Sawnee EMC announces $10.6M retirement of patronage capital

Posted:

Comment

CUMMING, Ga. — Sawnee Electric Membership Corporation announced plans to retire $10.6 million to about 63,900 eligible members through a general retirement of patronage capital for the years 1991, 1992 and 1993.

This action will provide a refund to individuals and businesses that were members and received electric service from Sawnee EMC during this three-year time period.

More than $10.6 million will be distributed to these members, with the average refund being about $165.

Each member’s refund will vary based on the amount of revenue they contributed during these time periods.

“It is important for us to demonstrate through this, and many other actions, that the cooperative business model, being deployed at Sawnee EMC, still works for our members and our organization,” said Michael Goodroe, Sawnee’s president and chief executive officer.

Last year, Sawnee EMC issued about 700 patronage capital retirements to estates of deceased members, totaling over $410,000.

For additional information, call the Sawnee Customer Service Department at 770-887-2363 or email customerservice@sawnee.com.