Gulf Coast Electric Cooperative
D E C E M B E R 2016
Merry Christmas from the employees of Gulf Coast Electric Cooperative! Reflecting on the Past Year PAGE 4 Capital Credits Distributed PAGE 32 n
Gulf Coast
Members acknowledge that $3.96, plus actual postage, is the cost to publish 12 issues a year of Florida Currents (USPS8300). Published by Ruralite Services Inc., 5605 NE Elam Young Pkwy., Hillsboro, OR 97124—a not-for-profit Oregon cooperative corporation—the magazine serves the communications needs of consumer-owned electric utilities in Florida. Preferred Periodicals postage paid at Hillsboro, OR 97123 and at additional mailing offices.
Peace starts here.
Postmaster: Please send address corrections to 5605 NE Elam Young Pkwy., Hillsboro, OR 97124. HOW TO CONTACT FLORIDA CURRENTS
Have a problem receiving your edition of Florida Currents? Utility members should contact the local utility office listed on the back cover. Nonmembers should contact Ruralite Services, 5605 NE Elam Young Pkwy., Hillsboro, OR 97124; (503) 718-3717; email info@floridacurrents.com. Subscription services: Nonmember subscriptions $12 (U.S.) per year; $25 (foreign) per year. Prepayment required. Allow 4 to 8 weeks for first issue. Be sure to identify which local edition you want to receive. Order online at www.floridacurrents.com. Extra copies: $2 each, prepayment required. Supply is limited. Identify edition, month and year. Contact Ruralite Services.
From all of us at Gulf Coast Electric Cooperative, “Peace on earth. Good will to men!” We value your membership. We value you.
Reprint permission: Direct all requests to Ruralite Services. MANUSCRIPTS AND PHOTOGRAPHS
Please do not send unsolicited materials. If interested in writing for Florida Currents, query first. Include a self-addressed stamped envelope for writer’s guidelines. Address requests and queries to Ruralite Services. DISPLAY ADVERTISING INQUIRIES
Contact Jessah Willis National Country Market 611 S. Congress Ave. Suite 504 Austin, TX 98704 (800) 626-1181 or (512) 441-5200 www.nationalcountrymarket.com PRINTED IN FLORIDA
Trend Offset Printing Services 10301 Busch Drive North Jacksonville, FL 32218 © 2016 Ruralite Services Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.
www.gcec.com (800) 568-3667
Inside
December 2016 Vol. 6, No. 2
Embrace the True Spirit 12 Abandon the holiday shopping madness and limit materialistic gift-giving. Also In This Issue Side Roads 10 In the Kitchen 16 Great Picture Hunt 18
Travel Journal 20 Festival Roundup 22 Parting Shot 30
Your utility pages: 4, 5, 6, 7, 8, 25, 26, 28, 29, 32
D E C E M B E R 2 0 16
3
Gulf Coast
Reflecting on the Past Year By Michael White, CEO/General Manager, Gulf Coast Electric Cooperative
As the end of 2016 approaches, I would like to reflect on the events of the past year. As CEO and general manager of Gulf Coast Electric Cooperative, I evaluate opportunities the cooperative has had and the challenges we have faced. I ask myself, “Did we provide the highest level of member service? Have we impleMichael White mented programs that offer our membership added value?” In answering such questions, I developed a list of some of our accomplishments during the past year. As you read this, I hope you see that our employees come to work each day with one goal in mind: to safely provide you with a reliable source of energy services. I thank you for your patronage of the cooperative, and wish you a merry Christmas and a happy 2017. Capital Credits We are in the process of distributing capital credit checks. Those who were members of GCEC in 1983
and 2015 will receive credits totaling $450,000. Estates of deceased patrons will share an additional $50,000. GCEC is a member-owned, nonprofit organization. Therefore, at the end of each year and after all operating expenses have been paid, a prorated percentage of its margins—referred to as capital credits—is allocated to members based on the amount they paid for electricity during the year. The decision to make a refund and how much to refund is made by the board of trustees and is based on the financial health of the cooperative. Fortunately, the financial health of the cooperative has allowed for the amount of capital credit refunds to increase during the past few years. Employee Training and Safety At least once a month, our employees participate in safety training sessions that cover everything from first aid and CPR to the training our line technicians need to safely work on power lines each day. Our No. 1 priority is the safety of our employees, our members and the public. Equipment and Material Purchases The co-op has purchased many needed items in 2016, including several new trucks and right-of wayequipment, all while reducing the overall material inventory level from the previous year through continuously improving material management practices. Turning over material and rotating equipment helps our employees provide you with reliable service, restoring power when needed. OSHA Compliance GCEC is 100 percent compliant with Occupational Safety and Health Administration rules. We have gone to great lengths to ensure all of our employees have received safety training as required by OSHA, and that all of our offices and equipment adhere to OSHA standards.
