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

What Happened Tri-State Generation & Transmission Association, Inc. filed an 8-K (Regulation FD disclosure) reporting that Wheat Belt Public Power District provided a non‑conditional two‑year notice on March 27, 2026 to withdraw from membership under Tri‑State’s Rate Schedule No. 281, with an intended withdrawal effective date of April 1, 2028. Rate Schedule No. 281 (a contract termination payment methodology) is on file with the Federal Energy Regulatory Commission (FERC) and certain elements remain subject to ongoing appeals at the U.S. Court of Appeals for the Tenth Circuit and the D.C. Circuit. Tri‑State issued a press statement on March 30, 2026 (attached as Exhibit 99.1).

Key Details

• Wheat Belt’s withdrawal notice date: March 27, 2026; intended effective withdrawal date: April 1, 2028.
• Wheat Belt is electrically served in both the Eastern and Western Interconnections.
• Financial exposure: Wheat Belt represented 1.35% of Tri‑State’s utility member revenue and 0.89% of Tri‑State’s operating revenue for the year ended Dec. 31, 2025.
• Tri‑State states it cannot predict whether Wheat Belt will complete withdrawal or terminate its wholesale electric service contract; Rate Schedule No. 281 remains affected by ongoing appellate proceedings.

Why It Matters This notice signals a potential member exit that could modestly affect Tri‑State’s revenue base (Wheat Belt comprised small single‑digit percentages of 2025 revenue). The filing clarifies the formal process (Rate Schedule No. 281) and ongoing legal uncertainty about certain tariff elements, which could affect how any withdrawal is priced or resolved. Investors should note the dates, the revenue percentages disclosed, and that Tri‑State has not concluded whether the withdrawal will occur or what financial impacts, if any, will ultimately result.