Virginia Coop Applies for Approval of Prepaid Electric Service Program
Posted on Aug 19, 2011 in Corporate Governance, Rates | Comments Off on Virginia Coop Applies for Approval of Prepaid Electric Service Program
Rappahannock Electric Cooperative has developed a prepaid service program, and the coop is in the process of obtaining approval from the Virginia State Corporation Commission. If the coop’s program is approved, it would be the first coop to offer such a program in Virginia. Fredericksburg.com has more.
Nevada Coop Considers Plans to Export Green Power to California
Posted on Aug 19, 2011 in Grid & Infrastructure, Legislative & Politics, Renewable Energy | Comments Off on Nevada Coop Considers Plans to Export Green Power to California
Valley Electric Association, a coop based in Pahrump, Nevada, is developing plans to expand its transmission system to interconnect with the California Independent System Operator and to export renewable energy to California. The coop faces competition from Solar Express Transmission, and it is carefully considering the best way to move forward. The Las Vegas Review-Journal is...
White House Rural Economic Forum Draws Electric Coop Participants
Posted on Aug 18, 2011 in Economic Downturn, Regulation & Policy | Comments Off on White House Rural Economic Forum Draws Electric Coop Participants
Several coop representatives and CEO of the National Rural Electric Cooperative Association (NRECA) Glenn English participated in the White House Rural Economic Forum held in Peosta, Iowa. The forum included President Obama, members of his cabinet, and a group of small business owners, farmers, rural organizations, all of whom discussed the twin goals of economic development and job...
Coop’s Investment Will Rehabilitate a Montana Hydroelectric Plant
Posted on Aug 16, 2011 in Financing, Project Development, Renewable Energy | Comments Off on Coop’s Investment Will Rehabilitate a Montana Hydroelectric Plant
The Flathead Electric Cooperative has agreed to pre-purchase $400,000 worth of electricity generated by a 250-kW hydroelectric generator. The coop’s investment will cover roughly two-thirds of the cost to rehabilitate the plant, and a block grant will cover the rest. After the coop recovers its investment, the city of Whitefish will be able to use power produced from the plant to...
Oklahoma Governor Seeks to Replenish Emergency Fund – Pay Back Coops
Posted on Aug 16, 2011 in Economic Downturn, Legislative & Politics | Comments Off on Oklahoma Governor Seeks to Replenish Emergency Fund – Pay Back Coops
After responding to various extreme weather events, cities, towns, and counties as well as certain electric coops are due reimbursement from the Oklahoma Emergency Fund. However, a lack of funding has left reimbursements unpaid since January 1, 2007. Electric coops are due approximately $20 million, and Governor Mary Fallin said she hopes state lawmakers will start replenishing the...
Tennessee Valley Authority Reports Losses for 2011 Third Quarter
Posted on Aug 15, 2011 in Economic Downturn, Rates | Comments Off on Tennessee Valley Authority Reports Losses for 2011 Third Quarter
In a filing with the Securities and Exchange Commission, the Tennessee Valley Authority (TVA), which provides power to 155 coops and municipal systems in the Southeast, recently reported that it lost $240 million on $2.7 billion in revenues for the quarter ending June 30. The TVA cited several reasons for the downturn, including adverse weather, refueling outages at its nuclear plants...
Cost of Socorro Electric’s Lawsuit Unclear
Posted on Aug 15, 2011 in Litigation | Comments Off on Cost of Socorro Electric’s Lawsuit Unclear
The cost of a lawsuit filed in New Mexico last year by Socorro Electric Cooperative against all of its approximately 10,000 member-owners is still unclear. Judge Albert J. Mitchell Jr., who was appointed to the case by the New Mexico Supreme Court, has yet to decide whether to award attorneys’ fees and expenses to the lawyers who defended the case. Judge Mitchell is also considering...
Consolidation of Two Indiana Coops on the Horizon
Posted on Aug 11, 2011 in Mergers/Acquisitions | Comments Off on Consolidation of Two Indiana Coops on the Horizon
The Carroll County Rural Electric Membership Corporation (REMC) and the White County REMC are positioned to merge into a single electric coop by the end of 2011. The creation of Carroll White REMC would cut costs and save members at least $5.2 million over the first nine years, according to an outside accounting firm. White County members have already voted in support of the...
Florida Public Service Commission Rules against Choctawhatchee Electric Cooperative in Service Dispute
Posted on Aug 10, 2011 in Legislative & Politics, Litigation | Comments Off on Florida Public Service Commission Rules against Choctawhatchee Electric Cooperative in Service Dispute
The Florida Public Service Commission voted unanimously against awarding the right to serve a new mixed-use development in the Florida panhandle to Choctawhatchee Electric Cooperative. Instead, the Commission awarded the right to serve the development to Gulf Power Company, part of Southern Company. The Northwest Florida Daily News has the rest of the story.
East Kentucky Power Cooperative Finalizes New Credit Facility
Posted on Aug 10, 2011 in Financing | Comments Off on East Kentucky Power Cooperative Finalizes New Credit Facility
East Kentucky Power Cooperative (EKPC) has finalized a new five-year $450 million credit facility to replace an existing three-year credit facility in the same amount. EKPC expects to save more than $5 million annually under the new credit facility, due to lower interest costs improved operating performance. Read more about the new credit facility here.
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