UTILITIESPENDING

Socorro proposes purchase of electric cooperative assets

The City of Socorro has formally proposed to acquire the electric distribution assets of Socorro Electric Cooperative, Inc., offering an estimated $24 million for in-city facilities and $51 million for the entire system based on original cost less depreciation. The proposal would transfer service obligations to the City by or before SEC’s franchise expiration in 2024 and includes operational assistance during transition, purchase of functional vehicles and other assets, and employment opportunities for SEC staff.

Document date · March 1, 2022

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Approximately $24 million for in-city assets; approximately $51 million for entire system; market approach values about $10 million less
Contract type
UTILITIES
Contract term
Franchise to occupy City streets and rights-of-way expires in 2024; proposed acquisition and transition period prior to or by that time
Renewal date
2024-12-31
Renewal
SEC’s existing franchise to occupy City-owned streets and rights-of-way expires in 2024 and is not proposed for renewal; instead, the City seeks to acquire SEC’s assets and assume service obligations. No explicit renewal or extension terms are described for the acquisition; it would be a one-time purchase contingent on mutual agreement and regulatory approvals.
Document type
Proposal
Source document
City of Socorro Proposal Offer to Acquire Socorro Electric Cooperative 2022-03-01

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the utilities contract by City of Socorro?

Socorro Electric Cooperative Inc was awarded this utilities contract by City of Socorro, as recorded on March 1, 2022. The contract value is Approximately $24 million for in-city assets; approximately $51 million for entire system; market approach values about $10 million less.

How much is the Socorro Electric Cooperative Inc contract with City of Socorro worth?

The Socorro Electric Cooperative Inc contract with City of Socorro is valued at Approximately $24 million for in-city assets; approximately $51 million for entire system; market approach values about $10 million less, covering utilities work.

What type of contract is this?

This is a Utilities contract, documented as a proposal record.

Where was this contract approved?

This contract appears in City of Socorro Proposal Offer to Acquire Socorro Electric Cooperative 2022-03-01 (Proposal), dated March 1, 2022 from City of Socorro. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Socorro Electric Cooperative Inc hold?

Socorro Electric Cooperative Inc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Socorro Electric Cooperative Inc's profile

What is City of Socorro currently buying?

Explore City of Socorro's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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