Merger in Yellowstone
Posted on Feb 4, 2016 in Mergers/Acquisitions | Comments Off on Merger in Yellowstone
Two Yellowstone area cooperatives are discussing a merger designed to save $4 million per year. The cooperatives—Lower Valley Energy and Fall River Rural Electric—serve a combined 43,000 meters located in Idaho, Wyoming and Montana. If projections are correct, the merger will save members an estimated $38 million over 10 years.
Sutherland Represents EKPC in Gas Plant Acquisition
Posted on Jan 4, 2016 in Mergers/Acquisitions, Regulation & Policy, Reliability | Comments Off on Sutherland Represents EKPC in Gas Plant Acquisition
Sutherland recently represented East Kentucky Power Cooperative, Inc. (EKPC) in its acquisition of a 594-megawatt natural gas power plant located in Oldham County, Kentucky from Bluegrass Generation Co. LLC. The transaction, approved by the Kentucky Public Service Commission last month, closed on December 29, 2015.
Coops Merge in Tennessee and Kentucky
Posted on Nov 20, 2015 in Grid & Infrastructure, Mergers/Acquisitions, Rates | Comments Off on Coops Merge in Tennessee and Kentucky
Members of Tennessee-based Gibson Electric Membership Corporation recently voted to approve a merger with Kentucky-based Hickman-Fulton Counties Rural Electric Cooperative. Gibson EMC president and CEO Dan Rodamaker reported that all employees would retain their jobs. The merger will save Hickman-Fulton members approximately $12.6 million over the next 10 years.
Cross-State Coop Merger in the Works
Posted on Oct 19, 2015 in Corporate Governance, Mergers/Acquisitions, Rates | Comments Off on Cross-State Coop Merger in the Works
Customer-members of Kentucky’s Hickman Fulton Counties Rural Electric Cooperative Corporation recently voted in favor of approving a merger with Tennessee’s Gibson Electric Membership Corporation. Gibson Electric’s customer-members will vote on the merger at a November 17 special meeting.
City of Bushnell Attempting to Purchase SECO’s Electric Territory
Posted on Oct 9, 2015 in Mergers/Acquisitions, Rates | Comments Off on City of Bushnell Attempting to Purchase SECO’s Electric Territory
Despite resistance from Sumter Electric Cooperative (SECO), the city of Bushnell (City) is attempting to exercise an option at the end of its 30-year lease to buy SECO’s substation, power lines and territory to prepare for future growth. The purchase would allow the City’s electric utility to grow because its electric system is surrounded by SECO’s electric territory and almost...
Oklahoma Coop Agrees to Sell Transmission Assets to Competitive Transmission Company
Posted on Sep 2, 2015 in Mergers/Acquisitions | Comments Off on Oklahoma Coop Agrees to Sell Transmission Assets to Competitive Transmission Company
Hooker, Oklahoma-based Tri-County Electric Cooperative has agreed to sell its transmission assets, including 410 miles of 69 and 115 kV transmission lines to GridLiance Holdco, LP, a competitive transmission company focused on municipal and cooperative utilities. The agreement is expect to close by year end, pending federal regulatory approval.
Southern Minnesota Energy Cooperative Completes Acquisition of Electric Service Territory from Alliant Energy
Posted on Jul 31, 2015 in Mergers/Acquisitions, Rates, Reliability | Comments Off on Southern Minnesota Energy Cooperative Completes Acquisition of Electric Service Territory from Alliant Energy
The Southern Minnesota Energy Cooperative, a group of 12 electric cooperatives, finalized the acquisition of electric service territory in southern Minnesota from investor-owned Alliant Energy. Approximately 43,000 Alliant Energy customers in southern Minnesota are now member-owners of their respective electric cooperative. Read more about the acquisition here.
EKPC to Purchase Oldham County Natural Gas Power Plant
Posted on Jul 29, 2015 in Mergers/Acquisitions | Comments Off on EKPC to Purchase Oldham County Natural Gas Power Plant
East Kentucky Power Cooperative (EKPC) plans to purchase a natural gas-fired power plant in Oldham County, Kentucky from Bluegrass Generation Co. LLC. EKPC plans to complete the transaction by the end of the year. Sutherland is representing EKPC in connection with the acquisition. Please click here for additional information.
Basin Electric Finalizes RUS Buyout
Posted on Jul 17, 2015 in Mergers/Acquisitions | Comments Off on Basin Electric Finalizes RUS Buyout
In July, Basin Electric bought out of the RUS loan program following a $1.5 billion private placement. Goldman Sachs advised on the buyout and acted as placement agent. Orrick, Herrington & Sutcliffe served as counsel to Basin and Sutherland served as counsel to Goldman Sachs. Read more about the buyout here.
Seminole Electric Will Be Only Remaining Minority Owner of Florida Nuclear Plant
Posted on Jun 11, 2015 in Mergers/Acquisitions | Comments Off on Seminole Electric Will Be Only Remaining Minority Owner of Florida Nuclear Plant
Duke Energy Florida (Duke) is restructuring ownership of the Crystal River 3 Nuclear Power Plant to eliminate eight municipalities and municipal power providers as minority owners. Duke and Seminole Electric Cooperative (Seminole Electric) will be the only owners, with Duke holding a 98.3 percent share and Seminole holding 1.7 percent. Click here for more.
Subscribe
