GreyStone Power Corp., which serves portions of Paulding and Bartow counties, announced that it has sent $12 million in capital credits back to some members this year. Checks were sent to GreyStone members in October.
Each year, GreyStone returns a portion of prior years’ margins to members. Capital credits checks represent a portion of the margins from the most recent year and the oldest previous year or years.
GreyStone has returned $125.2 million in capital credits to members since 1936, including the latest installment amount of $12 million returning to members this year. This is the second year in a row that GreyStone has had its largest capital return.
Revenues exceeding the cost of service to individuals and businesses that purchase energy from the co-op are credited to a special account in each member’s name. This year, members are receiving a return on their investment in GreyStone from the years 2001, part of 2002 and part of 2018. Only those receiving power from GreyStone in those years will receive checks.
The amount of money members receive is determined by how much electricity they used during the years for which capital is being retired and the co-op’s cost of distributing the power during that time.
GreyStone does not immediately distribute the full amount of surplus capital at the end of each year. Some of the member capital is put in reserves in order to keep rates as low as possible and to deal with unforeseen challenges and rising costs.
Checks are sent to each member’s last known address, so it is important to leave a forwarding address with the co-op if one moves. If a check is not claimed after five years, the money is used through the GreyStone Power Foundation Inc. to assist charitable nonprofits.
GreyStone Power is a member-owned cooperative providing electricity and related services to more than 119,000 members in eight counties, including portions of Paulding, Bartow, Cobb, Douglas, Fulton, Carroll,Fayette and Coweta counties.
For more information, visit www.greystonepower.com.