Wake Forest, NC— Join Wake Electric in celebrating cooperatives in North Carolina and across America during National Cooperative Month.
Every October, cooperatives are recognized for the qualities that make the business model unique: local democratic control, commitment to supporting the communities they serve and improving quality of life, special benefits and services, and the return of margins (the co-op term for profits) back to members in the form of capital credits.
“Cooperatives are special,” says Jim Mangum, General Manager and CEO of Wake Electric. “We have an obligation to provide reliable, affordable, and safe electricity, but we take that a step further. We also have a responsibility to support our members, enrich schools, and enhance our communities.”
Wake Electric is proud to be part of America’s cooperative network, which employs more than 850,000 people. Across the nation, 29,000 co-ops and credit unions generate $74 billion in annual wages and nearly $500 billion in annual revenue.
Wake Electric is one of more than 900 electric cooperatives, public utility districts and public power districts serving 42 million people in 47 states.
“Electric cooperatives were formed because rural communities were struggling from lack of investment,” Mangum explains. “Neighbors banded together and lit up the countryside when no one else would. That’s what we celebrate each October.”
In addition to cooperative utilities, North Carolina residents are served cooperatively by credit unions, food co-ops, agricultural co-ops, and more! To learn more about co-ops and find one near you, visit go.coop.