GCEC Vice President of Operations Francis Hinson, who oversees all safety programs for the cooperative, displays the Certificate of Safety Achievement that Gulf Coast Electric received for its dedication to employee and public safety and commitment to regulatory compliance and loss control practices. 4
D E C E M B E R 2 0 16
Padmount Equipment, Wood Pole Inspections To improve system reliability and extend the useful life of field equipment, in 2016 GCEC focused on best practices for maintenance and inspection of padmount transformers, junction cabinets and other
underground equipment, as well as wood poles used for overhead lines. GCEC is required by the Florida Public Service Commission and Rural Utilities Service to inspect each pole on our system once every eight years. We inspected more than 7,000 poles this year alone. Similarly this year, GCEC inspected and repaired nearly 500 padmount equipment devices. Right-of-Way Throughout 2016, GCEC trimmed the rights-ofway in the Ebro, Wewahitchka, Crystal Lake and Fountain areas. If vegetation comes into contact with power lines, it can interfere with your electric service and cause a potentially dangerous situation. It is vital this vegetation be cleared from the power lines to provide reliable electric service and prevent a hazardous condition. Your board and management team is taking a different approach to trimming than in years past. We are reclaiming our rights-of-ways. The co-op tries to work with each landowner to preserve landscaping when maintaining rights-of-way.
We realize most property owners regard trees as an asset; however, federal law states it is GCEC’s responsibility to eliminate hazardous conditions. We appreciate your patience and understanding as we work to bring you quality, reliable service.
Instructor Tracey Strickland, standing, observes Jay Shiver during forklift training.
Tyndall Air Force Base As we continue to push forward with our 50-year contract, we have corrected many issues with the water and electric systems at Tyndall AFB. We have completed several water and electric projects, including replacing aging infrastructure to assist Tyndall in fulfilling its mission. This contract has given us the opportunity to hire more employees and help stimulate local economies by buying materials and expanding your cooperative. We are proud to be a part of Team Tyndall. Future GCEC is looking to roll out more online tools for your account and other marketing programs to assist members. We constantly evaluate ourselves, and your feedback is sought each day. I appreciate the opportunity to serve you. n D E C E M B E R 2 0 16
5
OLIDAY LIGHTING SAFETY TIPS Consider purchasing LED holiday lights; they are cool to the touch and more energy efficient than incandescent bulbs. Test holiday lights by connecting each strand before hanging them. Make sure there are no broken bulbs or damaged or frayed cords. Discard any defective strands. Use holiday lights that include the Underwriter’s Laboratories (UL) label.
Avoid resting bulbs on tree needles and branches. Try using a clip to keep the bulbs upright. Do not overload electrical outlets or extension cords.
Turn off all indoor and outdoor holiday lighting before leaving the house or going to bed.
