Tri-State Generation & Transmission Association, Inc. 8-K

What Happened Tri‑State Generation & Transmission Association, Inc. filed an 8‑K (Regulation FD disclosure) stating that Jemez Mountains Electric Cooperative, Inc. submitted a non‑conditional two‑year notice on March 19, 2026 to withdraw from Tri‑State membership and terminate its wholesale service contract, with a withdrawal effective date of April 1, 2028, pursuant to Tri‑State’s FERC‑filed Rate Schedule No. 281. Tri‑State noted it cannot predict whether Jemez will ultimately withdraw. The company issued a press statement on March 20, 2026 (attached as Exhibit 99.1).

Key Details

• Notice date: March 19, 2026; effective withdrawal date (if completed): April 1, 2028.
• Notice type: non‑conditional two‑year notice under Rate Schedule No. 281 (on file with FERC).
• Jemez contribution: 2.90% of Tri‑State’s utility member revenue and 1.91% of operating revenue for year ended December 31, 2025.
• Legal context: certain elements of Rate Schedule No. 281 are subject to ongoing proceedings in the U.S. Court of Appeals for the Tenth Circuit and the D.C. Circuit.

Why It Matters A member’s formal notice to withdraw is a material operational development because it starts a defined process under Tri‑State’s tariff that could change future revenue and contract obligations. In this case, Jemez represents a modest share of 2025 revenue (2.90% of utility member revenue, 1.91% of operating revenue), and the notice is not an immediate termination—withdrawal is conditional on the tariff process and ongoing court rulings. Investors should monitor subsequent filings, the FERC/tariff process outcomes, and related court decisions for any concrete financial impact or changes to Tri‑State’s membership and revenue base.