FOR IMMEDIATE RELEASE
CUERO, TX – Guadalupe Valley Electric Cooperative (GVEC) is thrilled to announce the distribution of $4 million in capital credits to eligible member-owners this July. This significant distribution underscores GVEC’s commitment to prudent financial management, cooperative principles, and its valued membership.
Active Members to Receive Bill Credit: Eligible active members who utilized electric service in 2023 will see their capital credit distribution as a clearly displayed credit on their electric bill received after July 1, 2024.
Checks for Inactive Members: Eligible inactive members will receive a check, mailed to their last known address on July 5, 2024. Qualifications apply.
GVEC’s General Manager and CEO, Darren Schauer, expressed his satisfaction with the cooperative’s robust financial position. “Despite the financial effects of Winter Storm Uri in 2021, GVEC has remained strong and has successfully recovered. Our solid financial condition is evident with recent favorable scores from national credit rating agencies, Fitch and Standard and Poor’s, and this distribution of capital credits to our members. I commend the Board of Directors for their diligent stewardship and for taking this step, especially at this time of year when bills are typically higher due to summer temperatures,” said Schauer.
For any questions about the distribution, GVEC’s customer service team is available at 800.223.4832 to assist.
Capital credit dividends are paid out to members—past and present—at the Board’s discretion, when financial conditions allow. Members are encouraged to keep their addresses up to date with GVEC to ensure the continued receipt of any further capital credit funds in the years ahead.
The GVEC Board of Directors recently passed a resolution authorizing the allocation of 2023 margins to members who received electric service from GVEC during 2023. The Board also authorized the allocation of margins for members who subscribed to GVEC Internet services in 2023.
GVEC is a member-owned electric cooperative serving over 85,000 consumers in 13 South Central Texas counties. As one of the largest and most progressive electric cooperatives in Texas, GVEC serves its members with reliable and competitively priced electricity, while enhancing the quality of life in the communities it serves.