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You can count on YEC to get your lights back on in a storm, but it is important to recognize the work we do to guarantee reliable energy. Providing a level of service that removes the feeling of doubt is our goal each day. We want you to know your lights will come on, your water will be hot, your phones will be charged and, most importantly, the electricity you use is safe. Similarly, in the event of an outage, we want you to have peace-of-mind that your Cooperative will work diligently to restore power.
Continued maintenance on the YEC substations and lines delivering power to your home is necessary to preserve our high standards of service. We are currently rebuilding our India Hook substation located on Mt. Gallant Road replacing outdated equipment where high voltage lines enter the substation, to improve reliability. We are also adding another transformer to the Lakeview substation located on Highway 21 North to increase capacity to withstand the growth in our area. Construction on both locations will be completed this summer. These upgrades also include improved technology to help isolate outages and improve restoration times.
President and Chief Executive Officer
This work, and our unwavering commitment to our members, shows you can depend on YEC–to plan for the future, to put in the work, to keep you updated on your Cooperative, and to look out for you.
Paul Basha
President and Chief Executive Officer
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Is your name on the list?
Value comes in many shapes and sizes at York Electric Cooperative because it is our goal to provide more than just reliable energy. That's right–you're not just a consumer at YEC, you are a member. And, as part of your membership, you receive capital credits which are allocated from excess revenues your cooperative earned during the year. This year, we retired $1.4 million dollars, the most in YEC's history. Didn't receive a check or bill credit? Take a look to see if you are named on our undeliverable list. It's your money, so please help us pay you!
If you received electrical service from YEC at any time, and your name is on the list, please contact our office at (803) 684-4248. Please keep in mind that the Capital Credit amounts are not necessarily large, however, YEC desires to get the money due to those who earned it.
Capital Credits FAQ
As members of YEC, do we build equity in the co-op, and if we leave the area do we get a payout?
Capital Credits are a benefit of membership in a member-owned utility. Each year, YEC uses the revenues that exceed operating costs as equity. These funds and borrowed capital allow YEC to serve a growing number of members while implementing the latest technology to provide the best possible service. As a not-for-profit utility, YEC later returns these revenues to the members who originally paid them in his/her electric bills.
Each year, our members receive Capital Credit checks. Members will receive Capital Credit checks in the mail unless the amount due to them is less than $15. If the member’s refund is less than $15, the amount will be distributed and printed on their utility billing statement as a line item credit. The amount of Capital Credits returned is determined by total revenues received over expenses for the cooperative and your total energy billings for the year. They are paid periodically with board approval after review of YEC’s financial status.
If you leave YEC’s service area, your Capital Credits remain in your name and member number until they are retired. Therefore, you need to make sure YEC has your current mailing address.
What are Capital Credits?
York Electric is a cooperative. A cooperative is owned by its members and does not technically earn profits. Instead, any revenues over the cost of doing business are considered “margins”. These margins represent an interest free loan of operating capital by the membership of the cooperative. This capital allows York Electric to finance operations and, to a certain extent, construction. The utility then returns this capital to the members in later years.
How often will I receive an allocation notice?
You should receive an allocation notice each year after a financial audit of York Electric has been completed. During the month of May, members receive Capital Credit checks in the mail unless the amount due to them is less than $15. If the member’s refund is less than $15, the amount will be distributed and printed on their utility billing statement as a line item credit.
What do I have to do to start accumulating Capital Credits?
Capital Credits are calculated by York Electric for every member who purchased electricity during a year in which the utility earned margins. No special action is required to start a Capital Credit account. Your membership with York Electric activates your Capital Credit account.
How are Capital Credits calculated?
The amount of Capital Credits you earn in a given year is based upon the amount of electricity purchased. Each member receives a credit based on a percentage for each dollar of electricity purchased.
Will I receive a Capital Credits check every year?
Not necessarily. The board of trustees must authorize a refund before you receive a check. When considering a refund, the board analyzes the financial status of the cooperative and will not authorize a refund if it is not in the best interest of the membership.
Can I use the Capital Credits I have allocated to pay my electric bill?
No. Allocated Capital Credits may not be used to pay current bills. While your electric bill is due monthly, you will not be entitled to your Capital Credits until the board of trustees authorizes a refund. This will take place over many years, since York Electric needs the funds to grow.
What happens to the Capital Credits of members who die?
The representative of the estate can have the balance of Capital Credits transferred into the heir’s name and the balance will be paid out as the board of trustees approves refunds.
What happens to my Capital Credits when I leave York Electric’s service area?
Your Capital Credits remain in your name and member number until they are retired. You just need to ensure that York Electric has your current mailing address.
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York Electric Cooperative welcomed some special guests to our 77th Annual Meeting of Members May 12—the 3,373 members we registered in attendance. Our valued members are always very special to us!
And yes, we had some dignitaries visit, too: Gov. Henry McMaster, U.S. Rep. Ralph Norman and state Rep. Tommy Pope. Thanks to these friends of the co-op for taking time out of their busy schedules to join us. If you couldn't make it, allow me to recap the highlights of my report:
- Reasonable rates: We have continued our seven-year trend of no rate increase or only a slight increase. There will be no increase this year—and we're working on no increase for next year!
- Credit(s) to you: We recently returned a record payout of capital credits to you, our members—$1.4 million!
- Reliability up: We have been blessed with our best outage record in years. Reliability and service quality are the best in our recorded history.
- Shine on: Our first Community Solar farm sold out in less than two weeks. Construction on a second, in East York Industrial Park, will begin soon. By the way, members who bought into the first farm report a good return on their investment.
