Florida Keys Electric Co-op board has authorized the return of nearly $2.5 million in capital credits to help active account holders during the financial impact of COVID-19. Members will see the bill credit on May FKEC electric statements.
“With our members, and community as a whole, facing financial hardships during our fight against COVID-19, we want to do our part to help,” said CEO Scott Newberry. “As a not-for-profit, member-owned utility, we cannot give away electricity, but we can get inventive with the return of our annual margins, or as we call them capital credits. I appreciate the quick work of the board of directors to authorize the move of our normal capital credit retirement from November to May to help our members now.”
FKEC capital credits are a member’s piece of the co-op’s financial earnings. By retiring 30% of FKEC’s 2019 margins, over 25,000 active accounts will receive bill credits. The credit amount will vary based on the amount of electricity a member purchased from FKEC in 2019. As an example, a residential account that purchased an average amount of electricity last year will receive a credit of approximately $65. All returns will be by bill credit and only issued to active members. No checks will be written.
In addition to the bill credit, FKEC has temporarily suspend disconnection of electric service for nonpayment. FKEC members who find themselves unable to partially or completely pay their electric bill, should call Member Service at (305) 852-2431 to customize a payment plan to manage their balance and maintain electric service. FKEC is working to help affected members make payments to the best of their ability to prevent the accumulation of a larger balance.
“The FKEC board of directors are elected by our members to represent your interests and ensure a financially sound utility,” explains Board President Karl Wagner. “We are committed to that job, and are proud to work with the co-op staff and with our members to get through this crisis together.”
Click here to read more about Capital Credits. If you have questions you can call or email Member Service: 305-852-2431, email@example.com.