6
D E C E M B E R 2 0 16
Gulf Coast
Nuclear a Critical Element of Our Future Energy Mix As the rest of the country relies more on natural gas for electricity generation, PowerSouth is expanding the cooperative’s already-diverse power supply mix with a nuclear power purchase, adding flexibility and good economic value. PowerSouth’s generation plan has succeeded, in large part, due to its diverse fuel mix. Using a variety of fuels and technologies to generate electricity balances the benefits and risks associated with each source, including reliability, economics and environmental factors. Today, PowerSouth uses natural gas, coal and hydro to meet member energy needs. To further diversify the generation blend, PowerSouth will buy 125 megawatts of nuclear capacity from the Municipal Electric Authority of Georgia for 20 years beginning in 2019. Vogtle Units 3 and 4—currently under construction near Augusta—will be among the first nuclear units built in the U.S. in the past three decades. “This is the best nuclear technology to date,” said Dixie Electric Cooperative President and CEO Gary Harrison, who is chairman of the Corporate Planning & Power Supply Committee on PowerSouth’s Board of Trustees. “It is not only safe, but it also has no carbon footprint.” Adding nuclear power to the energy mix serves PowerSouth’s members’ interests well over the long term—balancing fuel costs and managing risk by using a variety of generation technologies. A proven technology that produces zero greenhouse gas emissions, nuclear energy can relieve uncertainty associated
with coal and natural gas prices. Like coalfired power plants, nuclear plants are traditional “always-on” generators, providing large amounts of electricity around the clock. In fact, nuclear power plants have the highest average capacity factor of any electricity source. Coal-fired generation faces continued regulatory challenges, such as the the U.S. Environmental Protection Agency’s recent Clean Power Plan. Natural gas is a valuable resource, but history has shown that leaning too heavily on gas could cause utilities to deal with unpredictability in pricing and availability. Utilities’ use of renewables is increasing nationwide, but as intermittent sources they cannot displace the need for traditional baseload generation sources. “People like renewables because they emit no carbon dioxide,” Harrison said, “but they are such small pieces of the puzzle. Nuclear is the perfect addition to our mix because it can provide the magnitude of energy we need, but with the same zero-carbon output.” PowerSouth’s move toward nuclear began in 2008 when PowerSouth’s Board of Trustees adopted a strategic plan to promote a diversified power supply strategy, including the flexibility to adapt quickly to changes in global energy and financial markets, as well as future legislation governing emissions. n
Nuclear plants are:
Efficient
Nuclear power plants are the most efficient source of electricity, operating 24/7 at a 92 percent average capacity factor.
E
F
Available A nuclear plant refuels once every 18 months, replacing one-third of the fuel each time.
Reliable During the 2014 Polar Vortex, the U.S. nuclear fleet operated at 95 percent capacity, higher than any other source of electricity.
1x
=
1 TON
17,000 ft3
Clean One uranium fuel pellet creates as much energy as one ton of coal or 17,000 cubic feet of natural gas.
Powerful A typical nuclear plant generates electricity to power 720,000 homes (or a city the size of Boston) without emitting greenhouse gases.
This article was prepared by PowerSouth’s Communications department. President and CEO Gary Smith is taking a respite from writing to focus on issues important to PowerSouth, its members and those it serves. D E C E M B E R 2 0 16
7
Gulf Coast
Home Energy Assistance Programs Available The Florida Department of Economic Opportunity offers two programs for assistance with home energy needs. The first is the Low-Income Home Energy Assistance Program. LIHEAP helps low-income families with home heating and cooling costs. The second is the Weatherization Assistance Program. The extent of services provided by WAP is contingent on available funding, but services provided by this program—depending on available funding—include repair or replacement of inefficient heating and cooling units; measures to control air infiltration, including weather stripping, caulking, thresholds, minor wall, ceiling and floor repairs, and window and door replacement; installation of attic and floor insulation; repair or replacement of water heaters; installation of solar screens; application of solar reflective coating to manufactured homes; and installation of attic ventilation. For more information about these programs, visit www.floridajobs.org or contact the agency for your county at the numbers listed in the chart at right. n 8
D E C E M B E R 2 0 16
BAY: Bay County Council on Aging Inc., (850) 769-3468 CALHOUN: LIHEAP: Capital Area Community Action Agency Inc., (850) 674-5067 WAP: Calhoun County Board of County Commissioners, (850) 674-2571 GULF: Capital Area Community Action Agency Inc., (850) 229-1717 JACKSON: LIHEAP: Jackson County Senior Citizens Organization Inc., (850) 263-4650 WAP: Community Action Program Committee Inc., (850) 438-4021 WALTON: LIHEAP: Tri-County Community Action Inc., (850) 892-3615 WAP: Community Action Program Committee Inc., (850) 438-4021 WASHINGTON: LIHEAP: Tri-County Community Action Inc., (850) 638-4520 ext. 28 WAP: Community Action Program Committee Inc., (850) 438-4021
Gulf Coast
Trading Post For Rent Horse barn with five stalls, paddock and about 4 acres of pasture in Wewahitchka, one block from the old courthouse. Lease by the stall, with discount for multiple horses. (740) 334-0341. Three-bedroom, one-bath home on 74 acres in Calhoun County. Large front porch with rocking chairs. $450 a month ($350 if you have carpentry skills). (850) 674-8392.
