Tri-State wholesale rate to members unchanged through 2025  

• Over nine years, Tri-State's wholesale rates to members will have only increased a net 2.46%.

• Approved budget reflects transition of Colowyo Mine to full reclamation later in 2025. 

(September 30, 2024 – Westminster, Colo.) The cooperative members of Tri-State Generation and Transmission Association will continue to benefit from stable, competitive wholesale power costs as the not-for-profit power supplier’s wholesale rate to members will not increase in 2025.  

From 2017 through 2025, Tri-State's wholesale rate to its members will only have increased 2.46%, which is 0.3% annualized and significantly below the rate of inflation over the nine-year period.  

“Through their ownership of Tri-State, our members enjoy competitively priced power, delivered with unrivaled reliability and the confidence that we have the resources to keep the lights on, even as we continue our energy transition,” said Duane Highley, Tri-State’s Chief Executive Officer.  

Tri-State’s Board of Directors, representing its utility members across Colorado, Nebraska, New Mexico and Wyoming, approved the cooperative’s 2025 budget on Sept. 27, 2024. Tri-State's cost of service is incorporated into a formulary rate accepted by the Federal Energy Regulatory Commission. The formulary rate ensures Tri-State has the certainty to collect revenues to cover its cost of service and meet all financial goals, while maintaining the lowest margins possible. 

“Stable wholesale power costs are critical for distribution cooperatives and public power districts to affordably serve rural communities, many of which are in economically challenging areas across the West,” said Tim Rabon, chairman of the Tri-State Board of Directors and trustee of Otero County Electric Cooperative (Cloudcroft, N.M.).  

“To achieve our members’ goal for rate stability, we are applying management levers, maintaining fiscal discipline and strengthening our balance sheet, all to help our members and those at the ‘end-of-the-line’ to prosper,” Todd Telesz, Tri-State’s Chief Financial Officer said. “Tri-State remains a vigilant steward of our members’ capital and will continue to address the cost pressures and headwinds facing the electric utility industry.” 

The 2025 budget reflects the decision to transition Tri-State’s Colowyo Mine from producing coal to full reclamation in the latter part of 2025, though details including employee impacts have not yet been determined. Tri-State uses the coal produced at the northwest Colorado mine at Craig Station, which will retire its three generating units between 2025 and 2028.   

“As we face increased costs to operate and continue our energy transition, we had to look hard at our operations and see where we could lower costs,” said Highley. “This review resulted in making some hard decisions to existing plans, including accelerating the transition to reclamation at the Colowyo Mine.” 

About Tri-State 

Tri-State is a power supply cooperative with utility electric distribution cooperative and public power district members in four states that together deliver reliable, affordable and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the rural West. For more information about Tri-State, visit www.tristate.coop.  

Contact: 

Lee Boughey, VP Communications, 720-670-6696, lee.boughey@tristategt.org 

Mark Stutz, 303-254-3183, mark.stutz@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.