MOUNT CRAWFORD — People who were Shenandoah Valley Electric Cooperative (SVEC) customers in 2019 will be receiving a portion of $4 million in capital credits being returned to cooperative members.
The announcement came following a July 30 meeting of the SVEC’s Board of Directors, where the board determined its annual revenues had exceeded expenses.
“Returning capital credits is fundamental to the cooperative business model,” board Chairman Larry C. Howdyshell said in a media release. “This year, more than any other in recent memory, it’s imperative that we work with our members who might be struggling financially. COVID-19 has had a significant impact on people around the valley.”
The money will be returned starting this month in the form of bill credits to current customers who were also cooperative members in 2019. People who were SVEC customers last year but have since discontinued service will be mailed a check, the release states.
Chartered in 1936, the Rockingham County-based Shenandoah Valley Electric Cooperative serves approximately 97,000 customers in Winchester and the counties of Frederick, Clarke, Shenandoah, Warren, Augusta, Highland, Page and Rockingham.
For more information, visit svec.coop.