South Plains Electric Cooperative to return $4 million to member

South Plains Electric Cooperative to return $4 million to members

(Press Release)

[LUBBOCK, TX] –South Plains Electric Cooperative has returned more than $45.4 million to local members in our local communities over the past 80 years—it’s nothing new.

South Plains Electric Cooperative will mail checks to more than 35,500 members receiving $10 or more. All checks will be mailed by the Annual Meeting on September 10. The Annual Meeting takes place at the Lubbock Memorial Civic Center. If the credit is less than $10, it will be credited on the member’s September bill.

Even not-for-profit businesses can have money left over after all expenses are paid in a given year. The difference is, at the end of the year, that money is credited to each member’s account according to the amount of electricity purchased. Assigning credits to members, instead of paying dividends to distant stockholders, is just part of the accountability members receive from South Plains Electric Cooperative.

Unlike other electric utilities, the Cooperative exists to make sure members’ needs are always met, not to make a profit. South Plains Electric Cooperative works hard every day to keep rates as low as possible. But it’s sure nice to know that when there are credits, they go back to members and members receive cash back over time.

If a member of South Plains Electric Cooperative has a question, please contact Penny Nelson at pnelson@spec.coop, 806.775.7831 or Jessalynn Alejandro at jalejandro@spec.coop or 806.775.7828.

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