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OCTOBER 2004
$2 Million returned to members
Residents in eight west metro Atlanta counties received more than a bill in the mail in early October from their electricity provider as GreyStone sent out capital credit checks to members.
More than $2 million was distributed to GreyStone-powered schools, businesses and residents in October, paying customers, known as members, back for their capital investment in GreyStone during the years 1986 and 2003. This year’s retirement of funds brings the total returned to member-owners through the years to more than $30 million.
“It’s a great time of the year to reinforce our members’ knowledge about the investment they have made and continue to make in their Cooperative and about the benefits of their investment,” says GreyStone Power President/CEO Gary Miller. “We work year-round to keep rates and operating costs as low as possible in order to return as much capital as possible to our owners, while still providing the high-quality service members deserve.”
Annually GreyStone, a not-for-profit electric membership corporation, distributes revenues above operating costs to individuals and businesses that buy energy from the Corporation. Checks range from $5 to several hundred dollars for residents, and some businesses garner even larger sums, which are allocated in proportion to usage. The check total is determined by the amount of electricity used by the member
during the year for which the capital has been retired. Members are currently receiving checks for the capital they invested several years ago while also receiving a percentage of their capital investment from electricity used last year. The Corporation does not immediately distribute the full amount of capital at the end of each year in order to keep rates low in case unforeseen changes occur.
“Portions of the capital from each year are given out over time to allow us to plan for the future and ensure strength and stability within our coverage area,” says Vice President of Corporate Administration Tim Williams.
Due to the lapse of time between an investment in the Cooperative and the full distribution of capital for each year, members are encouraged to leave forwarding addresses with GreyStone should they move off the system. In the case of a member’s death, a representative of the estate should contact GreyStone to determine the status of the member’s capital credit checks, both now and in the future.
GreyStone Power was founded as the Farmers Electrical Association in 1936 by a group of Douglas County residents after investor-owned utilities declined to service the then-rural area due to the high costs and low profits involved, because of then small numbers of meters per mile. Since its inception, the Cooperative has been governed and operated by its members, the people who use the power the Cooperative provides. A Board of Directors elected by members at their annual meeting makes all decisions on rates, company policies and power plans for the future. Currently GreyStone serves more than 84,000 members in portions of eight metropolitan Atlanta counties, including Douglas, Paulding, Fulton, Cobb, Carroll, Bartow, Coweta and Fayette.
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