Texas Coop Employees Vote Against Unionizing
Posted on Jan 20, 2012 in Corporate Governance | Comments Off on Texas Coop Employees Vote Against Unionizing
Lineman and other employees at Pedernales Electric Cooperative voted 127 to 78 against joining the International Brotherhood of Electrical Workers Local Union 66. In a statement, R.B. Sloan, the coop’s chief executive officer, personally thanked employees for their faith in management and the board of directors. Read more here.
Texas Coop Employees to Vote on Unionization
Posted on Jan 17, 2012 in Corporate Governance | Comments Off on Texas Coop Employees to Vote on Unionization
Pedernales Electric Cooperative linemen and other employees will vote on Jan. 18 and 19 on whether to join the International Brotherhood of Electrical Workers Local Union 66. The National Labor Relations Board will hold the election. A majority vote would create the first union in the history of Pedernales, the nation’s largest electric cooperative. Read more here.
Complaint Against Coop Filed With State Regulatory Commission
Posted on Dec 22, 2011 in Corporate Governance, Litigation, Patronage Capital | Comments Off on Complaint Against Coop Filed With State Regulatory Commission
Carroll Electric Cooperative Corporation continues to face backlash for its bylaws, transparency and board member balloting procedures. The latest development in a series of lawsuits against Carroll Electric involves a complaint filed with the Arkansas Public Service Commission against a recent bylaw change. The amendment would include an arbitration clause that forbids coop members...
Proposed Franchise Agreement Looks Promising in Colorado
Posted on Dec 22, 2011 in Corporate Governance, Project Development, Renewable Energy | Comments Off on Proposed Franchise Agreement Looks Promising in Colorado
The City of Durango, Colorado, and La Plata Electric Association appear positioned to approve a new franchise agreement that would go into effect in May 2012. The proposed agreement provides less restrictive language on how to credit consumers for generating power back to the grid than previously suggested. The agreement also protects coop customers located outside of Durango from rate...
Tri-State Returns $20 Million in Capital Credits
Posted on Dec 14, 2011 in Corporate Governance, Financing, Patronage Capital | Comments Off on Tri-State Returns $20 Million in Capital Credits
Tri-State Generation and Transmission Association’s board has authorized the retirement of $20 million of capital credits to the association’s member coops. This is the 23rd consecutive year Tri-State has returned capital credits to its members. For more information, click here.
Washington State Coop Changes Capital Credit Policy
Posted on Dec 8, 2011 in Corporate Governance, Patronage Capital | Comments Off on Washington State Coop Changes Capital Credit Policy
The Okanogan County Electric Cooperative board of directors opted to modify the coop’s capital credit distribution policy to better align with other coops in the area. Okanogan reduced the amount of distribution from 5 percent to 2 percent of the coop’s margin and narrowed the pool of members identified for distribution to only those belonging to the coop in 1992. Click here for more...
Coop Members Demand More Information About Geothermal Program
Posted on Dec 5, 2011 in Corporate Governance, Rates | Comments Off on Coop Members Demand More Information About Geothermal Program
Alaska-based Naknek Electric Association filed for Chapter 11 protection from creditors in September 2010. The coop’s financial woes were due, in large part, to complications with a geothermal energy program. Shortly after Naknek Electric filed a disclosure statement and reorganization plan with the bankruptcy court, a committee representing the interests of Naknek Electric members...
Carroll Electric Cooperative Amends Bylaws to Prohibit Class Action Suits by Members
Posted on Nov 28, 2011 in Corporate Governance, Derivative Suits | Comments Off on Carroll Electric Cooperative Amends Bylaws to Prohibit Class Action Suits by Members
Carroll Electric Cooperative Corporation (CECC) recently amended its bylaws to prohibit class action litigation against it by its members; the amended bylaws require members to bring disputes to arbitration. CECC’s board approved these amendments while the merits of a complaint initiated by Gordon Watkins and Dane Schumacher on behalf of coop members is being considered by the...
Kentucky Coop’s Financial Improvements Reflected in Credit Ratings
Posted on Nov 7, 2011 in Corporate Governance, Financing | Comments Off on Kentucky Coop’s Financial Improvements Reflected in Credit Ratings
East Kentucky Power Cooperative announced that it has established credit ratings with Standard & Poor’s and Fitch. The new ratings reflect substantial financial improvements at the coop, which lost money in 2004 and 2005. After establishing a profit in 2006, the coop applied for and received approval for multiple rate increases. The coop’s chief financial officer says that the...
Two Illinois Coops Announce Merger
Posted on Nov 4, 2011 in Corporate Governance, Mergers/Acquisitions | Comments Off on Two Illinois Coops Announce Merger
Farmers Mutual Electric Company and Jo-Carroll Energy, Inc. plan to merge into a single cooperative that will serve around 28,000 members. The proposed merger has been approved by the boards of each coop but remains subject to member approval. The resulting coop will serve both electric and natural gas customers. For more details on this proposed merger, see the Galena...
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