SMECO Refunds Members’ Capital Credits

News Release, SMECO

SMECO is refunding members’ capital credits totaling nearly $5.4 million. Of that total, a general refund of approximately $3.4 million will be issued in July. Eligible active members will receive credits on their bills, and checks will be issued to eligible former members. Special refunds of about $2 million will be paid throughout the year to estates of deceased members and to help satisfy unpaid final bills.

SMECO members invest in their cooperative every time they pay their bill. When SMECO meets its financial obligations and we can issue refunds to members, we are happy to do so,” said Austin J Slater, Jr., SMECO president and CEO. He added, “All SMECO members share the responsibility of financing the co-op, and receiving a refund of a portion of SMECO’s margins is one of their rewards.”

SMECO’s margins for 2018 totaled more than $27 million. SMECO uses margins—revenue minus expenses—as working capital for system improvements and construction. Slater explained, “Our members help to finance SMECO’s operations, and they realize one of the benefits of being a member when they receive a refund. Passing savings on to members is a basic co-op principle.”

At the end of each year, SMECO’s margins are allocated to a special capital credit account for each member, based on how much electricity the member purchased and the rate at which the account was billed. SMECO’s Board of Directors regularly evaluates the financial condition of the cooperative and determines when SMECO members’ capital credits will be refunded.

The Southern Maryland Chronicle is a local, small business entrusted to provide factual, unbiased reporting to the Southern Maryland Community. While we look to local businesses for advertising, we hope to keep that cost as low as possible in order to attract even the smallest of local businesses and help them get out to the public. We must also be able to pay employees(part-time and full-time), along with equipment, and website related things. We never want to make the Chronicle a “pay-wall” style news site.

To that end, we are looking to the community to offer donations. Whether it’s a one-time donation or you set up a reoccurring monthly donation. It is all appreciated. All donations at this time will be going to furthering the Chronicle through hiring individuals that have the same goals of providing fair, and unbiased news to the community. For now, donations will be going to a business PayPal account I have set-up for the Southern Maryland Chronicle, KDC Designs. All business transactions currently occur within this PayPal account. If you have any questions regarding this you can email me at

Thank you for all of your support and I hope to continue bringing Southern Maryland the best news possible for a very long time. — David M. Higgins II

© 2019 The Southern Maryland Chronicle. All Rights Reserved. This website is not intended for users located within the European Economic Area.