Approved Rate Increase for Kentucky Coop Less Than Expected
Posted on Apr 12, 2012 in Economic Downturn, Patronage Capital, Rates | Comments Off on Approved Rate Increase for Kentucky Coop Less Than Expected
The Kentucky Public Service Commission (PSC) approved a $3.7 million rate increase for South Kentucky Rural Electric Cooperative Corporation (Kentucky RECC), less than half the amount originally applied for by the coop. Residential and small commercial customers will see an increase in monthly charges, but usage charges will remain the same. Citing current economic strains on...
Florida Coop to Issue $13 Million in Equity Refunds
Posted on Apr 2, 2012 in Financing, Patronage Capital, Rates | Comments Off on Florida Coop to Issue $13 Million in Equity Refunds
Fort Myers-based Lee County Electric Cooperative will give customers almost $13 million in equity refunds or credits beginning in June. The refund checks will go to more than 48,000 customers based on the amount of equity they have in the system. Another 141,100 customers will receive credits on their bills. The News-Press has more here.
Complaint Against Coop Filed With State Regulatory Commission
Posted on Dec 22, 2011 in Corporate Governance, Litigation, Patronage Capital | Comments Off on Complaint Against Coop Filed With State Regulatory Commission
Carroll Electric Cooperative Corporation continues to face backlash for its bylaws, transparency and board member balloting procedures. The latest development in a series of lawsuits against Carroll Electric involves a complaint filed with the Arkansas Public Service Commission against a recent bylaw change. The amendment would include an arbitration clause that forbids coop members...
Tri-State Returns $20 Million in Capital Credits
Posted on Dec 14, 2011 in Corporate Governance, Financing, Patronage Capital | Comments Off on Tri-State Returns $20 Million in Capital Credits
Tri-State Generation and Transmission Association’s board has authorized the retirement of $20 million of capital credits to the association’s member coops. This is the 23rd consecutive year Tri-State has returned capital credits to its members. For more information, click here.
Washington State Coop Changes Capital Credit Policy
Posted on Dec 8, 2011 in Corporate Governance, Patronage Capital | Comments Off on Washington State Coop Changes Capital Credit Policy
The Okanogan County Electric Cooperative board of directors opted to modify the coop’s capital credit distribution policy to better align with other coops in the area. Okanogan reduced the amount of distribution from 5 percent to 2 percent of the coop’s margin and narrowed the pool of members identified for distribution to only those belonging to the coop in 1992. Click here for more...
Pedernales to Distribute Capital Credits
Posted on Oct 18, 2011 in Corporate Governance, Patronage Capital | Comments Off on Pedernales to Distribute Capital Credits
Pedernales Electric Cooperative will divvy out roughly $13.5 million in capital credits to current and former members. The distribution stems from Pedernales’ Capital Credits Policy implemented in April 2011 and is comparable to a quarter of Pedernales’ 2010 net margin. The Highlander has more.
Missouri Coop Experiences Large Revenues Without Much Growth
Posted on Aug 4, 2011 in Corporate Governance, Patronage Capital | Comments Off on Missouri Coop Experiences Large Revenues Without Much Growth
At its annual meeting held in late July, the Platte-Clay Electric Cooperative reported strong operating revenues and $1.64 million in capital credits paid out to members this year. The coop’s leaders credit smart fiscal management for the numbers because the coop has experienced almost non-existent growth over the last few years. Also at the meeting, members approved certain bylaw...
Carroll Electric Responds to Members’ Complaint
Posted on Jul 28, 2011 in Corporate Governance, Litigation, Patronage Capital | Comments Off on Carroll Electric Responds to Members’ Complaint
Carroll Electric Cooperative Corporation issued a statement Tuesday in response to a July 19 complaint filed with the Arkansas Public Service Commission by cooperative members. Among other matters addressed in the complaint, members requested increased transparency and democratic governance of the coop. In its statement, Carroll Electric pointed to a May survey as evidence of member...
Discovery Begins with Class Action Status Still to be Considered in New Mexico Coop Litigation
Posted on Jun 20, 2011 in Corporate Governance, Derivative Suits, Litigation, Patronage Capital | Comments Off on Discovery Begins with Class Action Status Still to be Considered in New Mexico Coop Litigation
After last week’s hearing, the litigation between Socorro Electric Cooperative and its members is progressing to the discovery stage of litigation. The initial focus of discovery will be on issues relating to the members’ class action status. The court has yet to address the members’ allegations that, among other things, the coop has wrongfully retained patronage capital owed to...
South Carolina House of Representatives Considering Passage of Patronage Capital Legislation
Posted on May 25, 2011 in Patronage Capital | Comments Off on South Carolina House of Representatives Considering Passage of Patronage Capital Legislation
The South Carolina House of Representatives is currently considering legislation that would significantly revise cooperatives’ use and distribution of patronage capital. The bill would, among other things, clarify the requirement that patronage capital be refunded to its members pro rata in accordance with the patronage of the respective members. It would also allow cooperatives the...
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