This week LCEC distributed $7.2 million to memberships that have been closed since 2004. LCEC has returned more than $191 million to customers over the years, which is among the best for the 800 cooperatives in the United States. Next month, LCEC will distribute another $5.7 million to current and inactive customers in the form of checks and credits to their account.
Equity is the value of the investment customers/members make in LCEC. Customers provide a portion of the capital necessary to operate the business through the payments they make each month. Without this investment, LCEC would be required to borrow additional funds from outside sources to provide electric service, resulting in higher base rates. LCEC has been able to return equity and has not raised rates over the past four years. Each year, once operating expenses are paid, the amount that remains is the net margin. The Board of Trustees review the LCEC financial position annually to determine if a portion of the net margins can be distributed to members.
Visit www.lcec.net/equity/ for more information about equity.
Established in 1940, LCEC is a not-for-profit electric distribution cooperative serving Cape Coral, North Fort Myers, Marco Island, Sanibel and Captiva Islands, Pine Island, Everglades City, Immokalee, Ave Maria, and parts of Lehigh Acres. LCEC is committed to providing efficient, reliable, cost-competitive electric and emerging energy solutions and excellent service to our customers. LCEC is also a major contributor to the local economy as one of the largest employers in Lee County with nearly 400 employees and by its support of many local agencies through charitable giving, volunteerism and environmental stewardship.