Cobb EMC Names New President and CEO
Posted on Jul 12, 2011 in Corporate Governance | Comments Off on Cobb EMC Names New President and CEO
The Cobb EMC board of directors named W.T. “Chip” Nelson as its new president and CEO on Monday. Nelson served as the interim chief executive of Cobb EMC before this decision was made. A resident of northeast Cobb County, Nelson previously served for seven years as the coop’s chief operations officer. The Marietta Daily Journal has the story.
Pedernales Electric Cooperative Board Changes How Unclaimed Capital Credits Are Released
Posted on Jul 1, 2011 in Corporate Governance, Financing | Comments Off on Pedernales Electric Cooperative Board Changes How Unclaimed Capital Credits Are Released
The board of Pedernales Electric Cooperative, the largest electric distribution cooperative in the United States, has voted to change how it releases unclaimed capital credits to the state of Texas. The coop will continue taking steps to return $4.2 million in unclaimed money to members by publicizing on its website a list of the names of members who have not yet collected the money...
Discovery Begins with Class Action Status Still to be Considered in New Mexico Coop Litigation
Posted on Jun 20, 2011 in Corporate Governance, Derivative Suits, Litigation, Patronage Capital | Comments Off on Discovery Begins with Class Action Status Still to be Considered in New Mexico Coop Litigation
After last week’s hearing, the litigation between Socorro Electric Cooperative and its members is progressing to the discovery stage of litigation. The initial focus of discovery will be on issues relating to the members’ class action status. The court has yet to address the members’ allegations that, among other things, the coop has wrongfully retained patronage capital owed to...
New Hampshire Senator Seeks to Use Coop’s Efficiency Model Nationwide
Posted on Jun 13, 2011 in Corporate Governance, Energy Savings Programs, Legislative & Politics | Comments Off on New Hampshire Senator Seeks to Use Coop’s Efficiency Model Nationwide
During a recent discussion regarding her new energy efficiency bill, U.S. Senator Jeanne Shaheen (D-NH) highlighted the innovative cost-saving efficiency program used by the New Hampshire Electric Co-Op. Through the coop’s SmartSTART program, customers can pay for their energy efficiency improvements through their utility bills. The coop has found that program participants have cut...
Georgia Supreme Court Rules on Amendments to Cobb EMC’s Bylaws
Posted on Jun 13, 2011 in Corporate Governance, Litigation | Comments Off on Georgia Supreme Court Rules on Amendments to Cobb EMC’s Bylaws
On Monday, the Georgia Supreme Court ruled that the president and directors of the Cobb Electric Membership Corporation violated a settlement agreement with coop members by amending its bylaws to allow voting by proxy in 2008. The Court concluded that the challenged bylaw amendment allowed the board to unilaterally change the method of voting on the issue of the method of selecting...
City of Great Falls Wins Round One in Litigation with Coop
Posted on Jun 10, 2011 in Corporate Governance, Litigation | Comments Off on City of Great Falls Wins Round One in Litigation with Coop
In March of this year, the City of Great Falls brought suit against Southern Montana Electric Generation and Transmission Cooperative seeking to invalidate its wholesale power contract with the coop. On June 8, a judge decided not to stop Great Falls from reducing the number of its customers and denied the coop’s request for new, court-appointed leadership of Great Falls’ electric...
Members of a Texas Cooperative May See 2012 Rate Increase
Posted on Jun 9, 2011 in Corporate Governance, Project Development, Rates | Comments Off on Members of a Texas Cooperative May See 2012 Rate Increase
At its annual meeting, Farmers Electric Cooperative (FEC) announced a probable rate increase in 2012 due to a new natural gas plant and heightened delivery costs associated with a new rail contract for coal. Three directors were also re-elected at the annual meeting, and nuclear power was named FEC’s likely generation resource for the future to serve increasing member demand. The...
Coop Plans for Growth Related to Shale Drilling Operations
Posted on May 27, 2011 in Corporate Governance, Land Use, Technology | Comments Off on Coop Plans for Growth Related to Shale Drilling Operations
In its annual meeting, South Texas Electric Cooperative discussed and laid out plans to deal with its expected growth over the coming years. One of the primary drivers of the coop’s growth is the development of the Eagle Ford Shale drilling operations. See the Victoria Advocate for more.
Coop Audit Uncovers Challenges in Accounting Practices
Posted on May 24, 2011 in Corporate Governance, Financing | Comments Off on Coop Audit Uncovers Challenges in Accounting Practices
A 2010 financial audit performed on Jemez Mountains Electric Cooperative has uncovered several red-flagged accounting practices. Noting that protocol concerns such as these are challenges not unique to their coop, leadership from Jemez Mountains Electric Cooperative has taken steps to strengthen its accounting department to address these issues. The Rio Grande Sun has the full...
Iberdrola Renewables Extends Agreement With Texas Coop
Posted on May 16, 2011 in Corporate Governance, Environmental, Renewable Energy | Comments Off on Iberdrola Renewables Extends Agreement With Texas Coop
Iberdrola Renewables is extending an ongoing power purchase agreement with South Texas Electric Cooperative, which is the wholesale power provider to eight Texas electric cooperatives. South Texas will expand its existing 50 MW power purchase agreement with Iberdrola to 100.8 MW and extend it to May 31, 2026. Wind Power Intelligence has the full story.
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