For Sale Miniature donkeys. Jacks and Jennys, black, brown, gray and paints. All ages. $300 and up. Make great pets. Also standard donkeys. Betty, (850) 899-7424. Quarter horses. Ride well on trails, gentle, good for lessons. (850) 773-1957. Ladies snowsuit. Size large; black with hot pink and lime accents. Very warm. Paid $98. Worn once for two hours. $25. Ladies size 8 MetroStyle boots, shiny red, long laces, 3” heels. Paid $112. Worn a few hours to holiday events. $25. (850) 773-1970. Large organ, $100. Small organ, $25. Keyboard, $25. Dining room table, $100. (850) 639-2263. 2005 Honda Rebel motorcycle. Black with 4,500 miles, $1,450. Craftsman garden tractor, model FS5500 with bucket and grade blade. Used 183 hours. $1,650. (850) 274-0687.
vent and drains. Lubricate hinges, locks and doors. Inspect fireplace, fire extinguisher, garage door opener/motor, well pump and sprinkler system. Free estimates. (850) 722-4619 or (850) 596-2788 or proactivems@outlook.com.
Real Estate
Three-bedroom, two-bath home at 297 Raven Lane (Wetappo Creek area) off Highway 386, about 5 miles north of Overstreet Bridge, less than 10 miles to the beaches. Large enclosed RV shed, fenced area, all appliances included, large covered porch, great neighborhood. John Lucus, (850) 381-0788.
FSBO. Two adjacent lots, about 2.5 acres on paved road, 10 miles north of Wewahitchka, 45 minutes from beaches. Borders the Chipola River and Cypress Creek. Cleared and ready to build. Quiet and peaceful; no neighbors. Deeded restrictions. Underground utilities, deep well and many fruit trees. $69,900. (850) 648-4214.
2,700 sq. ft. heated and cooled brick home on 100’x170’ lot in Scotts Ferry on the Chipola River front. One bedroom, one bathroom, kitchen and living room downstairs; two bedrooms, one bathroom, kitchen and living room upstairs. Also a 20’x24’ garage, 8’x36’ covered glass sunporch and fireplace. $147,000. (850) 933-6150.
Two- or three-bedroom cabin. About 1,200 sq. ft. with large screened porch. 150’ on West Arm Creek in Meeks subdivision. (850) 271-9040.
Two-bedroom, one-bath home in Scotts Ferry with 100’ of frontage on the Chipola River. Deck and storage building. $95,000. (850) 933-6150.
½-acre corner lot. (850) 639-2220.
Four Chipola River front lots for sale. High and dry. $90,000. (850) 933-6150.
