April 23rd, 2009
PEC to issue membership refunds

STAFF REPORT

Pedernales Electric Cooperative (PEC) announced that it will issue membership fee refunds in May to PEC members who hold multiple accounts. The refund is part of PEC’s transition to a one-member, one-vote election system.

On April 17, PEC mailed letters to roughly 20,000 members, notifying them their accounts would be credited on or after May 1. PEC will refund 53,279 memberships, totaling just more than $2.5 million. Members will see the money listed as “Refund Membership” on their PEC statements.

PEC’s Board of Directors voted on January 26 to approve a number of revisions to PEC’s Bylaws, including the shift to the new voting system. Before then, members paid a refundable fee each time they applied for service at different locations. Each service account counted as one membership, with each membership receiving one vote.

Members with multiple accounts can call PEC at (888) 554-4732 if their accounts are under different names to receive information about the refunds.