As a member of Okefenoke Rural Electric Membership Corporation (OREMC), you are also one of our owners. You elect the board of directors and you have a voice in the way your Co-op is managed.
Cooperatives exist to provide members with electric service on a non-profit basis. Investor-owned utilities, on the other hand, create a rate structure that will maximize their profits so they can pay dividends to their stockholders. Cooperatives also collect more money than it costs to provide electricity, but in a Co-op these “margins” do not belong to the corporation. Capital Credits belong to individual consumers who pay their monthly electric bills.
These excess earnings are accumulated in order to provide financial stability for your Cooperative. This financial stability helps keep rates at a competitive level by reducing the amount of funds that have to be borrowed by your cooperative.