Each year, York Electric attempts to contact and return capital credits to members who have relocated and are no longer served by the cooperative. Even after you move, your membership carries value. If you know any friends or family members who might be included on the list, or you think YEC might owe you money, please search for their names or your name online.
If you see your name, please contact our member services team at (803) 684-4248.
Cooperatives are unlike any other utility. We are owned by those we proudly serve. If you are a member of YEC, you are an owner of YEC, so your monthly payment goes farther than simply paying for the electricity you use. Your payment is a tangible way for you to exercise one of the Seven Cooperative Principles, “members’ economic participation.” Your dollar goes to work for you by helping your co-op build equity and invest in your energy future for reliable, affordable power and then it is returned to you as a capital credit.
Each year, your cooperative’s financial health is evaluated by your board of trustees. Returning capital credits to members not only shows your cooperative is in great shape, but it also provides a return on your investment. As a member, your bill payment allows you to add equity to your cooperative, building wealth that helps secure low-interest loans, low service rates for members and investment in system maintenance and improvements that increase service reliability.
Capital credits are returned from the margins generated by York Electric Cooperative, or the money exceeding the cost to operate. This evaluation decision by the board of trustees proportionally allocates money to reinvest into the future of the cooperative and the amount of money to give back to members.
This year, your board of trustees voted to return $2.5 million to members who were served by the cooperative in 2000, 2001 and 2020. For amounts under $15, members should expect a credit on their electric bills during the month of May 2022. For any amount more than $15, please expect a check in the mail. Remember, YEC is always looking out for you.
For more information concerning Capital Credits, call our Member Services Department at 803-684-4248.
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 their 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.
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.
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.
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.
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.
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.
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.
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.
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.
York Electric Cooperative is proud to serve a diverse membership across the communities in York, Chester, Cherokee and Lancaster counties. When we first were formed in 1941, YEC brought affordable power to farmers and members living in the rural parts of our local areas. Eighty-one years later, your co-op now serves a wide array of members with varying energy needs. From small families and young students to local businesses and large industries, York Electric continues to look out for all members big or small. Every member. Every time.
Your trusted energy advisor
YEC has served the Wright family in Fort Mill since 2008. During this time, they have grown to understand and appreciate the cooperative difference. Describing his family’s experience with the co-op, Todd Wright shares, “Since becoming a member of YEC, I cannot imagine going back to another way of doing business with a for-profit utility that raises rates all the time and has to pay dividends to shareholders.”
In addition to being grateful for receiving Capital Credits as a member, Wright explains he really values the concern we show for our members’ best interests. As an electric vehicle owner and participant in solar energy efforts, Wright says, “I’ve consulted YEC’s Energy Services Representative, Brent Clinton, for advice a lot over the years. It is so refreshing to have someone actually on my side and to not have to listen to another sales pitch when I need guidance.”
As your trusted energy advisor, YEC is your source for power and information to help you make the right decisions for you and your family.
The power of human connections
Building connections and enriching the lives in our communities are values shared by York Electric and local gourmet popcorn business Poppin’ Sweets. Owner Melanie Powell and Store Operator Kevin Wilkerson (pictured) have been on YEC’s lines since 2020 and have been forming relationships through their delicious treats ever since. Powell shares, “Many of the families and customers that visit our store often have existing connections with our Treat Team staff, and we enjoy being able to spread those connections and family culture to everyone around us.”
York Electric is proud to offer local businesses like Poppin’ Sweets the safe, reliable and affordable electricity they need to continue reaching others and running a successful operation.
A focus on education
As your Touchstone Energy Cooperative, York Electric firmly believes our educational efforts can have a far-reaching effect not only for the individuals we help but for the community at large. We first saw the potential in member Cate Tedford when she attended our Washington Youth Tour in 2018.
During her experience on our six-day trip to the nation’s capital, Tedford rose to lead her fellow co-op delegates and learn about the cooperative business model by participating in our Soda-Pop Co-op simulation. A year later, YEC recognized Tedford’s continued dedication and we awarded her a $1,000 Touchstone Energy Scholarship, representing Nation Ford High School. Using the scholarship funds from YEC and leadership experience gained on our Washington Youth Tour, Tedford went on to study Spanish and Philosophy with an emphasis in Law, Liberty, and Justice at Clemson University’s Honors College.
Tedford shares, “I am so grateful for YEC’s role in preparing me for my future and for supporting my goals of higher education.” Tedford is currently studying abroad at the University of Alicante on the Southeast coast of Spain and plans to attend law school after graduation.
YEC continues to assist students like Tedford in their higher education and personal development goals each year through our educational trips and scholarship opportunities.
Industry and economic development
Elkem Silicones is located in YEC’s East York Industrial Park and has been providing local jobs and helping hold down power costs for members for over a decade. As one of York Electric’s largest member accounts, Elkem Silicones plays a significant role in the rates we provide for all members. Industries like Elkem Silicones use power in consistent amounts and during off-peak times and serve as an example of why YEC invests in economic development in our area. These qualities enable us to purchase power at a lower cost, which in turn, allows us to pass on the savings to the rest of our membership and provide quality jobs for our local members.
After a 37-year career of serving as an operations director for Elkem Silicones and predecessor companies, Dave Beaty is entering retirement next month. As Beaty reflects on his time with Elkem Silicones and on his relationship with YEC, he shares, “York Electric has always been very informative and open for collaboration. We’ve benefitted greatly from YEC’s energy-saving efforts, such as changing our security lights to LEDs, as well as from incentives to assist in capacity expansion.”
