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    TRI-STATE GENERATION & TRANSMISSION ASSOCIATION, INC. FILES (8-K) Disclosing Regulation FD Disclosure


    January 12, 2022 - Edgar Glimpses

     

      Item 7.01 Regulation FD Disclosure.

      Tri-State Generation and Transmission Association, Inc. ("Tri-State") filed a modified contract termination payment ("CTP") tariff with the Federal Energy Regulatory Commission ("FERC") on September 1, 2021, FERC Docket No. ER21-2818. A copy of the CTP tariff filed with FERC is attached to this report as Exhibit 99.1.

      In Tri-State's Current Report on Form 8-K, dated December 20, 2021 ("December 20 8-K"), Tri-State reported that United Power, Inc. ("United Power") provided Tri-State with a non-binding notice that United Power intends to withdraw from membership in Tri-State with a January 1, 2024 withdrawal effective date. Subsequent to United Power's non-binding notice, Tri-State also received non-binding notices of intent to withdraw from membership in Tri-State from Poudre Valley Rural Electric Association ("Poudre Valley") and Northwest Rural Public Power District ("Northwest") with a January 1, 2024 withdrawal effective date. We filed certain answers to these non-binding notices with FERC explaining that non-binding notices are defective under the CTP tariff and therefore a nullity.

      In correction of the December 20 8-K, Tri-State's CTP filing also included the CTP amount for each utility member assuming a January 1, 2024 withdrawal date. The reference to a January 1, 2025 withdrawal date was in error, based upon a typographical error contained in Tri-State's filing at FERC. A copy of the CTP amount for each utility member assuming a January 1, 2024 withdrawal date filed with FERC on September 1, 2021 is attached to this report as Exhibit 99.2.

      In Tri-State's prior July 19, 2021 filing with FERC, a CTP amount for each utility member was also included. However, the July 19, 2021 CTP amount contained a mathematical error that was corrected in Tri-State's September 1, 2021 CTP filing. Tri-State stated in its September 1, 2021 CTP filing that it is prepared to honor the CTP calculations that were included in the July 19, 2021 FERC filing for notices of intent to withdrawal received until April 1, 2022, when the CTP amounts will be updated in accordance with the procedures proposed in the modified CTP tariff. The CTP amount included in the July 19, 2021 FERC filing for United Power, Poudre Valley, and Northwest were $1,508,674,854, $728,691,201, and $41,157,550, respectively.

      United Power, Poudre Valley, and Northwest represented 17.99 percent, 8.42 percent, and 0.55 percent, respectively, of Tri-State's utility member revenue in 2020.

      The information contained in this Item 7.01, Exhibit 99.1, and Exhibit 99.2 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. In addition, the information contained in this Item 7.01, Exhibit 99.1, and Exhibit 99.2 shall not be incorporated by reference into any of Tri-State's filings with the Securities and Exchange Commission or any other document except as shall be expressly set forth by specific reference in such filing or document. Item 9.01 Financial Statements and Exhibits.

      (d) Exhibits

      99.1 - Modified Contract Termination Payment Methodology and Procedure

      99.2 - Contract Termination Payment Amount filed September 1, 2021

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