GVEA and Tri-ValleyGVEA formed a wholy owned subsidiary of GVEA called the Tri Valley Electric. This is to be the owner of the 50 mw experimental coal power plant in Healy that has sucked up nearly $400 million of state federal and even a little utility money.
GVEA, for the sum of $90 million in the form of loans from plant owner AIDEA and 5-6.5% interest over perhaps 2-3 decades. Homer Electric had stepped in as GVEA had been most recalcitrant at taking over the plant, so now Homer Electric is guaranteed to get power from it and is able to look over GVEA's shoulder in operating it, likely one reason GVEA created the subsidiary.
Of course, besides committing GVEA member-owners to a dirty fuel (aka clean coal) plant at a time when forward looking suggests a penalty for carbon emissions (Kyoto Protocol II), I'm also working to insure that we member-owners have the same rights as we do now with our property. Previous subsidiaries have come into being in such ways as to exclude the member-owners from meaningful participation. Alasconnect was the first, the G&T was the second. The former is in operation, the second GVEA was told 'no' by the members, a rare time when they overruled the management-board.
I've asked for the bylaws, but was told the lawyers are still working on them. The Articles of Incorporation can be found on the State Dept. of Commerce website.