Here at YEC, we ensure lines of communication are always open and assistance remains available for all our members, no matter their size.
YEC would like to congratulate Beaty on his successful career, wish him the best in retirement and thank him for his years of dedicated service.
Affordable, reliable service
Herb Smith has been a member of YEC for nearly 25 years. Since moving to Rock Hill in 1997, Smith has enjoyed being a co-op member for our affordable rates, reliable power and our community outreach. Smith explains, “When I lived in New England, my power cost more than double what it currently does, and power outages were frequent. Since becoming a member of YEC, I have thoroughly appreciated the affordability and consistency York Electric offers.”
Smith has also taken advantage of YEC’s community events, like our Annual Member Appreciation Shred Day. “I attend YEC’s Member Appreciation Shred Day event each year and have never missed one,” Smith says. “I look forward to mingling with other members as well as YEC employees at this event and appreciate the co-op offering an easy, secure solution for my personal document shredding needs.”
Concern for community is an important part of YEC, and we value the opportunity to provide members a co-op they can always rely on.
YEC members will be paid a total of $2 million in Capital Credits in May of 2021. Members who were served by the cooperative in 1998, 1999, 2000, and 2019 should expect money in the form of a check in May or, if the amount is $15 or less, as an electric bill credit beginning in April 2021.
Being a member of YEC means more than being a customer; our members are owners of our cooperative. As an owner, we return revenue exceeding our operating costs back to you. It’s your piece of the pie. Think of it as your cash back from a percentage of the money you pay each year for the energy you use.
As a not-for-profit utility, returning money to members shows your cooperative is in great financial health. Your board of directors has determined we have the money available to return cash to members in addition to saving for our future, maintaining our electrical system and investing in new technologies to better serve you.
YEC member Anne Blake of Rock Hill grew up on co-op lines and has been a member herself since 1967. “York Electric always provides excellent service and makes it clear they truly have the member’s best interest at heart—which is so important, especially these days,” says Blake. “Receiving Capital Credits makes a big difference in my life and they are just another reason why I am grateful to be a member of the co-op.”
Questions about your capital credit allocation? Our member services team is here to help at (803) 684-4248.
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 their 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.
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.
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.
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.
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.
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.
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.
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.
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.
Although our board of directors deemed it unsafe to host our annual meeting this month, I still have positive updates to share. As we continue monitoring the COVID-19 pandemic, we will communicate plans for our annual meeting to all of you, including voting on your trustees, bylaw amendments and single-member districts. For now, I bring you the good news in print until it is safe to be together in person.
Your co-op is in great shape
We were able to retire the largest amount of capital credits at one time in our history to you in April 2020. Members received refunds totaling $2 million and, hopefully, this money came at a time when extra cash was needed most. The co-ops of South Carolina are working together to make sure the Santee Cooper deal is the best it can be for our members. We will not have a rate increase in 2020, and we do not plan to see one within the next two years.
New services provide benefits
As promised, we have continued working to find a way to bring high-speed internet to the unserved and underserved areas of our territory. We know this is key to keeping everyone connected to the world, and we want to do our part to help. We’ve also rolled out new energy services programs, offering technology at a lower cost for you. Learn more about the benefits of our whole house generator program and ecobee smart thermostat programs. Lastly, and perhaps most importantly, we are always looking out for you and researching new ways to enrich our communities and improve the quality of life in our area. Because of you, we have been able to give $3 million back to help those in need through our Operation Round Up program. We have also continued to be a vital part of economic development efforts in our area so that our members have more job opportunities.
I say all of this with gratitude for our membership, our communities and our employees. Local men and women here at YEC care about you and your families. Their dedication and determination to serve you is why we were able to respond to 99.75% of outages in 2019 within an hour of the first report, no matter the weather conditions or time of day.
These are just a few ways YEC continues to prove that we have your back and will always set the bar high to deliver reliable, affordable electricity to you. Thank you for another great year!
Sincerely,
Paul Basha
President and Chief Executive Officer
For the first time in YEC’s history, we were able to return $1.5 million dollars back to our members through capital credits in May of 2019. While this milestone shows your cooperative is in tip-top financial shape, it also means there’s more money back in your pocket.
After reviewing our margins for the remainder of this year, your Board of Directors made the decision to retire another $1.5 million dollars to you THIS YEAR. That’s right–YEC will return capital credits for a second time back to our members in 2019. Checks should hit mailboxes around the first week in December, just in time for Christmas.
As a reminder, capital credits are based on your co-op’s yearly margins which means investments in your cooperative’s future, growth and financial health are evaluated each year before determining the amount we can return to you. Rest assured our Board of Directors takes this matter seriously and always has your best interest at heart. For example, we are proud to have the lowest published electric rates in South Carolina and haven’t raised rates in nine years and don’t anticipate any increase for 2020. As a member, you own a piece of the co-op pie and are returned a portion of the profits based on your energy use and years of membership. In May, we returned money back to YEC members who received service from York Electric during the years 1996, 1997 and 2017. The second 2019 retirement will be for members who received service in 1997 and 2017. If your refund is less than $15, the amount will be printed as a line item credit on your utility bill.
Returning capital credits is just another way YEC is always looking out for you. To see more ways your co-op is investing in our greatest asset, our members, look at our year-end member comfort recap, our scholarship opportunities, and the winners of our first Bright Ideas Grant program and more local news in this issue.
Thank you for making 2019 one of our best years yet. Here’s wishing you and your family a Happy Thanksgiving and a Merry Christmas.
Paul Basha
President and Chief Executive Officer
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 their 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.
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.
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.
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.
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.
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.
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.
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.
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.