• Terms outline Settlement Agreement for power purchases and sale of utility assets.
• Following execution of a Settlement Agreement, United Power and Tri-State will file to dismiss litigation in the Adams County District Court.
• Settlement Agreement does not address contract termination payment proceeding before federal regulators.

Brighton/Westminster, Colorado – On Nov. 1, 2023, United Power, Inc. (United Power) and Tri-State Generation and Transmission Association, Inc. (Tri-State) executed a Term Sheet that sets forth terms for the two utilities to make good faith efforts to execute a formal Settlement Agreement involving power purchases and the sale of utility assets from Tri-State to United Power. 

The Term Sheet provides for a mutual release of claims and that the parties will cooperate to complete a Settlement Agreement and related agreements by Dec. 8, 2023, at which time United Power and Tri-State will jointly file for dismissal of the lawsuit, with prejudice, pending in the Adams County District Court.   

On Nov. 1, 2023, Tri-State’s Board of Directors unanimously approved the Term Sheet. On Nov. 6, 2023, United Power’s Board of Directors unanimously approved the Term Sheet. 

Tri-State and United Power will continue to take actions to ensure United Power’s timely exit by May 1, 2024, upon payment of a contract termination payment, with the amount to be set by the Federal Energy Regulatory Commission (Commission).  

The Settlement Agreement will not address the Commission proceeding related to the contract termination payment that members will pay to Tri-State to terminate their contracts early and withdraw from membership. The parties expect the Commission to issue a decision in that proceeding shortly.  

No further public comments will be made about the Settlement Agreement.

About United Power

United Power is a member-owned, not-for-profit electric cooperative, delivering electricity to homes, farms, and businesses throughout Colorado’s northern Front Range. The cooperative is one of the fastest-growing electric co-ops in the nation, and in June 2021 joined the elite ranks of cooperatives serving more than 100,000 meters. The 900-square mile service territory extends from the mountains of Coal Creek and Golden Gate Canyon, along the I-25 corridor and Carbon Valley region, to the farmlands of Brighton, Hudson, and Keenesburg. United Power is also a founding member of the NextGen Cooperative Alliance, which is dedicated to expanding the power supply and procurement options available to distribution co-ops and reforming the traditional generation and transmission business model. For more information about United Power, visit www.unitedpower.com or follow the cooperative on Facebook, X (formerly Twitter), LinkedIn, YouTube, and Instagram.

About Tri-State Generation and Transmission

Tri-State is a power supply cooperative of 45 members, operating on a not-for-profit basis, including 42 utility electric distribution cooperative and public power district members in four states. Together with our member/owners, we deliver reliable, affordable and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the West. For more information about Tri-State, visit www.tristate.coop.

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United Power is attempting to return unclaimed capital credit retirements to members who received electric service from the cooperative prior to 2020. If you were a member up to Dec. 31, 2019, you may be eligible to claim a previously issued but unclaimed capital credit refund. 

What Are Capital Credits?

Cooperative members periodically receive capital credit allocations based on their electric usage during a specified time period. The amount you receive is based on the amount of power you used and the margins earned for the time period being allocated. In subsequent years, at the Board of Director’s discretion, previously allocated capital credits may be retired and returned to members. 

Who May be Eligible?

Please look for your name on the list of unclaimed capital credit retirements.

• If you were a United Power member for any period of time through Dec. 31, 2019 AND you were issued a capital credit retirement check in 2020 or earlier that you did not cash;
• If you are the family member or estate representative of a deceased member who had an uncashed capital credit retirement check issued in 2020 or earlier;
• If you are a current member who:
  • Changed your name;
  • Added your name to an existing account;
  • Or did not cash a capital credit retirement check issued in 2020 or earlier.

How Can I Find Out If I Am Due a Refund?

A copy of the unclaimed retired capital credit list is posted in the lobby of United Power’s Brighton office. The list can also be viewed here.

The Brighton office is located at 500 Cooperative Way, off the I-76 service road. Lobby hours are:

Monday-Friday, 8:30 a.m. - 5 p.m.

My Name is On The List. How Do I Claim My Refund? 

If you find your name on the list of unclaimed capital credit retirements, download and complete the Unclaimed Retired Capital Credit Refund Request form. A copy of the form may also be requested by emailing United Power or calling the Member Services department at 303-637-1300. Submitting a form does not guarantee a disbursement will be made. Proper documentation and valid proof of membership during the applicable time period is required. No refund checks will be issued for unclaimed retirement amounts below $5. Once claimed, an individual may opt to donate their capital credit refunds to the United Power Round Up Foundation, which provides assistance to community organizations within the cooperative’s service territory. After the notification period closes on April 30, 2024, all unclaimed retired capital credits for the applicable time period will be considered an assignment and contribution of capital to United Power.  

Refund Request forms must be received by United Power by April 30, 2024.