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<<2008 Press Releases

NC Electric Cooperatives Launch New Company: Greenco Solutions, Inc.

Raleigh, N.C. (May 12, 2008)—North Carolina’s electric cooperatives have announced 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 economies 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 efficiency program development and pilot projects for development of renewable energy resources. GreenCo Solutions will be governed by 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.

Herrin said, “GreenCo Solutions is another example of cooperatives working together through a unified statewide effort to provide added value to our members.”

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 NC General Assembly in 2007. The bill mandates that NC-based electric utilities must purchase or generate a specific amount of renewable energy, or reduce electricity use through energy efficiency improvements.

Goodson said, “Because the outlook for our energy future is changing, the timing is right for this new company, with or without the legislative mandate.”

“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,” he said.

North Carolina’s electric cooperatives serve 2.5 million people in 93 of the state’s 100 counties.

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