SEARCH MyCVEC

Power Supply

Board of Directors

Organization

Communities

Careers

Patronage Allocations & Capital Credits Refunds

As a not-for-profit electric distribution cooperative, CVEC is owned by its members. The members provide an investment in the lines, poles and substations as part of the rates they pay for electric service. This money is then used for distribution line improvements and eventually returned to the members. Over the years, CVEC has returned $14,195,438 to members. This year’s refund marks the seventh consecutive year for refunds.

​

Patronage Allocation

CVEC does not use “profits” for shareholder dividends. Instead, all revenues we receive through our rates, beyond our costs for providing electric service, remain the property of our members.

How does that work? At the end of the year, the Cooperative allocates a share of the electric service margins to each member, based upon usage, in the form of patronage capital. Patronage capital is used to maintain and improve the distribution system and should be viewed as the member-owners’ equity investment in the Cooperative’s physical plant.

​

Capital Credits

Each year, the Board of Directors determines if the Cooperative will refund a portion of patronage capital to the members. This refund of capital credits is one of the benefits of being a cooperative member.

We are pleased to announce that the Cooperative Board of Directors has authorized a
$1.48 million refund for 2017. This refund will be used to retire 10% of the 2016 patronage capital allocations and 100% of the allocations from 1990. The Cooperative will send a check if your refund exceeds $100 or will provide a bill credit for those existing members receiving less
than $100.

​

Unclaimed Capital Credits

In 2016, CVEC issued a partial refund of capital credits allocated to those who were members in 1988, 1989, and 2015. Members due a refund greater than $100 were mailed checks. A portion of the checks were not deposited or were returned as undeliverable. Following is a list of members who have not claimed their refund.

You can find a current list of members who have not claimed their refunds here.

Anyone listed should download this form, fill it out and return to CVEC:

Mail: P. O. Box 247, Lovingston, VA 22949

Scan and email: [email protected]

 

 

 

 

 

Corporate Headquarters:

800 Cooperative Way

Arrington, VA 22922

Payments:

Dept. 1340  |  PO Box 2153

Birmingham, AL 35287-1340

Correspondence:

P. O. Box 247

Lovingston, VA 22949