Pedernales Electric Cooperative Board Changes How Unclaimed Capital Credits Are Released
Posted on Jul 1, 2011 in Corporate Governance, Financing | Comments Off on Pedernales Electric Cooperative Board Changes How Unclaimed Capital Credits Are Released
The board of Pedernales Electric Cooperative, the largest electric distribution cooperative in the United States, has voted to change how it releases unclaimed capital credits to the state of Texas. The coop will continue taking steps to return $4.2 million in unclaimed money to members by publicizing on its website a list of the names of members who have not yet collected the money...
New Mexico Coop Completes PPA for 1.5 MW Solar Plant
Posted on Jun 21, 2011 in Financing, Project Development | Comments Off on New Mexico Coop Completes PPA for 1.5 MW Solar Plant
Taos, New Mexico coop Kit Carson Rural Electric Cooperative recently signed a power purchase agreement with Standard Solar Inc. for a 1.5-megawatt utility-scale photovoltaic generating facility. The project will include 5,280 solar PV panels and will offset approximately 1,500 tons of greenhouse gases per year. Kit Carson has agreed to purchase electricity from the facility for...
Electric Coops Leading the Way in Modernization of the Nation’s Electric Grid
Posted on Jun 13, 2011 in Financing, Grid & Infrastructure, Innovation/Efficiency, Project Development | Comments Off on Electric Coops Leading the Way in Modernization of the Nation’s Electric Grid
Agriculture Secretary Tom Vilsack joined Administration officials on Monday to announce several initiatives aimed at modernizing the nation’s electric grid. The USDA Rural Development’s Rural Utilities Service (RUS) is providing funding for several projects, and rural electric cooperatives are heavily involved in smart grid deployments. Last year, RUS approved $7.1 billion in loans for...
State of Kansas Delays Disaster Relief Payments to Coops
Posted on May 27, 2011 in Financing, Legislative & Politics | Comments Off on State of Kansas Delays Disaster Relief Payments to Coops
After lengthy budget negotiations, Kansas legislators returned home without providing funding to pay for work that coops have already completed. The $2.3 million in delayed payments are a part of Kansas’ match of federal disaster relief funding. Without these funds, coops are turning to other sources of financing. The Kansas City Star has the full story.
Coop Audit Uncovers Challenges in Accounting Practices
Posted on May 24, 2011 in Corporate Governance, Financing | Comments Off on Coop Audit Uncovers Challenges in Accounting Practices
A 2010 financial audit performed on Jemez Mountains Electric Cooperative has uncovered several red-flagged accounting practices. Noting that protocol concerns such as these are challenges not unique to their coop, leadership from Jemez Mountains Electric Cooperative has taken steps to strengthen its accounting department to address these issues. The Rio Grande Sun has the full...
Missouri Coop Launches Broadband Internet Initiative
Posted on May 20, 2011 in Financing, Grid & Infrastructure, Technology | Comments Off on Missouri Coop Launches Broadband Internet Initiative
Missouri Governor Jay Nixon and RUS Administrator Jonathan Adelstein celebrated Ralls County Electric Cooperative’s completion of the first portion of its broadband initiative. The coop’s ultimate goal is to make broadband available to 4,500 customers, including schools and healthcare providers. The Quincy Herald-Whig has the full story.
Missouri Cooperative Implements Innovative Funding Plan for Broadband Network
Posted on May 10, 2011 in Financing, Project Development | Comments Off on Missouri Cooperative Implements Innovative Funding Plan for Broadband Network
Co-Mo Electric Cooperative, an electric cooperative in Missouri, has implemented a novel way to raise community support for two pilot fiber-to-the-home (FTTH) networks. The coop plans to begin construction if it gets 35 percent of customers in its service area to pay a $100 deposit and commit to take one year of broadband service. The coop has also garnered the support of two local...
Credit Quality of Coops Remains Strong
Posted on Apr 29, 2011 in Financing | Comments Off on Credit Quality of Coops Remains Strong
According to Standard & Poor’s Ratings Services, coops are emerging from the recession in sound financial condition. There are, however, some long-term uncertainties relating to the regulation of emissions that could adversely affect coops. See TD Waterhouse for more.
Coops in North Carolina and Virginia Plan Sharp Rate Hikes
Posted on Apr 20, 2011 in Financing, Grid & Infrastructure, Rates | Comments Off on Coops in North Carolina and Virginia Plan Sharp Rate Hikes
North Carolina-based ElectriCities Inc. and Virginia-based Rappahannock Electric Cooperative are both planning rate increases of as much as 30 percent. According to ElectriCities, rates for the 19 cities that buy power from it would increase a cumulative total of 29.2 percent over the next five years if the coop does not restructure its debt. A full debt restructuring would limit rate...
Old Dominion Issues First Mortgage Bonds
Posted on Apr 12, 2011 in Financing | Comments Off on Old Dominion Issues First Mortgage Bonds
Old Dominion Electric Cooperative issued $350 million of first mortgage bonds in a private placement, the proceeds of which will be will be used to repay $215 million First Mortgage Bonds, 2001 Series A due June 1, 2011, and for general corporate purposes. See Old Dominion’s Form 8-K for additional details.
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