East County electrical service company to pay $726,000 to customers

Longtime consumer-members of the Peace River Electric Cooperative this month will be getting checks in the mail.

PRECO's Board of Directors recently authorized the release of more than $726,000 in capital credit payments to about 11,500 consumer-members who purchased electricity from the co-op during 1992 and 1993.

“All business owners expect some form of benefit for their participation,” said Bill Mulcay, CEO of PRECO. “We are pleased that sound financial management by the Board of Directors has allowed us to issue capital credits checks for the benefit of our members.”

Preco's board is responsible for determining when and how much capital credits can be returned annually. The decision influenced by factors such as the financial condition of the cooperative, the amount of growth and expansion of power lines and other items.

PRECO has returned nearly $6 million to its consumer-members in the form of capital credits checks over the last decade.

Contact Pam Eubanks at [email protected].