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Friday, January 22, 2010

PEC Board: ‘This Cooperative is not for sale’


TO: All PEC-area newspapers
MEDIA CONTACT: Anne Harvey, (830) 868-4933; Austin line, (512) 219-2602

January 20, 2010

Read the whole story at this link: http://www.pec.coop/News/PressRelease.aspx?PRID=227

Johnson City, Tx – Pedernales Electric’s Board of Directors clearly stated at its meeting on Tuesday, Jan. 19 that the Cooperative is not for sale. The Board made this declaration after meeting in executive session to discuss an offer to purchase the Cooperative made by New Jersey-based Quentin Capital Management LLC. In 2008, Quentin Capital also made an offer to buy PEC.

“We remain committed to the position — as previously stated by the Board on Sept. 15, 2008 — that this Cooperative is not for sale,” said PEC Board President and District 6 Director Larry Landaker. The Board directed staff to create a formal response to Quentin Capital and to develop a policy for Board consideration to address any potential future offers.

In other business, the Board heard a report about a new contract that the Lower Colorado River Authority signed with a wind farm near Corpus Christi. PEC’s long-term contract with the LCRA ensures that the Cooperative will be allotted approximately 60 megawatts of power from the new facility. When the wind farm comes online, it will bring PEC’s electric capacity from renewable resources to approximately 277 megawatts.

The Board received an update on the proposed Bylaws revisions and possible creation of a Member Bill of Rights. District 7 Director Dr. Patrick Cox — who is the chairman of the Governance, Bylaws and Legal Committee — stated that the committee will continue accepting feedback until Monday, Jan. 25.

“We are still accepting comments on the proposed bylaws revisions and also are asking for specific comments on the proposed member bill of rights,” said Cox, who directed members to PEC’s Web site for more information.

E-mail your comments on the proposed bylaws revisions to this address:
Bylaws@peci.com

2 comments:

Anonymous said...

Is the cooperative not for sale because then the board wouldn't be able to continue to hold on to their well-paid positions? Why don't you ask us members if the cooperative is for sale? Maybe someone else could run it better.

Ralph said...

Hey everyone, give these PEC folks some time to make things right. I have had my problems with some of the PEC actions as well but these directors are not pilfering the coffers like the last group of cronies were. If the new Board doesn't perform, we vote them out.

I think they know that by now.