Coop and River Authority Reach Preliminary Settlement in Pending Lawsuit
Guadalupe Valley Electric Cooperative (GVEC) and the Lower Colorado River Authority (LCRA) have reached a preliminary settlement of the lawsuit filed by LCRA after GVEC notified the authority of GVEC’s intent to terminate its wholesale electric contract with LCRA. GVEC is one of 10 wholesale customers of LCRA that chose not to extend contracts expiring in June 2016. The non-extending customers contended that LCRA allowed customers that extended their contracts to purchase a portion of their wholesale power on the competitive market while customers that did not agree to the extensions are required to get 100 percent of their load from LCRA. Although the final details of the settlement are still being worked out, reports indicate that GVEC will remain a wholesale electric customer of LCRA until June 2016 under the agreement and that no cash payment will be paid by either party as consideration for the settlement. Read more here.
