Great River Energy’s member-owner cooperatives today approved the agreements required for Connexus Energy to transition from member-owner to customer of Great River Energy.
Great River Energy will continue to supply wholesale energy to Connexus Energy, and the new agreements will establish a contractual framework for Connexus Energy to secure more of its own power supply resources.
“Great River Energy and Connexus Energy worked collaboratively to develop a customer arrangement that accomplished Connexus Energy’s goals with minimal impact on Great River Energy’s member-owner cooperatives,” said Great River Energy President and Chief Executive Officer David Saggau. “This is a unique arrangement that displays the collaboration and innovation among electric cooperatives.”
In the new customer arrangement, Great River Energy will serve as energy market participant for all Connexus Energy needs for at least 10 years. Connexus Energy will participate in all existing and committed Great River Energy resources as of the effective date and identified in the agreement.
“We thank Great River Energy’s membership, board and staff for working with us to advance the business model between wholesale energy supply and the needs of our retail membership for flexibility and innovation — a leading example of cooperatives working together,” said Greg Ridderbusch, president and CEO of Connexus Energy.
Great River Energy will continue to own, plan, build, operate, maintain and contract the transmission system necessary to provide Connexus Energy with transmission and ancillary services. The two cooperatives will collaboratively plan and coordinate Connexus Energy’s power supply and transmission needs through a joint operating committee.
The new customer agreements have an effective date of Jan. 1, 2023, and will extend through the end of 2045.