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A & N Electric Cooperative Acquires the
Delmarva Power Service Territory
A & N Electric Cooperative (ANEC) acquired the Delmarva
Power Service territory on Virginia's Eastern Shore on January
2, 2008. In the acquisition, A & N Electric acquired all
of Delmarva Power's distribution facilities and their 22,000
customers in Virginia.
"The Board of Directors spent a great deal of time in analyzing
the proposed acquisition," said Phil Tankard, A & N
Electric Cooperative board chairman, "Before authorizing the
acquisition we had to be sure the transaction would be in the
best interest of our existing members and that it would also
provide benefits for the customers of Delmarva Power. Our
projections showed that the acquisition would provide both
short-term and more importantly, long-term benefits to all
Eastern Shore residents."
"Now that the transaction is complete, I would like to be the
first to welcome the former Delmarva Power customers to A &
N Electric Cooperative. Those former customers are now
member-owners of their electric service provider," Tankard
added.
A & N Electric Cooperative was founded in 1941, as a
nonprofit member-owned organization to serve the rural areas
of Accomack and Northampton Counties. In 1969, the Cooperative
acquired the Chesapeake Bay Island Cooperative which served
Tangier and Smith Islands. On December 31, 2007, the Cooperative
served 11,559 meters. With the acquisition, the Cooperative
now serves 33,559 meters.
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