FSBO. Three-bedroom, three-and-a-half bath home on two acres on Bear Creek (navigable) leading to Deer Point Lake. Walkout basement, in-ground pool, pool house, huge garage and workshop, 18’x40’ RV shelter, paved driveway, nice landscaping with sprinkler system. Asking $350,000. (850) 381-2280. Three-bedroom doublewide at Gaskin Park (535 Byrd Parker Dr.) in Wewahitchka. (352) 232-5752.
Two-bedroom, two-bath home in Scotts Ferry on 100’x100’ lot close to the Chipola River. Great room with brick fireplace, study, large wooden porch on front and back of house, covered carport. $99,000. (850) 933-6150.
Wanted Fixer-upper boat and utility trailers, cheap. (850) 303-1460.
Extra heavy-duty utility trailer, 5½’ x 14’ tandem axle, new paint, new deck, new lights. Paid more than $2,000 new. $1,200. (850) 303-1460.
Trading Post is a FREE service to members of Gulf Coast Electric Cooperative. GCEC reserves the right to edit or reject ads. PLEASE PRINT LEGIBLY OR TYPE.
12-piece place setting of antique Noritake china. Roseglen pattern. Also, glass-front china cabinet. Both for $500. (850) 265-5939.
Please circle the category that applies:
Book “The Great Tide” by Rudylea Hall. $25. (850) 763-9909. 6 ‘ artificial Christmas tree, fiber optic with color change effects, 331 tips. Used once. Retails for $70; asking $35, firm. (850) 773-1970. 2005 Keystone Cougar 285MKS, 30’. Excellent condition. New roof, awning and converter. Tires and wheels are 2 years old. Average Blue Book is $14,000. Selling for $10,500 or reasonable offer. (850) 258-5690 or (850) 265-3864 to view.
Miscellaneous Home service installations: child protection devices, pet doors, shelving/organizers, TV mounts and surround sound, surveillance equipment, digital thermostats, whole-house water filters, washer/dryer hook-ups, showerheads, weather-stripping, curtain rods and blinds. Home maintenance: replace filters, clean A/C coils, flush water heater, clean dryer
For Rent
For Sale
Real Estate
Free
Miscellaneous
Trade
Wanted
Items:
Name: Address: City:
Phone:
Mail your ad to: The Trading Post; Gulf Coast Electric Cooperative; P.O. Box 8370; Southport, FL 32409; return with your electric payment; or email ad information to tradingpost@gcec.com. ** Due to press deadlines, please expect up to 60 days from submission for your advertisement to appear.
D E C E M B E R 2 0 16
25
Gulf Coast
If you have visited one of our offices between Thanksgiving and Christmas, you probably noticed red and green paper light bulbs decorating the lobbies. For the past several holiday seasons, Gulf Coast Electric Cooperative has given its members the opportunity to buy light bulbs for $1 each and write the name of a loved one on it to be displayed between Thanksgiving and New Year’s. This year’s fundraiser begins Monday, November 28. All proceeds benefit Project Helping Hand. Project Helping Hand began assisting members in 2004. Funds raised for this program are only shared with GCEC members. Working with Family Service Agency, Project Helping Hand provides temporary assistance to GCEC’s members in need. The program assists the elderly, the disabled, the low-income, the ill, the military and others experiencing difficulty paying their utility bill. If you are not planning a trip to one of our offices, but would like to donate to Project Helping Hand, donations are accepted by phone, or you may clip out and return the form below. You may want to agree to have a recurring amount of $1, $3 or $5 added to your monthly electric bill. Gulf Coast Electric Cooperative would like to thank all of its members for their continued support of the Project Helping Hand program. n
Project Helping Hand Name: ___________________________________________________________ GCEC account number: _____________________________________________ Mailing address: ___________________________________________________ _________________________________________________________________ Telephone number: _________________________________________________ Signature: ________________________________________________________ I pledge to have the following amount added to my utility bill each month and deposited into the Project Helping Hand account. I understand this is a perpetual agreement, and I must notify Gulf Coast Electric Cooperative by phone or mail to remove this recurring donation from my bill. Select donation amount: _______ $1 Select: ____One-time contribution
_______$3
_______$5
____Recurring contribution
Cut out, complete and return this form with your electric payment or mail to: Gulf Coast Electric Cooperative; Attn. Kristin Evans; P.O. Box 8370; Southport, FL 32409.
