New Mexico Coop Likely to Raise Rates in Response to Financial Strains
Posted on Aug 10, 2012 in Corporate Governance, Economic Downturn, Land Use, Rates | Comments Off on New Mexico Coop Likely to Raise Rates in Response to Financial Strains
Jemez Mountains Electric Cooperative may have to raise rates to cover deals it made years ago with local tribes for right-of-way easements for transmission lines that cross the property of eight pueblos and two tribes. The coop is facing another financial strain – it has only a month’s worth of cash left in the bank and is in default on $29 million owed to two lenders. The New...
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.
Coops Conduct Meeting to Prepare for Potential Merger
Posted on Jul 16, 2012 in Corporate Governance, Energy Savings Programs, Mergers/Acquisitions, Reliability | Comments Off on Coops Conduct Meeting to Prepare for Potential Merger
Western Illinois Electrical Cooperative (WIEC) and Adams Electric Cooperative are considering a merger that could lower power supply costs and shorten the duration of outages for members of both coops. At a June 28 meeting with WIEC coop members, managers from both coops discussed the benefits of a possible consolidation. The merger would ultimately be decided by a two-thirds vote of...
Kentucky Coop Files Request to Join PJM
Posted on May 9, 2012 in Corporate Governance, Grid & Infrastructure, Reliability | Comments Off on Kentucky Coop Files Request to Join PJM
East Kentucky Power Cooperative (EKPC) is seeking approval from the Kentucky Public Service Commission to join PJM Interconnection (PJM), a regional transmission organization that coordinates the movement of wholesale electricity in 13 states and the District of Columbia. Citing operational and regulatory constraints, EKPC says PJM membership would allow for more efficient and...
Electric Coops Get High Marks from Utility Customers in Annual Poll
Posted on Apr 23, 2012 in Corporate Governance, Rates, Reliability | Comments Off on Electric Coops Get High Marks from Utility Customers in Annual Poll
Electric cooperatives continue to receive high marks from utility customers, according to the latest reading of the American Customer Satisfaction Index. Electric cooperatives collectively earned a score of 81 while investor-owned and municipal utilities each received a score of 76. Natural gas distributor Atmos Energy and gas-and-electric supplier Sempra Energy were the two...
Minnesota Coop Members to Choose Method of Rate Increase
Posted on Apr 17, 2012 in Corporate Governance, Rates | Comments Off on Minnesota Coop Members to Choose Method of Rate Increase
Lake Country Power Cooperative, the electricity supplier for much of rural northeastern Minnesota, is asking its members to vote on how rates should increase to cover a projected $1.5 million shortfall. Unlike other coops in the area, Lake Country Power’s 48,500 customers are often located far off of the main lines. The coop serves an average of only six consumers per mile of line. ...
Iowa Coop Members Vote to Merge
Posted on Apr 5, 2012 in Corporate Governance, Mergers/Acquisitions | Comments Off on Iowa Coop Members Vote to Merge
Coop members have overwhelmingly approved the merger of Humboldt County Rural Electric Cooperative and Midland Power Cooperative. Merged operations are slated to begin in January 2013 under the name Midland Power Cooperative. Supporters of the merger cite it as a means to control operating costs and increase resources. Read more here.
Missouri Coop Becomes CFC’s Latest 100 Percent Borrower
Posted on Feb 13, 2012 in Corporate Governance, Financing, Rates | Comments Off on Missouri Coop Becomes CFC’s Latest 100 Percent Borrower
The National Rural Utilities Cooperative Finance Corporation (CFC) has closed a $133 million transaction for Missouri-based White River Valley Electric Cooperative (WRVEC). As a result of the deal, WRVEC has become CFC’s latest 100 percent borrower. WRVEC’s board of directors reportedly backed the move because it will result in significant savings to the coop and will ensure flexible...
Great Lakes Energy Cooperative Adopts Resolution to be Member Regulated
Posted on Jan 27, 2012 in Corporate Governance, Regulation & Policy | Comments Off on Great Lakes Energy Cooperative Adopts Resolution to be Member Regulated
Great Lakes Energy Cooperative will enter into discussions with the Michigan Public Service Commission on how to handle its transition to a member-regulated entity. The utility will become member-regulated in March assuming Great Lakes meets the notice and hearing requirements under Michigan’s Electric Cooperative Member-Regulation Act. Great Lakes’ member-consumers support the...
Vermont Coops Spurn Potential Transmission Control Shift to Green Mountain Power
Posted on Jan 24, 2012 in Corporate Governance, Grid & Infrastructure, Legislative & Politics, Mergers/Acquisitions, Regulation & Policy | Comments Off on Vermont Coops Spurn Potential Transmission Control Shift to Green Mountain Power
In light of a possible merger of Vermont’s two largest utilities to form new entity Green Mountain Power, Vermont municipals and coops are debating who will control the state’s transmission utility, Vermont Electric Power Company (VELCO). Through petitions before the Vermont Public Service Board, both municipals and coops are urging the Board to prevent Green Mountain Power from...
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