From statesman, October 2, 2008...
Pedernales Electric Cooperative will issue $4.7 million in bill credits to its customers this month as part of a provision in a contested settlement in a member-led lawsuit, the co-op said Wednesday.
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Showing posts with label PEC Board. Show all posts
Showing posts with label PEC Board. Show all posts
Friday, October 3, 2008
Tuesday, August 19, 2008
PEC reveals more details about secret account
From statesman.com, August 19, 2008...
The Pedernales Electric Cooperative continued its efforts to rehabilitate its tattered image Monday, gaining legal control of and releasing new details about a previously undisclosed bank account. It also agreed to abide by sweeping new policies guaranteeing its members access to meetings and co-op records.
The $565,000 noninterest-bearing account, in the name of Texland Electric Cooperative, was revealed three weeks ago by the co-op. Pedernales is still under a court-ordered financial review. Texland was started by the Pedernales cooperative in partnership with Bluebonnet Electric Cooperative 30 years ago, but it appears to have ceased all operations by the mid-1980s.
Read more...
The Pedernales Electric Cooperative continued its efforts to rehabilitate its tattered image Monday, gaining legal control of and releasing new details about a previously undisclosed bank account. It also agreed to abide by sweeping new policies guaranteeing its members access to meetings and co-op records.
The $565,000 noninterest-bearing account, in the name of Texland Electric Cooperative, was revealed three weeks ago by the co-op. Pedernales is still under a court-ordered financial review. Texland was started by the Pedernales cooperative in partnership with Bluebonnet Electric Cooperative 30 years ago, but it appears to have ceased all operations by the mid-1980s.
Read more...
Thursday, August 7, 2008
Co-op discloses secret bank account
From statesman.com, August 6, 2008...
The Pedernales Electric Cooperative on Tuesday disclosed a $565,000 bank account that few knew existed, including General Manager Juan Garza, who took the helm of the member-owned utility in February.
The account at Cattleman's National Bank in Round Mountain, which is the type that does not accrue interest, could be more than 2 decades old. It is held under the name of Texland Electric Cooperative Inc., an unsuccessful Pedernales venture formed with another Central Texas co-op in the late 1970s to early 1980s to generate electric power.
Read more...
The Pedernales Electric Cooperative on Tuesday disclosed a $565,000 bank account that few knew existed, including General Manager Juan Garza, who took the helm of the member-owned utility in February.
The account at Cattleman's National Bank in Round Mountain, which is the type that does not accrue interest, could be more than 2 decades old. It is held under the name of Texland Electric Cooperative Inc., an unsuccessful Pedernales venture formed with another Central Texas co-op in the late 1970s to early 1980s to generate electric power.
Read more...
Saturday, June 28, 2008
Congressional committee hears testimony on Pedernales
From statesman.com, June 27, 2008...
A top U.S. House investigative committee cited troubles at Pedernales Electric Cooperative during a Capitol Hill hearing Thursday as it considered whether other member-owned utilities are plagued with similar problems.
"If you think Pedernales is the only electric cooperative scandal in America, then you believe there can only be one cockroach," said Rep. Jim Cooper, D-Tenn., a member of the U.S. House Oversight and Government Reform Committee. "If such abuses can happen at the country's largest cooperative, then I think it can happen anywhere."
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A top U.S. House investigative committee cited troubles at Pedernales Electric Cooperative during a Capitol Hill hearing Thursday as it considered whether other member-owned utilities are plagued with similar problems.
"If you think Pedernales is the only electric cooperative scandal in America, then you believe there can only be one cockroach," said Rep. Jim Cooper, D-Tenn., a member of the U.S. House Oversight and Government Reform Committee. "If such abuses can happen at the country's largest cooperative, then I think it can happen anywhere."
Read more...
Monday, June 9, 2008
Pedernales settlement halted at the last minute
From statesman.com, June 6, 2008...
An anticipated settlement in a member-led lawsuit against the Pedernales Electric Cooperative has been delayed by an appeal.
The legal development could add months or years of litigation to the case, which now appears headed to the state's 3rd Court of Appeals, said co-op lawyer David Duggins, with the Austin firm of Clark, Thomas & Winters.
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An anticipated settlement in a member-led lawsuit against the Pedernales Electric Cooperative has been delayed by an appeal.
The legal development could add months or years of litigation to the case, which now appears headed to the state's 3rd Court of Appeals, said co-op lawyer David Duggins, with the Austin firm of Clark, Thomas & Winters.
Read more...
Friday, May 23, 2008
Pedernales' board finally close to revising pay
From statesman.com, May 22, 2008...
More than a year after media reports and co-op members began asking questions about director pay at Pedernales Electric Cooperative, the utility has released a consultant's report that could lead to changes in how its 17-member board is compensated.
Now, it's up to the co-op's more than 223,000 members to weigh in. Comments from Pedernales member-owners will be part of a board review of compensation next month.
Read more...
More than a year after media reports and co-op members began asking questions about director pay at Pedernales Electric Cooperative, the utility has released a consultant's report that could lead to changes in how its 17-member board is compensated.
Now, it's up to the co-op's more than 223,000 members to weigh in. Comments from Pedernales member-owners will be part of a board review of compensation next month.
Read more...
Tuesday, May 20, 2008
Tax forms detail Pedernales officials pay, benefits
From statesman.com, May 17, 2008...
Pedernales Electric Cooperative officials drew robust pay and benefits last year as they were besieged by critics looking to force disclosures and reforms, according to tax forms released by the co-op Friday afternoon.
The tax forms are the Johnson City-based utility's most comprehensive to date, detailing for the first time the specifics of pay and benefits for board members and holiday bonuses for executives. They also reveal that a bonus retirement package created in 2001 for board President W.W. "Bud" Burnett totaled $600,000.
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Pedernales Electric Cooperative officials drew robust pay and benefits last year as they were besieged by critics looking to force disclosures and reforms, according to tax forms released by the co-op Friday afternoon.
The tax forms are the Johnson City-based utility's most comprehensive to date, detailing for the first time the specifics of pay and benefits for board members and holiday bonuses for executives. They also reveal that a bonus retirement package created in 2001 for board President W.W. "Bud" Burnett totaled $600,000.
Read more...
Friday, April 11, 2008
Nearly 60 Applicants Line Up For Five Seats On PEC board
From stetsman.com April 10, 2008...
An unprecedented number of applicants — 59 at last count — are vying for five seats on the Pedernales Electric Cooperative board in the annual June election. More applicants might emerge in mail postmarked by last Monday's filing deadline.
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An unprecedented number of applicants — 59 at last count — are vying for five seats on the Pedernales Electric Cooperative board in the annual June election. More applicants might emerge in mail postmarked by last Monday's filing deadline.
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