26
D E C E M B E R 2 0 16
Help your neighbors by contributing to Project Helping Hand. Between Thanksgiving and New Year’s, buy a paper light bulb for $1 in honor of a loved one.
Gulf Coast
GCEC Employee and Trustee News
Our Man Behind the Scenes Port St. Joe High School inducts GCEC Trustee Waylon Graham into its Athletic Hall of Fame
Waylon Graham, District II, Group 1 trustee and president of Gulf Coast Electric Cooperative’s Board of Trustees, was inducted into the Port St. Joe High School Athletic Hall of Fame on September 9, prior to the Port St. Joe versus Trenton football game at Shark Field. Port St. Joe High School printed the following in the game program under the title, “Our Man Behind the Scenes!” Travel away from home wearing the purple and gold adorned with Shark logos, and someone is likely to inquire or comment to you about Shark athletics. The reality is, the Port St. Joe High School Tiger Sharks colors, logos, spirit and pride have changed very little over the past 50 years or more. Many times the statement has been made by observers that, “I see as many Port St. Joe shirts, hats and attire being worn as I do that of any college team. Why is this?” The answer is simple. It’s because of the passionate and devoted hard work of people like Waylon Graham on behalf of this school and community. Like so many others, Waylon came to
Port St. Joe chasing employment. Like many, he made it his home, raised a family and made civic service a major part of his everyday life. For Waylon, that routine included nearly two decades of service as a member of the Gulf County School Board. The late 1960s and 1970s were in many ways a time for transition and change. To be the right man in the right place at the right time epitomized Waylon Graham! During his service as a school board member, Waylon was perfectly situated to help shape local educational policies and practices, and build a school and school system that the future has been based upon ... even today. Waylon is representative of a handful of others who were instrumental in the bond sales for the concrete home-side bleachers at Shark Field. Volunteerism! For nearly 30 years, Waylon was the time clock operator for the boys and girls basketball games; served tirelessly for 25 years, many as Shark Quarterback Club president, where he coordinated countless pregame meals
Doug Birmingham
Rupert Brown
Eddie Jones
Jimmy Black
Waylon Graham
Betty Moore
Trustees Recognized by National Organization Six Gulf Coast Electric Cooperative trustees—Doug Birmingham, Jimmy Black, Rupert Brown, Waylon Graham, Eddie Jones and Betty Moore—recently earned Director Gold certificates through the National Rural Electric Cooperative Association. The Director Gold certificates recognize directors who have earned their Credentialed Cooperative Director certificates and Board Leadership certificates, and are committed to continuing their education throughout their service on the board. n 28
D E C E M B E R 2 0 16
Waylon Graham, center, was inducted into the Port St. Joe High School Athletic Hall of Fame by Gulf County Superintendent of Schools Jim Norton, left, and High School Principal Sandra Cook.
