Great River Energy's member cooperatives Wednesday reapproved the sale of the company's Coal Creek power plant in North Dakota and an accompanying 436-mile power line.
Great River reapproves coal plant and power line deal
Co-op members approve the sale to Rainbow Energy Marketing. Great River's largest member, Connexus, still voted against the deal.
February 9, 2022 at 11:25PM
Once again, Great River's largest member — Connexus Energy — voted against the deal.
The sale to Bismarck, N.D.-based Rainbow Energy Marketing was first approved last June, with 27 co-ops in favor and Connexus against. It had to be reapproved after certain terms of the contract with Rainbow were changed since the earlier vote.
Great River said the sale is expected to close no earlier than May 1.
Maple Grove-based Great River is a wholesale cooperative that supplies electricity to 28 retail co-ops that in turn provide power to about 700,000 Minnesotans.
Great River had planned to close Coal Creek in a big strategic pivot in 2020, saying it couldn't sell the unprofitable power plant for even $1. But North Dakota government officials rallied to save Coal Creek, the flagship of the state's fleet of coal-fired power plants.
A deal with Rainbow was forged last summer, essentially for the $227 million book value of the power line that runs from the plant to the Twin Cities.
Ramsey-based Connexus — which has 138,000 members — opposed the deal, saying it wouldn't generate the savings originally expected, nor would it cut greenhouse gas emissions since the coal plant would remain open.
"We haven't changed our position in any way," Connexus spokesman Rob Davis said Wednesday. Connexus serves parts of Anoka, Chisago, Hennepin, Isanti, Ramsey, Sherburne and Washington counties.
Chief Technology Officer Teddy Bekele is leading a digital transformation at the Minnesota-based cooperative.
