Tri-County Electric Cooperative
Xcel Energy Transaction
Hooker- Tri-County Electric Cooperative has completed its previously announced purchase of electric distribution service territory from Xcel Energy (NYSE: XEL) in several towns in the states of Oklahoma and Kansas . The affected towns include:
F Beaver, Boise City , Goodwell, Guymon, Keyes and Texhoma , Okla.
F Elkhart , Kan.
When Xcel Energy and Tri-County Electric originally announced this acquisition in October 2005, approximately 300 customer accounts in the Texas communities of Texhoma and Oslo were included in the asset purchase agreement. However, because the regulatory process in the state of Texas is taking longer than it did in Oklahoma and Kansas , the agreement has been amended to close the Oklahoma and Kansas portions now, and the Texas portion at a later date upon completion of that state's regulatory process.
The two utilities have entered into an agreement which calls for Tri-County Electric to provide day-to-day operations and maintenance services on behalf of Xcel Energy until the regulatory process is complete. At that time, Tri-County Electric will close on its purchase of the Texas service territory. The territory in Texas represents less than 3 percent of the customers in the total transaction.
WHAT THIS MEANS:
F Tri-County Electric now serves approximately 22,000 accounts, roughly double the cooperative's size prior to the acquisition. This enhances Tri-County Electric's efficiency, thus allowing the cooperative to continue providing its members with safe and reliable electric service at the lowest practical cost.
F Effective immediately, all former Xcel Energy customers in Oklahoma and Kansas should contact Tri-County Electric with any questions or concerns about any aspect of their electric service. This includes outage reports, billing questions, new accounts, disconnections, and requests for service. Tri-County Electric's 24-hour, toll-free number is (800) 522-3315.
F Xcel Energy customers in the aforementioned Texas territory will continue to be customers of Xcel Energy until the conclusion of the regulatory process in that state. However, Tri-County Electric will be responsible for the day-to-day maintenance of their electric service. If they need to report an outage, or have questions about their electric service, they should contact Xcel Energy. Residential customers should call 800-895-4999. Commercial customers should call 800-481-4700.
F Base rates for both new members and current members will not change for the foreseeable future. Fuel costs, however, could change the overall bill.
F The transaction will pay for itself. The new revenue generated from the additional customer base will pay off the loan.
F Over the next several months, Tri-County Electric staff will gather membership forms from all former Xcel Energy customers in the region. Upon completion of the necessary paperwork, the former Xcel Energy customers will become members of the cooperative and can enjoy all of the benefits of cooperative membership, including voting rights and the opportunity for patronage capital refunds – at no additional cost to them.
F Tri-County Electric has added ten new staff members who had previously serviced the acquired territory as employees of Xcel Energy. The employees include line workers, meter readers and administrative support personnel.
ABOUT TRI-COUNTY ELECTRIC COOPERATIVE
For more than 60 years, Tri-County Electric Cooperative, Inc., has been dedicated to providing members in the Oklahoma Panhandle with the best electric service at the lowest practical price. Headquartered in Hooker, Okla., Tri-County Electric is a not-for-profit distribution cooperative owned and controlled by its members.
All cooperative members have equal voting rights and have the opportunity to vote at Tri-County Electric's district and annual meetings. Nine members are elected to the cooperative's board of trustees by their fellow members. The board of trustees governs the cooperative by setting major policy directives for the organization and is responsible for hiring the CEO.
F District 1: Vacant
F District 2: Erwin Elms, secretary/treasurer
F District 3: Ronny White, president
F District 4: C.J. Mouser
F District 5: Art Bohlmann
F District 6: W.K. Schroeder
F District 7: Phil Light, vice president
F District 8: Cletus Carter
F District 9: Larry Hodges
Jack Perkins serves as CEO of Tri-County Electric.
Perkins has served as CEO of Tri-County Electric Cooperative, since 1998 a non-profit distribution cooperative owned and controlled by its members. Perkins reports to the cooperative's democratically elected board of trustees. His responsibilities include day-to-day management of the utility and the development of business strategies that ensure the highest quality of service for cooperative members at the most affordable rates.
Tri-County Electric Cooperative is a distribution electric cooperative, and a member of the National Rural Electric Cooperatives Association (NRECA), the Oklahoma Association of Electric Cooperatives (OAEC) and Touchstone Energy, a national alliance of local, consumer-owned electric cooperatives.
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