Patronage Capital Remains Sticking Point for New Mexico Coop
Posted on Aug 9, 2012 in Corporate Governance, Litigation, Patronage Capital | Comments Off on Patronage Capital Remains Sticking Point for New Mexico Coop
As litigation continues between Socorro Electric Cooperative (SEC) and its members, patronage capital appears to be an ongoing sticking point. Coop members want at least $10 million refunded back to them over the next five years and are concerned with how SEC is handling the capital account. Click here for the full story.
Basin Electric Opens First Cogeneration Plant
Posted on Aug 9, 2012 in Project Development | Comments Off on Basin Electric Opens First Cogeneration Plant
Basin Electric Power Cooperative’s Deer Creek Station cogeneration plant began commercial operations on August 1. The 300-MW facility, located in eastern South Dakota, is Basin Electric’s first cogeneration plant. Read more on the story here.
Arkansas Electric Cooperative Corporation Seeks Rate Increase
Posted on Aug 9, 2012 in Rates | Comments Off on Arkansas Electric Cooperative Corporation Seeks Rate Increase
Arkansas Electric Cooperative Corporation has submitted a request to the Arkansas Public Service Commission to increase its wholesale rates by five percent to cover the costs of two new power plants and other costs (which would total $33.4 million). If approved, the new wholesale rate would increase an average customer’s electric bill by $1.50 per month. Click here for additional...
Agriculture Secretary Announces REDLG Funding Awards
Posted on Aug 6, 2012 in Financing | Comments Off on Agriculture Secretary Announces REDLG Funding Awards
Through the USDA’s Rural Economic Development Loan and Grant program (REDLG), the Department of Agriculture is funding projects in 12 states, including projects undertaken by a number of coops. For a list of projects, see the USDA’s press release.
Alaskan Coop Closes Deal with CFC for $100 Million Facility
Posted on Aug 6, 2012 in Financing | Comments Off on Alaskan Coop Closes Deal with CFC for $100 Million Facility
Chugach Electric Association, an Anchorage, Alaska-based coop, closed an “Amend and Extend” syndicated transaction with the National Rural Utilities Cooperative Finance Corporation (CFC). The coop’s CFO, Mike Cunningham, spoke highly of the experience with CFC stating that “[t]his facility provided us with low-priced, short-term financing for our power plant construction.” See the...
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