperative has retired more than $6 million in capital credits to members.

“Capital credits are just one benefit of being served by a not-for-profit, community-owned electric cooperative,” said Coastal Electric CEO Whit Hollowell. “We’re proud to support our communities by putting money back into the local economy and back into the pockets of those we serve. It makes our business model special.”

According to Hollowell, those who received electric service from Coastal Electric Cooperative from 1988-1991 don’t have to take any extra steps to claim their capital credits retirement, except watching the mailbox after Dec. 12 or looking for the line item credit on their December electric bills.

This year marks the Co-op’s largest return to date.

“Margins earned from electric revenues are the only real source of equity for not-for-profit electric cooperatives,” said Laura McGee of Richmond Hill, a retired CPA and now Secretary-Treasurer of the Coastal Electric Cooperative Board of Directors. “When we need to borrow money to build and improve our power lines, our lenders look at our underlying financial strength. Strong and consistent equity levels are one key aspect of financial strength, so it’s essential for Coastal Electric to maintain the right balance between retiring capital credits to members and retaining sufficient equity on its balance sheet.”

“The Co-op board tries to do a good job of striking that balance. That contributes to our ability to receive attractive rates on our construction loans, which in turn helps us keep costs low.”

Coastal Electric Cooperative is a not-for-profit, community-owned electric cooperative providing electricity and related services to more than 19,000 member-consumers in Bryan, Liberty, Long and McIntosh counties.

Notice of unclaimed funds. Coastal Electric may have a refund for you!

TO CURRENT AND PAST MEMBERS OF COASTAL ELECTRIC COOPERATIVE In compliance with O.C.G.A. § 44-12-236, The Disposition of Unclaimed Property Act, Coastal Electric Cooperative, is attempting to locate past members who were expecting either Membership or Deposit refunds to be issued at any time between July 1, 2012 and June 30, 2013 but did not…Continue Reading

Job Opportunities — Seeking Apprentice Line Technician III and Customer Service Representative III

Coastal Electric Cooperative currently has two job openings. The first is for an Apprentice Line Technician III.  No previous experience is required but a  Technical Certificate in Lineman/Electrical Training is desired. Must have or be able to attain a commercial driver’s license (CDL) within 12 months of being hired as well as forklift certification. Excellent benefits including…Continue Reading

Community takes part in Coastal Electric’s 78th Annual Meeting

Around 900 were in attendance for Coastal Electric Cooperative’s 78th Annual Meeting of the Members Thursday, June 7, at Midway Middle School. Retired WTOC meteorologist Pat Prokop served as emcee. Prokop gave his predictions for the 2018 hurricane season and presented his collection of deep sky astronomy pictures that he takes from a telescope in…Continue Reading

Seeking high school senior applicants for summer work-study jobs

Coastal Electric Cooperative announced the opening of its summer work-study program to introduce rising high school seniors to career opportunities in the electric cooperative industry. Participants can learn about: Electric line design and construction Operations Center and Engineering Services Customer Service Accounting Human Resources and Safety Information Technology Marketing and Communications Students will be paid…Continue Reading

Holly Fields of Midway appointed to Coastal Electric Cooperative Board of Directors

Holly Fields of Midway has been selected by the Coastal Electric Cooperative board of directors to fill the unexpired term of former Liberty County board member Stephen Mullice, who passed away in October. The lifelong Liberty County resident attended her first board meeting as a director Dec. 20. “It is an honor to have the…Continue Reading

Local students build, test-drive electric vehicles donated by Coastal Electric Cooperative Foundation

The wheels were turning on Saturday – literally – as students from First Presbyterian Christian Academy and Richmond Hill High School showcased the working electric vehicles they built as part of their math, science and research classes. Students applied the disciplines of science, technology, engineering and mathematics (STEM) to construct the electric go-kart-style vehicles built…Continue Reading

Summer jobs and scholarship opportunities for local high school seniors

UPDATE: Our application window for 2017 summer jobs ended May 15th. We’ll be accepting applications in April 2018 for next summer. Coastal Electric Cooperative is offering a new summer work-study program to introduce rising high school seniors to career opportunities in the electric cooperative industry. Participants can learn about: Electric line design and constructionOperations Center…Continue Reading