2021 Capital Credit Refunds
Pee Dee Electric's Board of Directors recently voted to return approximately $650,000 in capital credits to cooperative member-owners who were served during 1994. Each year, the Board of Directors consider whether to retire capital credits based on the cooperative's financial health. Member-owners served during 1994 can expect to receive their capital credit refund check during the month of September. Capital credit refunds are also known as the cooperative's profits or margins. Because Pee Dee Electric is a not-for-profit utility, margins are returned to the people the cooperative serves. The cooperative expects to distribute checks to more than 6,700 current and former members. These checks will be mailed on September 15, 2021.
7/23/2020 - More than $600,000 coming back to members!
Pee Dee Electric members who paid power bills in 1993 will receive a credit on their August bills.
One of the benefits of being served by a not-for-profit electric cooperative, like Pee Dee Electric, is that the utility doesn't do business to earn a profit for shareholders. Instead, the co-op periodically returns a portion of margins to its members.
The Pee Dee Board of Directors voted to return these capital credits to members earlier than usual this year to help offset summer bills at a time when members are still recovering from the economic impact due to COVID-19.
Those paying the cooperative for service during 1993 will receive an average $77.90 on August power bills. The credit will be shown as "General Retirement Refund." Almost 5,000 members will be affected.
The board agreed returning capital credits on bills would be a safer, more convenient way to distribute these funds during the pandemic.
3/25/2020 - Postponement of Rate Increase
As members receive our April issue of the Carolina Country magazine this week, I want to address my article found in the local pages of the magazine. You may have noticed that Pee Dee Electric was planning to implement a rate increase effective May 2020. With the uncertain financial hardships that our members may be facing due to the COVID-19 outbreak, our Board agreed to postpone this rate increase.
Additionally, we have suspended all late fees and penalties, as well as disconnects for nonpayment. This suspension applies to our traditional and prepay accounts. Although these measures are being taken to assist at this time, I want to remind members of the continued responsibility for power used. We encourage you to pay what you can to avoid having a larger balance later. Our member service representatives continue to work with members regarding payment arrangements.
Our lobbies are currently closed; but the drive-thru windows remain open at both office locations.
Our member service representatives are available to answer calls and help answer questions you may have concerning your account.
Please stay safe and know that Pee Dee Electric will continue to operate and provide the highest-quality service possible for you, the members we serve. The spread of COVID-19 may require changes in how we interact, but it will not change what we do.
CEO/Executive Vice President