Lea County Coop Dedicates New Gas Plant
Posted on Mar 20, 2012 in Financing, Project Development | Comments Off on Lea County Coop Dedicates New Gas Plant
Lea County Electric Cooperative, Inc., which serves New Mexico and West Texas, recently saw its first wholly owned generation plan come online. Construction financing for the 47-MW, natural gas-fired plant was provided by the National Cooperative Services Corporation and consisted of a $55 million secured bridge line of credit and a $10.4 million secured letter of credit to support...
Iowa Coop Honored After Speedy Completion of Wind Farms
Posted on Mar 20, 2012 in Financing, Grid & Infrastructure, Innovation/Efficiency, Renewable Energy | Comments Off on Iowa Coop Honored After Speedy Completion of Wind Farms
Estherville-based Iowa Lakes Electric Cooperative has been honored by the U.S. Department of Energy as the 2011 Wind Cooperative of the Year after designing and building two wind farms in just 18 months. The coop built the wind farms near existing ethanol plants, which allowed it to use existing substation infrastructure and save approximately $5 million by not having to build a...
Georgia Legislature Considers Two Bills Impacting Cooperatives
Posted on Mar 9, 2012 in Financing, Innovation/Efficiency, Legislative & Politics | Comments Off on Georgia Legislature Considers Two Bills Impacting Cooperatives
The Georgia Senate this week passed a bill providing that consumers may elect not to use “smart meters.” Senate Bill 459 further permits the Georgia Public Service Commission to create and regulate a surcharge for consumers who elect not to use smart meters. The bill has been sent to the House for consideration. The full text of SB 459 can be viewed here. A second bill impacting...
U.S. Department of Agriculture to Fund Rural Electric Infrastructure
Posted on Mar 8, 2012 in Financing, Grid & Infrastructure, Regulation & Policy, Reliability | Comments Off on U.S. Department of Agriculture to Fund Rural Electric Infrastructure
USDA Rural Development announced that rural electric coops in eight states will receive funding for smart grid technologies and generation and transmission facility improvements. The Rural Utilities Service will be charged with managing the $201 million in loans, of which about $25 million will go towards smart grid developments. The announcement came at the 2012 National Rural...
Montana Coops Negotiating New Payment Plans with Oil Companies
Posted on Mar 5, 2012 in Economic Downturn, Financing, Grid & Infrastructure | Comments Off on Montana Coops Negotiating New Payment Plans with Oil Companies
Some Montana coops are changing the way they structure payment plans with oil companies that need their oil well sites to be electrified. Lower Yellowstone Rural Electric Association (LYREA) is requiring payment up front from the oil companies rather than allowing payment through the monthly electricity rate. The cost of making payments all at once can add up; costs can reach about...
Kentucky Rural Investment Bill Making Progress
Posted on Mar 1, 2012 in Economic Downturn, Financing, Legislative & Politics, Project Development | Comments Off on Kentucky Rural Investment Bill Making Progress
A proposed bill to allow the use of private investment by coops is moving through the Kentucky legislature. Similar to laws passed in Tennessee and several other states, supporters of the proposed bill say it will promote new forms of investment and invigorate the state’s growing biofuels industry. Click here for more information.
Budget Reform Bill Could Impact RUS Lending
Posted on Feb 14, 2012 in Economic Downturn, Financing, Legislative & Politics | Comments Off on Budget Reform Bill Could Impact RUS Lending
A budget reform bill passed by the U.S. House of Representatives may place unnecessary limits on Rural Utilities Service (RUS) lending to electric coops, according to the National Rural Electric Cooperative Association (NRECA). The bill, H.R. 3581, is intended to incorporate market risk into the cost of government credit programs, such as Freddie Mac and Fannie Mae, but would also...
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...
Coops Receive USDA Rural Economic Development Grants
Posted on Jan 31, 2012 in Financing | Comments Off on Coops Receive USDA Rural Economic Development Grants
Lumbee River Electric Membership Corporation in North Carolina, Clarke-Washington Electric Membership Corporation in Alabama and Heartland Power Cooperative in Iowa were among the coops that received grants under the USDA’s Rural Economic Development Loan and Grant program. Agriculture Secretary Tom Vilsack announced that loans and grants will be provided to applicants in 10...
Potential Joint Venture Could Save Michigan Plant
Posted on Jan 12, 2012 in Environmental, Financing | Comments Off on Potential Joint Venture Could Save Michigan Plant
Wolverine Power Cooperative and We Energies are evaluating whether a joint venture may be reached to avoid shutting down the Presque Isle coal-fired power plant in 2017 due to the added costs of the Environmental Protection Agency’s new environmental rules. The joint venture would finance the environmental controls needed to keep the plant open, which are estimated to cost hundreds of...
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