Louisiana Utility Honors Patronage Capital Credits
Posted on Jan 7, 2013 in Corporate Governance, Mergers/Acquisitions, Patronage Capital | Comments Off on Louisiana Utility Honors Patronage Capital Credits
Shreveport-based Southwestern Electric Power Company (SWEPCO), which completed the purchase of Valley Electric Membership Corporation (Valley) in October 2010, recently mailed out a second round of refund payments to members of the former coop. Valley’s board of directors pledged to honor Valley’s estimated $25 million in patronage capital credits owed to its members. These credits...
Sutherland Advises South Mississippi Electric on Purchase of LSP Energy’s Batesville Plant
Posted on Dec 21, 2012 in Mergers/Acquisitions | Comments Off on Sutherland Advises South Mississippi Electric on Purchase of LSP Energy’s Batesville Plant
Sutherland Asbill & Brennan LLP has advised South Mississippi Electric (SME) on the purchase of LSP Energy LP’s Batesville, Mississippi, plant. The transaction closed this week and involved the acquisition of three gas-fired, combined-cycle generating units with the capacity to produce up to 837 megawatts of electricity at a purchase price of approximately $332/kW. Read more...
Alaskan Coop Decides Not to Buy Plant
Posted on Dec 20, 2012 in Grid & Infrastructure, Mergers/Acquisitions | Comments Off on Alaskan Coop Decides Not to Buy Plant
Golden Valley Electric Association (GVEA) will not purchase a 22.5-MW, coal-fired generation plant located at Clear Air Force Station about 80 miles from Fairbanks. Citing cost concerns, both from an environmental and efficiency perspective, GVEA determined that purchasing the plant was not in the best interest of its customers. Clear Air Force Station hopes to connect to the GVEA grid...
Two Illinois Coops Plan to Merge
Posted on Nov 19, 2012 in Corporate Governance, Mergers/Acquisitions | Comments Off on Two Illinois Coops Plan to Merge
Members of Farmers Mutual Electric Company approved a merger with fellow electric cooperative Jo-Carroll Energy, Inc. last Tuesday. Under the agreement, Farmers Mutual members will become members of Jo-Carroll Energy. Jo-Carroll Energy’s bylaws do not require its members to vote on a merger with another coop. Farmers Mutual will return $936,000 in capital credits to its members over...
Some Members Challenge Rate Increases in Wake of Utility Merger
Posted on Nov 16, 2012 in Corporate Governance, Mergers/Acquisitions, Rates | Comments Off on Some Members Challenge Rate Increases in Wake of Utility Merger
Following the merger of Central Vermont Public Service with and into Green Mountain Power, two members of the surviving Green Mountain Power are protesting certain transmission-related rate increases before the Federal Energy Regulatory Commission. Although the rate increases are to be phased-in over time, the new transmission rates represent an increase of more than 75 percent. ...
MFA Oil Acquires Propane Business of Two Missouri Regional Electric Cooperatives
Posted on Nov 7, 2012 in Mergers/Acquisitions | Comments Off on MFA Oil Acquires Propane Business of Two Missouri Regional Electric Cooperatives
Platte-Clay Electric Cooperative and United Electric Cooperative, Inc. recently sold their propane businesses to MFA Oil, a farmers cooperative based in Columbia, Missouri. The propane businesses, originally formed as a response to electricity deregulation, no longer fit with the business plans of the electric cooperatives. Read more here.
Coops Conduct Meeting to Prepare for Potential Merger
Posted on Jul 16, 2012 in Corporate Governance, Energy Savings Programs, Mergers/Acquisitions, Reliability | Comments Off on Coops Conduct Meeting to Prepare for Potential Merger
Western Illinois Electrical Cooperative (WIEC) and Adams Electric Cooperative are considering a merger that could lower power supply costs and shorten the duration of outages for members of both coops. At a June 28 meeting with WIEC coop members, managers from both coops discussed the benefits of a possible consolidation. The merger would ultimately be decided by a two-thirds vote of...
FERC Transmission Rule Source of Controversy
Posted on Jul 12, 2012 in Financing, Grid & Infrastructure, Innovation/Efficiency, Litigation, Mergers/Acquisitions, Regulation & Policy, Reliability, Renewable Energy | Comments Off on FERC Transmission Rule Source of Controversy
An investor-owned utility association, Edison Electric Institute, has requested that a federal court review the Federal Energy Regulatory Commission’s (FERC) controversial rule meant to spur new transmission investment. The rule requires utilities to create regional plans and a framework for cost allocation. The rule also introduces competitive bidding and new compliance...
Iowa Coop Members Vote to Merge
Posted on Apr 5, 2012 in Corporate Governance, Mergers/Acquisitions | Comments Off on Iowa Coop Members Vote to Merge
Coop members have overwhelmingly approved the merger of Humboldt County Rural Electric Cooperative and Midland Power Cooperative. Merged operations are slated to begin in January 2013 under the name Midland Power Cooperative. Supporters of the merger cite it as a means to control operating costs and increase resources. Read more here.
Vermont Coops Spurn Potential Transmission Control Shift to Green Mountain Power
Posted on Jan 24, 2012 in Corporate Governance, Grid & Infrastructure, Legislative & Politics, Mergers/Acquisitions, Regulation & Policy | Comments Off on Vermont Coops Spurn Potential Transmission Control Shift to Green Mountain Power
In light of a possible merger of Vermont’s two largest utilities to form new entity Green Mountain Power, Vermont municipals and coops are debating who will control the state’s transmission utility, Vermont Electric Power Company (VELCO). Through petitions before the Vermont Public Service Board, both municipals and coops are urging the Board to prevent Green Mountain Power from...
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