VEA Cautions Members About Scam: Local businesses and residential members are receiving phone calls after business hours and on weekends from individuals posing as VEA employees. The callers demand immediate payment and threaten to turn off the members’ power. They also ask members to purchase prepaid credit cards and wait for instructions. Read more...
After Months of Inaction, FERC May Soon Take Up 230 kV Sale
With new members recently nominated to the Federal Energy Regulatory Commission, many energy projects – including the sale of Valley Electric Association's 230 kilovolt transmission system – are closer to resolution.
President Trump has nominated Senate staffer Neil Chatterjee and Pennsylvania regulator Robert Powelson to the five-member commission, which currently is down to two members. The nominations are moving through the U.S. Senate toward a full floor vote for confirmation. Once that occurs the commission will have a quorum and can conduct business.
The transmission sale has been held up since January for lack of a quorum. The sale of the 230 kV system must be approved by FERC before the transaction can close.
In addition to Chatterjee and Powelson, the name of Richard Glick, a Senate staffer who formerly worked at the Energy Department, has been mentioned as a third possible appointment to FERC.
Once the Senate signs off on at least two of the nominees, FERC will take up the issue of the transmission lines.
VEA member-owners will receive checks for $579 each after the sale of the transmission system closes. In addition, the largest patronage capital retirement in the Cooperative's 52-year history will take place several weeks following the issuance of the $579 checks to members.
Last fall, more than two-thirds of the Co-op's 17,500 members approved of the sale of 160 miles of transmission lines to GridLiance Holdco for $200.6 million. Approximately $17.5 million of the proceeds from the sale will be used to fund the sales premium to members and the patronage retirement. Much of the rest will go toward debt retirement.
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