Delaware Coop to Distribute $3 Million in Capital Credits to Members
Posted on Nov 25, 2013 in Corporate Governance, Patronage Capital | Comments Off on Delaware Coop to Distribute $3 Million in Capital Credits to Members
The Board of Directors of Delaware Electric Cooperative (DEC) recently voted to return $3 million in capital credits to all of DEC’s members and former members who held an active account in 1995. Click here for more.
New Mexico Coop Vote for Trustee Questioned
Posted on Nov 21, 2013 in Corporate Governance | Comments Off on New Mexico Coop Vote for Trustee Questioned
The District III Socorro Electric Coop trustee election held on November 16 is being scrutinized over whether enough individuals were present to make quorum. Only 65 member/owners were counted as present at the meeting and 66 were needed to make quorum, but there are reports that more members were and not counted. Another vote will have to take place if this one is found to be...
Pedernales to Distribute Nearly $13 Million in Capital Credits
Posted on Nov 4, 2013 in Corporate Governance, Patronage Capital | Comments Off on Pedernales to Distribute Nearly $13 Million in Capital Credits
The Pedernales Electric Cooperative (PEC) Board of Directors recently approved a capital credits distribution of more than $12.7 million to current and former PEC members after the Board reviewed the coop’s fiscal health and determined the distribution would not have any adverse impact on PEC. The distribution of capital credits, which reflect member ownership in PEC, will vary from...
Webinar: Patronage Capital Litigation
Posted on Oct 29, 2013 in Corporate Governance, Derivative Suits, Financing, Litigation, Patronage Capital, Regulation & Policy, Tax, Webinar | Comments Off on Webinar: Patronage Capital Litigation
Since 2009, at least 14 cases have been filed against electric cooperatives over patronage capital (or capital credits) in eight states: Alabama, Arkansas, Georgia, Missouri, New Mexico, North Carolina, South Carolina, and Texas. To help coops understand the surge in this type of litigation, Sutherland will present a live Webinar, “Patronage Capital Litigation,” for...
Oglethorpe Announces New CEO
Posted on Oct 16, 2013 in Corporate Governance | Comments Off on Oglethorpe Announces New CEO
Oglethorpe Power Corporation has announced that Michael L. Smith has been appointed as its new President and Chief Executive Officer. Mr. Smith previously served in the same position for Georgia Transmission Corporation. To read more, click here.
Alaska Coop Seeks Purchase of For-Profit Utility
Posted on Oct 14, 2013 in Corporate Governance, Mergers/Acquisitions, Rates, Regulation & Policy | Comments Off on Alaska Coop Seeks Purchase of For-Profit Utility
Alaska Village Electric Cooperative (AVEC), which serves Western Alaska, is seeking to buy Bethel Utilities Corporation (BUC), a for-profit company. According to AVEC’s President, the buyout, on schedule to become effective this Spring, would cut electric rates for customers of both entities. BUC’s rates could drop by 8 to 10 percent immediately. The two entities jointly sought...
Georgia Coop Settles Class Action Over Patronage Capital for $98 Million
Posted on Oct 11, 2013 in Corporate Governance, Derivative Suits, Litigation, Mergers/Acquisitions, Patronage Capital, Regulation & Policy | Comments Off on Georgia Coop Settles Class Action Over Patronage Capital for $98 Million
After nearly four years of litigating a class action over patronage capital, Cobb EMC has agreed to pay a $98 million settlement to nearly one million of its current and former members. The plaintiffs are to receive their portion of patronage capital (or “capital credits”) they were allegedly owed but never paid. The Marietta Daily Journal has more.
G&Ts Work Together to Negotiate Indentures
Posted on Sep 30, 2013 in Corporate Governance, Financing | Comments Off on G&Ts Work Together to Negotiate Indentures
A group of 10 regional generation and transmission (G&T) cooperatives recently worked with the Rural Utilities Service (RUS) to convert existing mortgages to indentures, facilitating easier access to private financing for the electric coops they serve in Missouri, Oklahoma, Iowa, North Dakota, and South Dakota. Through the conversions, which were successful in part due to the...
Distribution Coop Approves Community Solar Initiative
Posted on Sep 21, 2013 in Corporate Governance, Project Development, Rates, Regulation & Policy, Renewable Energy | Comments Off on Distribution Coop Approves Community Solar Initiative
The board of La Plata Electric Association (LPEA), based in Colorado, recently approved a program where 10 or more members can apply to develop a community solar garden and sell the power back to the coop. LPEA is accepting proposals through year’s end. The Durango Herald has the full story.
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...
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