for Shark football as well as various other teams. Waylon was a behind-the-scenes and instrumental driving force for much of the championship successes of Shark athletics during a period that many would look back upon as the “golden years” for Shark football and basketball. To quote Waylon, “I am most proud to have worked tirelessly alongside so many others to make Shark Athletics and their facilities the very best, and such that our community would always be proud.” Today, these efforts are still celebrated each fall and spring in the branding that is now Shark athletics: purple and gold, Shark Stadium, Shark pride and all Tiger Sharks. Thank you again, Waylon Graham, for being the community representative of an esteemed few that came before you, and those today who help make Shark athletics a success, and for those who will step up to support the Sharks in the future. Tonight we say thanks, and we are honored to enshrine you as one of the greatest of Sharks by welcoming you into the Port St. Joe High School Athletic Hall of Fame. n
Two Hired, One Promoted at GCEC Gulf Coast Electric Cooperative is proud to announce the addition of Theo Baxter and Mindy Maddox to its staff and the promotion of Jeremy Horton to foreman. Theo is a maintenance specialist. A graduate of Chipley High School, he has 32 years of experience working for Washington County schools. Mindy is manager of human resources. She has a master’s degree in human resource management and has nearly a decade of experience in human resources. Jeremy has worked for GCEC since 2012, and has 16 years of experience in the power industry. A graduate of Graceville High School, he completed the Tennessee Valley Public Power Association’s lineworker apprenticeship program. n
Theo Baxter
Mindy Maddox
Jeremy Horton
D E C E M B E R 2 0 16
29
FL-154
Offices 722 West Highway 22 P. O. Box 220 Wewahitchka, FL 32465 (850) 639-2216 or (800) 333-9392 9434 Highway 77 P. O. Box 8370 Southport, FL 32409 (850) 265-3631 or (800) 568-3667 6243 East Highway 98 Panama City, FL 32404 Phone: (850) 481-1188 www.gcec.com
CEO/General Manager Michael E. White
Trustees President Waylon Graham Vice President Jimmy Black Secretary Eddie Jones Treasurer Rupert Brown Doug Birmingham Robert Byrd Gary Cox Kinneth Daniels Betty Moore Trustees normally meet the third Tuesday of each month at 12:30 p.m. CST. The board meets at the Wewahitchka office in even-numbered months (February, April, June, August, October and December) and the Southport office in odd-numbered months (January, March, May, July, September and November). The mission of GCEC: Fulfilling the changing needs of our membership and communities by providing cost effective, reliable and safe utility services through a dedicated and responsive workforce. 32
D E C E M B E R 2 0 16
GCEC President’s Message
Capital Credits Distributed
Gulf Coast Electric Cooperative is distributing capital credit checks. Members of the cooperative in 1983 and 2015 will receive credits totaling $450,000. An additional $50,000 has been allocated for distribution to estates of deceased patrons. The refund year is determined by a combination of the firstin, first-out and last-in, first-out philosophy. As a memberowned, nonprofit organization, at the end of each year after all operating expenses are paid, a prorated percentage of margins—referred to as capital credits—are allocated to members based on the amount they paid for electricity during the year. Waylon Graham The decision to make a refund and how much to refund is made by the GCEC Board of Trustees based on the financial health of the cooperative. Refunding of capital credits is spread over time because GCEC uses the capital to finance plant and equipment purchases instead of borrowing funds and paying interest. Capital credits represent most of the cooperative’s equity, which has reached a level that enables the cooperative to borrow at the most attractive rates. Capital credits are used wisely to keep the cost of electricity as low as possible before they are refunded. How do you calculate my capital credits? The percentage of margins to the total amount of electric revenues received by GCEC is calculated. That percentage is multiplied by the total amount of your bills for the year. This is your capital credit allocation. Is interest earned on capital credits? Although capital credits are your investment, GCEC’s bylaws (Article VII, Section1) do not permit interest to be paid. That would be like paying interest on borrowed money, which would increase rates. What is the difference between capital credits and dividends? Capital credits represent a return of money being paid by the member for electricity. Dividends are earnings on an investment that was made by an investor with the desire to make a profit. If I do not own the home or property can I still be eligible to receive capital credits?
Regardless of ownership, if electric service is in your name, you are entitled to margins. What happens if I move off the co-op’s lines? Capital credits cannot be applied to your final bill or be refunded to you in a lump sum. That would give preference to people leaving GCEC rather than continuing to support it. You will be mailed a check when the year earned is refunded. Keep the cooperative notified of address changes. n Should you have any questions regarding capital credits, contact the Panama City office at 481-1188, the Southport office at 265-3631 or the Wewahitchka office at 639-2216.
GCEC offices will close at noon Friday, December 2, and will be closed Friday, December 23; Monday, December 26; and Tuesday, December 27. Merry Christmas from all of us at Gulf Coast Electric Cooperative!