Covington Electric Cooperative members will receive a collective refund of $750,000 beginning in May.

CEC board chairman W. B. Smith Jr. and CEC manager Ed Short made the announcement at the organization’s annual meeting held yesterday at the Kiwanis Community Center. An estimated 1,104 attended the meeting.

Short said the board recently approved the refund of capital credits, which will be determined on a pro-rata basis to the cooperative’s eligible members in parts of six counties, including Covington, Coffee, Dale, Crenshaw, Geneva and Escambia counties. Members will receive credits on their bills after May. 1. For those who were eligible members in 2010 but have closed out accounts, checks will be provided.

Short explained after the speech that for a homeowner who consumed an average of 1,000 kilowatts per month, the refund will be approximately $25.

Later this year, eligible cooperative members will receive refunds on capital credits from years prior to and including 1981. Short explained that the refunds are possible because the current method used for calculating costs for energy used has stabilized cash flow.

Short also talked about energy costs, how cooperative members can influence Congress, and long-term energy goals and needs.

Costs are increasing at the grocery store and the gas station and those rising costs can be attributed, in part, to the cost of energy, Short said.

“I hear that things are getting so bad that even some people in Washington are starting to pay attention,” Short quipped.

Short said legislation currently before Congress would prevent the EPA from using the Clean Air Act to implement new regulations that would raise the cost of electricity.

He encouraged co-op members to complete an Our Energy Our Future card, or to use the Web site, www.ourenergy.coop, to send personalized messages to legislators.

HE said at times, unusual events cause drastic increases in the cost of doing business.

“No one knows yet what impact the event in Japan will have on (energy) and other economic issues that we hear about every day,” he said. “Personally, I feel this country needs to proceed with a standardized nuclear program.”

He said “so-called Green energy” is good, but very expensive and less reliable.

CEC also recognized three employees who have reached 20 years with the company, Dorothy Bradley of the Enterprise office; accountant Glen Frasher; and Charlotte Pynes, a service order clerk in the Sanford office.

In addition, cooperative members reelected two members to the board of trustees, George Hammer of Samson and James F. Martin, Jr. of Enterprise.