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C A N A D I A N March 2014


V SUPPLEMENT TO OKLAHOMA LIVING


Cooperative CEOs Converse about Consolidation


believe in the best interest of the mem- bers that is not still true today.” Members of both cooperatives were notified in September 2013 that the two boards had entered into discussions about the potential consolidation. Since that time, third-party studies have com- menced that include an in-depth analysis of the two cooperatives’ rates and finan- cials. The ultimate goal of the consolida- tion is to build upon the strengths of both organizations, thus creating a stronger organization, said David Swank, CREC CEO.


“George has used a statement I really like about being a better servant,” Swank said. “How can this new entity serve the membership better than we have in the past?”


s the Cooperative Finance Cor- poration completes the feasibil- ity study on the potential consolidation between Canadian Valley Electric Coop- erative and Central Rural Electric Coop- erative, talks continue between the two boards and management as they work on the framework of the potential new coop- erative. Recently, the CEOs from the two


A By George In January trustees of Canadian


Valley Electric Cooperative and Central Rural Electric Cooperative met in joint session at the headquarters of the CH Guernsey engineering firm. Purpose of the meeting was to review informa- tion developed by Guernsey’s Rates and Financial Matters department. Guernsey had been engaged to study retail rates and retail rate structures of both CVEC


cooperatives sat down to answer ques- tions about the consolidation, including how the original discussion began. “Consolidation has always been a term in the vernacular of electric cooper- atives because there are so many electric cooperatives,” said George Hand, CVEC CEO. “At one point, Oklahoma may have needed 26 electric cooperatives but we


and CREC and make recommendations on combining the rates to one set of rates for a possible consolidation of the two cooperatives. Their report was very posi- tive and presented a plan for establishing a single set of rates with little disruption to the memberships. The consultant stated it appeared combining the two rates into a single set was something that could be readily accomplished in a single step. Also present were representatives from the staff of the Oklahoma Corpora- tion Commission. They indicated they were pleased with their understanding


Swank added that keeping the best interests of the membership is always kept in the forefront. “We all know one of the most im- portant things to the member is afford- able rates,” Swank said. “Maintaining affordable rates has been a big driver of


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of the report. They also encouraged and complimented both electric cooperatives and their trustees for their efforts in this process. A financial study prepared by the National Rural Utilities Cooperative Finance Corporation (CFC) studying the possible consolidation of the two cooperatives was presented to the trust- ees. CFC is a lender to Canadian Valley and Central Rural, as well as most of the electric cooperative across the country.


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