PEC to give members $4M in checks

JOHNSON CITY, Texas (KXAN) - $4 million will soon be in pockets across central Texas, as the Pedernales Electric’s Board of Directors voted Friday to issue capital credit refunds in the form of checks. The checks will go out in November.

Pedernales Electric Cooperative members invest in PEC through the electricity they use, and this year that investment created a surplus in positive finances. While capital credits are nothing new, the checks are. In the past, members have seen the credits appear on their monthly statement.

“By deciding to distribute capital credits in the form of a check, we are trying to give our membership tangible evidence of their financial participation in PEC,” said PEC General Manager Juan Garza. “Our Board also is taking the time and making a significant effort to inform our member-owners of the unique benefits of the cooperative business model.”

Member Donna Atwood of Johnson City said she planned to use her check immediately when it comes next month.

“When you’re a single parent, you’re pretty thrifty, so I’ll probably do Christmas shopping and pay bills,” she said.

Atwood said her first bill to pay would be her PEC electric bill, nearly $375. The average amount expected for each of the co-op’s 206,000 customers is $20.

“The members can use the funds however they best see fit in what helps their lifestyle and makes the best difference for them,” said Anne Harvey, PEC spokesperson.

Capital credits are based on the amount of electricity each member uses. In central Texas, that usage stretches from Lampasas past Austin all the way to the New Braunfels area.

Most members will receive a check, but about a thousand will still receive their refund as a credit on their November bill, as their distribution will be $1 or less.

To calculate how much you will receive, click here .