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Socorro Electric Cooperative in Technical Default on RUS Loans

Socorro Electric Cooperative failed to meet its profit levels for the second year in a row. To avoid default on its $52 million in federal loans, the New Mexico cooperative plans to raise rates and implement other cost-saving measures. Socorro Electric i
January 29, 2011

Socorro Electric Cooperative failed to meet its profit levels for the second year in a row. To avoid default on its $52 million in federal loans, the New Mexico cooperative plans to raise rates and implement other cost-saving measures. Socorro Electric is seeking an average rate increase of 6.95 percent. The El Defensor Chieftain is following this story. 

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