Published: June 05, 2008 02:38 pm            

Electric co-ops launch energy company

ASHEBORO — Randolph Electric Membership Corporation has joined other North Carolina electric cooperatives in announcing the creation of a not-for-profit company to focus on energy efficiency initiatives and renewable resources. The new company, a member-owned cooperative, has been named GreenCo Solutions Inc.

GreenCo Solutions is owned by a majority of the state’s electric cooperatives. Bob Goodson, COO of the new company, said it will aggregate services related to green energy, allowing the member co-ops to achieve efficiencies and economics of scale.

“By working together, we can provide high quality programs that will benefit our residential and commercial consumers at the lowest possible cost,” Goodson said.

The new company’s core services will include energy resources. GreenCo Solutions will be governed by a board of directors made up of representatives from the member cooperatives. At a May 8 meeting, the following were elected officers of the board: Tony E. Herrin, president; Donald H. Spivey, vice president; and Mitchell L. Keel, secretary-treasurer. Herrin, Spivey and Keel are chief executive officers of Union Power Cooperative (Monroe), Pee Dee EMC (Wadesboro) and Four County EMC (Burgaw), respectively.

“This is a viable, cost-effective approach to meeting the energy needs of our members. The next decade in electric power delivery will be both challenging and rewarding,” said Dale Lambert, executive vice president and general manager of Randolph EMC. “Providing clean, safe, reliable and affordable electricity to our members has always been our goal. Our joining GreenCo Solutions will help to ensure that Randolph EMC members enjoy the very best energy-smart solutions in the future.”

The new company will also provide compliance reporting and tracking for member cooperatives related to Renewable Energy Portfolio Standards (REPS) established by Senate Bill 3, enacted by the N.C. General Assembly in 2007. The bill mandates that N.C.-based electric utilities must buy or generate a specific amount of renewable energy, or reduce electricity use through energy efficiency improvements.

“Because the outlook for our energy future is changing, the timing is right for this new company, with or without the legislative mandate,” Goodson said. “GreenCo Solutions is another way for cooperatives to look out for their members by providing them ways to manage their energy costs while fulfilling the commitment to a cleaner environment.”

North Carolina’s electric cooperatives serve 2.5 million people in 93 of the state’s 100 counties. Randolph EMC is a rural electric cooperative that maintains over 4,000 miles of electric lines serving more than 31,500 homes, farms, and commercial accounts in Randolph, Moore, Montgomery, Alamance and Chatham counties.

        

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