Last year, the U.S. Senate,
building off similar action by the United Nations General
Assembly, designated 2012 as the International Year of
Cooperatives. As a result, cooperatives everywhere are
celebrating our unique not for-profit, member-owned and
-controlled business model.
Cumberland Electric Membership Corporation is an electric
cooperative — as a result, you and everyone
else who receives electric service from us are members, not
just customers. Because you and your fellow members govern
how CEMC operates, our top priorities remain providing safe
and reliable service and keeping your electric bills
affordable. Local control also means we’re in the business
of improving the quality of life in the communities we serve
— from offering college scholarships to advice on how you
can make your home or business more energy efficient.
Electric co-ops are just one type of cooperative operating
in America. Dairy cooperatives produce nearly
90 percent of our nation’s milk. Credit unions? They’re
cooperatives, too, with more than 8,000 across the country
serving 91 million consumers. You can also find housing,
hardware and even funeral co-ops throughout the U.S.
Some agricultural-marketing cooperatives have become
household names: Sunkist, Ocean Spray and Blue Diamond
Almonds, for example. But we have other cooperatives right
here in our town: Montgomery Farmers Co-op is one example.
Together, all of us at CEMC are a key part of our local
economy. We provide good jobs to folks who live right here,
your neighbors and friends. We deliver goods and services
that keep our communities humming. We’re happy to lend a
hand when we’re able, and we enjoy being involved with
schools and community organizations.
At CEMC, we reinvest margins back into the electric plant in
order to keep rates affordable and power flow reliable.
There are no dividends paid to investors.
While not a new concept,
Benjamin Franklin started the first cooperative, the
Philadelphia Contributionship for the Insurance of Houses
from Loss by Fire, in 1752 (it still operates today!) the
cooperative form of business continues as an integral part
of our lives each day.
