Departing Pedernales CEO Offers Explanation for Resignation
Posted on Feb 14, 2013 in Corporate Governance | Comments Off on Departing Pedernales CEO Offers Explanation for Resignation
Although the Pedernales Electric Cooperative board voted to table a consumer choice resolution pending further research and analysis, the coop’s CEO, R.B. Sloan cited the proposal as one reason for his resignation. In announcing his resignation to the board, Sloan reiterated that adopting consumer choice would be a damaging move for the coop. The Austin American-Statesman has the...
Coop CFO Provides Insight on Capital Credits Strategy
Posted on Feb 11, 2013 in Corporate Governance, Financing, Patronage Capital | Comments Off on Coop CFO Provides Insight on Capital Credits Strategy
In a recent interview, Frank Skube, the chief financial officer of Texas-based Pedernales Electric Cooperative (PEC), discussed the challenges surrounding a revamp of the coop’s capital credits policy. PEC completed its capital credit retirement and distribution in December 2011, issuing nearly 217,000 bill credits to current members and 72,000 checks to former members. To read the...
Coop Seeks Expedited Ruling to Prevent Tribal Takeover
Posted on Jan 14, 2013 in Corporate Governance, Litigation, Rates, Reliability | Comments Off on Coop Seeks Expedited Ruling to Prevent Tribal Takeover
After filing an amended complaint on December 14, the Northern Rio Arriba Electric Cooperative is asking a federal judge for an expedited ruling to prevent a New Mexico tribal authority from potentially taking ownership of its electric distribution system on a Northern New Mexico Indian reservation as early as next month. The coop is also seeking an order that would compel the...
Colorado Coop Closes on Syndicated Line of Credit
Posted on Jan 14, 2013 in Corporate Governance, Financing, Rates | Comments Off on Colorado Coop Closes on Syndicated Line of Credit
Brighton-based United Power, Inc. (UPI), which is a 100-percent National Rural Utilities Cooperative Finance Corporation (CFC) borrower, has closed on a $30 million syndicated line of credit arranged by CFC. The three-year unsecured line of credit replaces an existing perpetual line, and it is the second line of credit arranged by CFC for an electric distribution coop. The first line...
Louisiana Utility Honors Patronage Capital Credits
Posted on Jan 7, 2013 in Corporate Governance, Mergers/Acquisitions, Patronage Capital | Comments Off on Louisiana Utility Honors Patronage Capital Credits
Shreveport-based Southwestern Electric Power Company (SWEPCO), which completed the purchase of Valley Electric Membership Corporation (Valley) in October 2010, recently mailed out a second round of refund payments to members of the former coop. Valley’s board of directors pledged to honor Valley’s estimated $25 million in patronage capital credits owed to its members. These credits...
Vermont’s Second Largest Utility Seeks Moratorium on Renewable Energy Projects
Posted on Jan 2, 2013 in Corporate Governance, Environmental, Legislative & Politics, Regulation & Policy, Renewable Energy | Comments Off on Vermont’s Second Largest Utility Seeks Moratorium on Renewable Energy Projects
The board of directors of Vermont Electric Cooperative (VEC) has approved a resolution calling for a two-year moratorium on renewable energy projects following a large controversial wind project. VEC has several large wind projects in its portfolio, including the Lowell wind project, which has been the source of some complaints because of the noise created by the wind turbines. ...
New Mexico Coop Sees Insurance Premiums Spike
Posted on Dec 13, 2012 in Corporate Governance, Litigation | Comments Off on New Mexico Coop Sees Insurance Premiums Spike
Jemez Mountains Electric Cooperative faces an almost 33 percent increase in its overall insurance premiums resulting from a significant increase in general liability, workers’ compensation and executive officer-specific claims. The coop plans to explore other insurance providers and quotes to avoid an almost $200,000 increase in insurance premiums. The Rio Grande Sun has...
Tri-State Authorizes Capital Credits
Posted on Dec 13, 2012 in Corporate Governance, Patronage Capital | Comments Off on Tri-State Authorizes Capital Credits
The Tri-State Generation and Transmission Association, Inc. (Tri-State) board of directors has authorized $10 million in capital credits to be refunded to members. The board has approved a reimbursement for 24 straight years. Tri-State makes the refunds when it meets equity capital ratios and other financial objectives. Click here for more.
Annual Survey Finds Customers More Satisfied with Coops than IOUs
Posted on Dec 3, 2012 in Corporate Governance, Rates, Reliability | Comments Off on Annual Survey Finds Customers More Satisfied with Coops than IOUs
The American Customer Satisfaction Index (ACSI), which annually surveys some 70,000 consumers, found that energy coops scored, on average, several points higher than investor-owned utilities (IOUs) in customer satisfaction. Touchstone Energy coops tied their all-time high showing in ACSI with a score of 83 compared to the IOU average of 76. The top utility, with a score of 85, was...
Two Illinois Coops Plan to Merge
Posted on Nov 19, 2012 in Corporate Governance, Mergers/Acquisitions | Comments Off on Two Illinois Coops Plan to Merge
Members of Farmers Mutual Electric Company approved a merger with fellow electric cooperative Jo-Carroll Energy, Inc. last Tuesday. Under the agreement, Farmers Mutual members will become members of Jo-Carroll Energy. Jo-Carroll Energy’s bylaws do not require its members to vote on a merger with another coop. Farmers Mutual will return $936,000 in capital credits to its members over...
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