Thanks again to all who attended the meeting! If you couldn't be there, we hope to see you in 2019, if not sooner.
Paul Basha
President and Chief Executive Officer
Election results
Members re-elected three incumbents to their Board of Trustees at the meeting. Directors (from left) Richard M. Roach (District 3), Paul D. Poston (District 4) and Tommie Bratton (District 8) were all unopposed.
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2018 Annual Meeting Slideshow »
We enjoyed gathering with you–3,373 members of the co-op family–catching up, hearing what you had to say and the good fellowship. Also, members donated 2,025 lbs. of food to PATH during the meeting. Thank you for making your co-op's canned food drive for PATH a huge success.
Early in the day, members of the Operation Round Up trust board helped get the food drive going with some canned goodness. The drive benefitted PATH (People Attempting to Help), Inc. With PATH volunteer Midge McAfee (right) are trustees (from left) Ethel Sutton, Anne Gilfillan and Johnny Howe.
Photos by Walter Allread
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President and Chief Executive Officer
In May, electric cooperatives across the country promote safety awareness to coincide with National Electric Safety Month. Every year, thousands of accidents occur due to shock hazards, and YEC, your cooperative, is committed to educating the public about potential electrical dangers in and around their homes.
In 2016, 475,000 structure fires (including residential fires) were reported in the U.S., causing 2,950 deaths, 12,775 injuries and $7.9 billion in property damage. According to the National Fire Protection Association, a residential fire was reported every 90 seconds. Many home fires occur when electrical equipment is outdated or improperly used.
Your energy source
It is crucial that you understand your home's electrical system and the safety concerns associated with the latest residential technologies before bringing them into your home. With newer technologies, such as solar panels, electric vehicles and more electrical gadgets in the home, people need to ensure they have an electrical system that's compatible with the increased load. Utilize your source of energy and information by contacting YEC at (803) 684-4248 or visit our website. Your cooperative is always here for you!
Making accidents disappear
YEC puts a lot of energy into educating the public about electricity. Recently over 500 students at three local elementary schools had an interesting lesson on electrical safety. Using magic tricks and comedy to hold the students' attention, magician Chris Dixon presented his Making Accidents Disappear program. The program teaches students to be aware of their surroundings, especially when electric wires and appliances are nearby.
"There is no performing art that is more universally loved among children than magic. I was excited that York Electric decided to sponsor this program again this year. Teaching electrical safety in a way that is memorable and fun for the students is a real passion of mine," Dixon noted.
At YEC, we are committed to doing everything in our power to prevent accidents and promote safety. We are always looking out for you! That's why we regularly offer safety demonstrations to students and other groups throughout our service area.
Through electrical safety awareness and education, we can all play a part in preventing electrical hazards and injuries in the future. Together let's plug into safety this May.
Paul Basha
President and Chief Executive Officer
More than 7,250 members of electric cooperatives around South Carolina, including more than 550 members of York Electric Cooperative, are already helping their fellow cooperative members to reduce energy use and costs through our Beat the Peak program.
In April, the cooperatives introduced a new website to encourage more members to join in this truly cooperative effort. By joining the Beat the Peak program, you are teaming up with the co-op to save on power costs for everyone. If you'd like to join us, sign up at BeatThePeak.com.
By lowering total energy use when it is most expensive, the co-op can lower total power costs. Because electric cooperatives are not-for-profit companies, the savings can be passed on to all the co-op's members. As BeatThePeak.com also details, here are some powerful reasons to support the effort.
First, what is Beat the Peak?
Beat the Peak is a co-op member notification system that:
- Teaches you how electricity use varies during the day and across the seasons of the year.
- Helps you understand that you can help reduce electricity use at specific times of the day across the whole electric system.
- Relates your choices about electricity use to the broader effort to control costs.
- Allows you to voluntarily sign up to receive notices of peak demand periods.
- Sends you notifications (via text, email and/or voice messages) at times when you can help reduce electricity use.
Electricity prices vary hourly?
Even though your electric rate is flat, the cost of the power we buy on your behalf does vary from hour to hour. Higher demand for electricity causes utilities to use more expensive fuels. Utilities use their most efficient and least costly generators first. Then, as electricity demand increases, utilities turn on generators that are less efficient or that use more expensive fuels. That's why higher electricity use can mean higher costs for your cooperative. The demand for electricity is greatest between 6 a.m. and 9 a.m. in winter months. In the summer, peak electricity demand occurs between 3 p.m. and 7 p.m.
How does it work?
Your cooperative and its power suppliers continually monitor the demand for energy. Using weather forecasts and historical energy use data, they predict when peak demand for electricity will occur.
In advance of that time, you can be notified by:
- Text message
- Voice message
During a Beat the Peak peak period, you will receive a notification asking you to take certain actions. Those actions could include:
- Adjusting your thermostat by 3 degrees.
- Turning off lights.
- Delaying the use of major appliances, such as dishwashers, washing machines and clothes dryers, until after the predicted peak demand period has passed.
- Postponing hot water use, which will delay the activation of electric water heaters.
Sign up for Beat the Peak notifications at BeatThePeak.com. If you're already supporting the program, be sure to like our Beat the Peak posts on Facebook!
Power Saver Rewards
Load Management Program: YEC members are now able to sign-up for the Power Saver Rewards program.
Community Solar
YEC constructs first solar farm in our area: YEC is shining the light for solar energy use in our area.
Beat the Peak
In 2017, YEC started a new Beat the Peak program, a free and voluntary effort to help control energy costs.
