PASCAGOULA — Singing River Electric Power Association will distribute $1.5 million in capital credits to customers who purchased power from 1953 to 1964.
CEO Lee Hedegaard tells The Mississippi Press about 138,982 currently active and inactive accounts are eligible to receive a capital credit refund beginning in December.
As an electric cooperative, Singing River is owned by those who use the system and operates on a not-for-profit basis. Rates are set so the association has enough revenue to operate, make loan payments and hold an emergency reserve.
At the end of each calendar year, any balance is allocated back to members in proportion to their purchases.
When the cooperative is strong financially and the member equity level is high, the board refunds some portion of past years’ capital credits.
Current customers eligible for a refund will receive a credit on their bill automatically. Previous customers with no longer active accounts should contact the cooperative.
Singing River EPA serves about 71,000 customers in Jackson, George, Greene, Perry, Wayne, Stone and Harrison counties in Mississippi and in Washington and Mobile counties in Alabama.