Oklahoma Coop Considering Merger
Posted on Sep 9, 2013 in Corporate Governance, Mergers/Acquisitions, Rates, Reliability | Comments Off on Oklahoma Coop Considering Merger
Canadian Valley Electric Cooperative (CVEC), based in Seminole, Oklahoma, has notified about 24,000 customers that it is contemplating a consolidation or joint operations with Central Rural Electric Cooperative, a 22,000 member coop based in Stillwater, Oklahoma. CVEC believes that a consolidation might offer rate stability for members through cost sharing of cooperative and utility...
Minnesota Coop to Purchase Alliant Distribution Business
Posted on Sep 4, 2013 in Mergers/Acquisitions | Comments Off on Minnesota Coop to Purchase Alliant Distribution Business
Alliant Energy has announced plans to sell its electric and natural gas distribution business in Minnesota for $128 million. Pending regulatory approval, Southern Minnesota Energy Cooperative (SMEC) has agreed to acquire Alliant’s territory in southern Minnesota, which will add approximately 43,000 customers to the 12 SMEC member cooperatives. To read more about this story, click...
Missouri City Approves Coop’s Power Plant Purchase Option
Posted on Aug 21, 2013 in Mergers/Acquisitions | Comments Off on Missouri City Approves Coop’s Power Plant Purchase Option
The City of New Madrid, Missouri, approved Associated Electric Cooperative Inc.’s (AECI) option to purchase a power plant prior to the expiration of an existing agreement between AECI and the city. AECI will pay a total of $100 million over the term of the option agreement in order to acquire the city’s interest in the plant, with the first payment of $25 million due September 1 of...
Iowa Coops Agree to Joint Management
Posted on Aug 16, 2013 in Corporate Governance, Mergers/Acquisitions | Comments Off on Iowa Coops Agree to Joint Management
Grundy County Rural Electric Cooperative and Franklin Rural Electric Cooperative recently agreed that Francis Buckel will now serve as general manager of both cooperatives. See the Waterloo Cedar Falls Courier for more.
South Carolina Coop to Sell Security Company
Posted on Jul 23, 2013 in Mergers/Acquisitions | Comments Off on South Carolina Coop to Sell Security Company
Palmetto Electric Cooperative plans to sell Palmetto Security Systems on August 1 to the company’s former vice president. The coop board decided to sell the security company to focus on the coop’s core mission of providing electricity, according to a news release. Existing accounts will be served by a new company under the same name. For more information, click here.
Coop Seeks Buyers or Offtakers for Two of Its Coal-Fired Facilities
Posted on Jul 2, 2013 in Mergers/Acquisitions, Rates | Comments Off on Coop Seeks Buyers or Offtakers for Two of Its Coal-Fired Facilities
Anticipating certain reductions in load, Big Rivers Electric Corporation is looking for other options for its Kenneth C. Coleman Station (443 MW) in Hawesville, Kentucky, and D. B. Wilson Station (417 MW) in Centertown, Kentucky. The Hancock Clarion has more on this story.
Illinois Coops Merge
Posted on May 7, 2013 in Corporate Governance, Grid & Infrastructure, Mergers/Acquisitions | Comments Off on Illinois Coops Merge
Two Illinois electric coops, Jo-Carroll Energy, Inc. and Farmers Mutual Electric Company, have merged. The integrated coop, Jo-Carroll Energy, will serve a combined 21,372 electric members and will be a 100-percent National Rural Utilities Cooperative Finance Corporation borrower. Click here for more.
Proposed Kentucky Legislation Would Force Coop Merger
Posted on Feb 22, 2013 in Legislative & Politics, Mergers/Acquisitions, Rates | Comments Off on Proposed Kentucky Legislation Would Force Coop Merger
A proposed Kentucky legislative bill would force Big Rivers Electric Corporation (Big Rivers) and East Kentucky Power Cooperative to merge “as quickly as can be reasonably and economically accomplished.” House Bill 423 is intended to address the significant rate hike Big Rivers customers may face due to the coop’s impending loss of approximately 70 percent of its power sales to two...
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...
Sutherland Advises South Mississippi Electric on Purchase of LSP Energy’s Batesville Plant
Posted on Dec 21, 2012 in Mergers/Acquisitions | Comments Off on Sutherland Advises South Mississippi Electric on Purchase of LSP Energy’s Batesville Plant
Sutherland Asbill & Brennan LLP has advised South Mississippi Electric (SME) on the purchase of LSP Energy LP’s Batesville, Mississippi, plant. The transaction closed this week and involved the acquisition of three gas-fired, combined-cycle generating units with the capacity to produce up to 837 megawatts of electricity at a purchase price of approximately $332/kW. Read more...
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