Pedernales Electric Cooperative’s Board of Directors voted during its Oct. 15 Board meeting to adopt a strategic plan outlining key corporate metrics, Board goals and management initiatives for the Cooperative to achieve over the next three years.
The strategic plan, posted at www.pec.coop/strategicplan, was developed earlier this month through a collaborative effort between the Co-op’s Board and executive management.
“I want to commend the Board and the management for developing what I think is a very strong strategic plan for the next three years,” said PEC Board President and District 3 Director Kathy Scanlon.
PEC Chief Executive Officer RB Sloan has been placed in charge of ensuring the Co-op achieves the plan’s goals and initiatives, which are focused on low rates, high reliability, and member satisfaction, as well as being a good corporate steward and providing a fair and rewarding workplace for employees.
“When we talk with members and employees, each of these subjects are important and vital to the success of PEC,” Sloan said. “Accomplishing the metrics, goals and initiatives outlined in the strategic plan will put us in position to serve our members and communities for years to come.”
The Board also voted to distribute more than $11.9 million in capital credits to the membership. In accordance with PEC policy, this amount was decided by the Board after it reviewed the Co-op’s fiscal health and determined the distribution will not result in any adverse impact to the Cooperative.
Capital credits reflect member ownership in PEC, and the Cooperative uses members’ capital to fund operating activities and reduce borrowing, with the intent of later repaying that capital back to members. Because capital credits are based on the dollar amount of electricity a member purchases, the distribution amount will vary from member to member.
The Cooperative plans to distribute capital credits in the following manner, which is outlined in the Co-op’s capital credits policy:
The estates of deceased members will receive an estimated total distribution of $300,000.
Members who accumulated capital credits in 1980, 1981 and 1982 will receive a 100 percent distribution of their capital credits for those years. This distribution is roughly $5.2 million.
Members who accumulated capital credits in 2011 will receive a distribution at a discounted rate. The total of this distribution will be $6.4 million. Members will have the opportunity to opt out of the discounted distribution if they prefer to receive 100 percent of their 2011 capital credits distribution at a future date.
Current members are scheduled to receive their distributions as credits on their December bills. Former members with capital credits distributions totaling more than $10 will receive a check. These members are encouraged to contact PEC to ensure their current address is on file.
Members will receive more information about capital credits with their December bills.
The next scheduled Board meeting is a special meeting of committees and will be held at 10 a.m. on Nov. 9 at PEC’s E. Babe Smith Headquarters Building in Johnson City. The next regular Board meeting will be Nov. 19, also at 10 a.m. at the Co-op’s Johnson City headquarters.