Tri-State CEO comments on S&P Global Ratings issuance of a ratings action
(January 25, 2022 – Westminster, Colo.) Duane Highley, chief executive officer of wholesale power supply cooperative Tri-State Generation and Transmission Association, made the following comments following S&P Global Ratings affirmation of Tri-State’s BBB+ long term rating and change in outlook to negative from stable.
“S&P Global Ratings’ action is not surprising, due to the uncertainty Tri-State and our members face as our contract termination payment (CTP) tariff is litigated at the Federal Energy Regulatory Commission (FERC).
“Tri-State’s Responsible Energy Plan clean energy transition includes member-driven contract flexibility initiatives that have been accepted by the FERC, enabling a utility member to transition to flexible self-supply contracts, or to terminate its long-term power supply contract, while not harming the other Tri-State members or Tri-State.
“The majority of our members and Tri-State believe that the CTP tariff accepted by FERC ensures that the remaining members and Tri-State remain unharmed when a member seeks the early termination of its long-term power contract.
“Tri-State will work through the FERC’s hearing process to demonstrate the appropriateness of the CTP tariff methodology, which would address the uncertainties noted by S&P Global Ratings.”
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About Tri-State
Tri-State is a power supply cooperative of 45 members, operating on a not-for-profit basis, including 42 utility electric distribution cooperative and public power district members in four states. Together with our member/owners, we deliver reliable, affordable and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the West. For more information about Tri-State, visit www.tristate.coop.
Contact: Lee Boughey, 303-254-3555, lboughey@tristategt.org
Certain information contained in this press statement are forward-looking statements including statements concerning Tri-State’s plans, future events, and other information that is not historical information. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described from time to time in Tri-State’s filings with the Securities and Exchange Commission. Tri-State’s expectations and beliefs are expressed in good faith, and Tri-State believes there is a reasonable basis for them. However, Tri-State cannot assure you that management’s expectations and beliefs will be achieved. There are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from the forward-looking statements contained herein.