Eligible members of Covington Electric Cooperative will collectively receive $1.5 million in capital credit refunds approved by the board for distribution this year, CEC president and general manager Ed Short said last night.

Short addressed co-op members at the organization’s annual meeting. The payouts are likely to be in June, he said.

Capital credits are assigned by membership, he said. Active and inactive accounts with current addresses will be paid by check for refunds of $15 or more. Refunds of less than $15 will be applied to active accounts. Estates will be settled on request, he said.

Previously, Short explained that individual refunds are determined on a pro-rata basis based on the number of kilowatt hours the member has purchased from CEC.

Short also told CEC members that he expects no rate changes in 2013. But to ensure lower rates, he said, CEC members need to continue to participate in “Our Energy, Our Future.” Through this program, CEC members were asked to sign a card giving the cooperative permission to contact political leaders on their behalf.

“Some 3,246 of you signed these cards,” he said.

Members also heard from Lance Brown, executive director of PACE, the partnership of 20 Southeastern organizations for affordable and clean energy that is working for national energy policies that are “fair and sensible.”

“We are all for clean air, a healthy environment and energy conservation, but all these things need to be approached in the PACE-proposed way – fair and sensible,” Short said.