South River EMC Returns $3 Million
South River Electric Membership Corporation members will have a pleasant surprise on their May electric bills due to higher-than-expected margins in 2018. Active members who had electric service with the Cooperative in 2018 will find a credit on their electric bills in May.
South River EMC is a not-for-profit electric cooperative. As such, any money earned above expenses, is returned to members in the form of capital credits. Capital credits are refunded in the fourth quarter of the year. However, margins were greater than normal, so the Cooperative board of directors elected to provide a one-time power cost rebate on electric bills.
“I am pleased to announce that in May, $3 million will be returned to the membership in the form of a rebate, based on electric use in 2018,” said South River EMC Executive Vice President & CEO Chris M. Spears.
The past couple of years have been financially beneficial for members of South River EMC. Over the last two years, South River EMC has provided bill credits totaling $5.5 million. This is in addition to the $4 million in capital credit refunds for 2017 and $4.36 million in 2018. Capital credit refunds are provided to former members, whether they are customers of South River EMC or not.
South River EMC is a locally owned and operated electric cooperative, which provides electric service to 43,000 homes, farms and businesses in parts of Harnett, Cumberland, Sampson, Johnston and Bladen counties.