We are taking the reigns of our energy future.
As we approach our 85th year as a cooperative, we have thought long and hard about what we want our future to look like. We want to provide our members with affordable, reliable power from sources they can be proud of and we are preparing for the changing landscape in which we provide electricity and services.
After thoroughly reviewing our financial outlook and the forecast energy market, our board of directors approved a full departure from our wholesale power contract with Tri-State on March 13. The process will take two years and we will be out of the contract officially on April 1, 2026. By issuing our notice to leave now, we will be able to take control of our energy future.
Our wholesale contract with Tri-State requires us to purchase 95% of our power from them. For years, we have tried to work collaboratively with Tri-State to provide our members more local control over the cost, type of energy, and generation source. We have lost opportunities to bring clean energy projects, jobs, investment to our community and pay Tri-State for any local generation beyond the 5% we're allowed in the contract. Our singular voice has been drowned out by 41 other Tri-State board members who have made the decisions for us. Until now.
We want our members to decide their own energy futures, not have those futures decided for us on the front range and believe we can achieve this by working in our backyard with our own community. We have a proven record of partnering with other utilities, regional companies, Native American tribes, and community partners to diversify our electricity options while keeping rates affordable.
By returning decision making back to the local level we will have the autonomy to make timely decisions and source solutions that are in alignment with our community's unique needs.
Graham Smith, Interim CEO and General Counsel