Press Release – Consolidation Talks
Fall River Electric Consolidation Off the Table
Afton, WYOMING (October 24, 2016) – After almost a year of discussions between Lower Valley Energy and Idaho-based Fall River Electric, the two Boards of Directors decided the timing of the proposed consolidation is not in the best interest of the two cooperatives. On the surface, two third-party studies show significant savings by joining the two cooperatives – upwards of $30 million over 13 years.
The two Boards met a handful of times over the course of this year to discuss the finer details of bringing the electric cooperatives together. The Boards discussed member representation and governance issues along with how rates might be structured. While the meetings resulted in good conversation and agreement in many areas, there were issues the two groups could not come to a consensus on. Despite putting talks on hold, there is potential to continue talks in a couple of years.
Lower Valley Energy President/CEO Jim Webb said, “Our main focus has always been and will continue to be, our membership. We will continue to provide our members with the service they have come to expect and will continue to explore new opportunities to improve efficiencies, reduce costs, and provide valued services.”