The Lakefield Standard announces 12 local cooperatives have purchased the electric service territory in southern Minnesota from Alliant Energy.
SMEC officials on Tuesday announced they have reached a definitive agreement to acquire territory from Alliant Energy. The transaction is contingent upon regulatory approval. Assuming the acquisition is approved by regulators, it is expected to close in 2014. Should the acquisition receive all the requisite approvals, Alliant Energy customers will become member-owners of one of the 12 electric cooperatives and enjoy the benefits of cooperative ownership including voting rights, board representation and the opportunity for patronage capital refunds — the margins of a cooperative that are returned to member-owners over time. The 12 SMEC member cooperatives are BENCO Electric Cooperative, Brown County Rural Electrical Association, Federated Rural Electric, Freeborn-Mower Cooperative Services, Minnesota Valley Electric Cooperative, Nobles Cooperative Electric, People’s Energy Cooperative, Redwood Electric Cooperative, Sioux Valley Energy, South Central Electric Association, Steele-Waseca Cooperative Electric and Tri-County Electric Cooperative. “All 12 electric cooperatives have served southern Minnesota for more than 70 years,” said Burud. “We look forward to extending our professional, high-quality service to the former Alliant Energy customers who will become our new member-owners.”