Private company

Tri-State Generation & Transmission Association, Inc.

Tri-State Generation & Transmission Association, Inc. is an American electric services company based in Westminster, active since 1952.2

Last updated Oct 21, 2026.

Overview

  • IndustryElectric Services2
  • HeadquartersWestminster, United States2
  • Incorporated inCO3
  • Business address1100 West 116Th Avenue, Westminster, Co 802343
  • Filer categoryNon-accelerated filer3
  • Legal formCooperative Association2
  • Kind of organizationCooperative2
  • LEI549300VDHNFNPADSSV982
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CT Corporation System, 80112 Centennial, United States2
  • Registered withBusiness Division of the Secretary of State’s office, 198711218432

Tri–State Generation and Transmission Association, Inc. is a taxable wholesale electric power generation and transmission cooperative operating on a not–for–profit basis. Tri-State was incorporated under the laws of the State of Colorado in 1952 as a cooperative corporation. Tri-State was formed by its Utility Members for the purpose of providing wholesale power and transmission services to its Utility Members for their resale of the power to their retail consumers. The Utility Members serve large portions of Colorado, Nebraska, New Mexico and Wyoming.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

10.7%Operating margin6
1.3%Net margin6
-0.7%Revenue growth, 20256
1.9%Return on equity6
2.95×Debt to equity6
-$264.0MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs87¢$1.4B
  • Interest12¢$192.0M
  • Income tax0¢$196.0K
  • Profit1¢$20.1M

Out of $1.6B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$352.2M

Out of $88.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue789106$1.6B in 2025+16% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.4B$1.4B20192020: $1.4B$1.4B2020−2%2021: $1.4B$1.4B2021+4%2022: $1.5B$1.5B2022+9%2023: $1.5B$1.5B2023−4%2024: $1.6B$1.6B2024+10%2025: $1.6B$1.6B2025−1%
Operating income789106$170.7M in 2025+3% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $166.4M$166.4M20192020: $157.7M$157.7M2020−5%2021: $155.9M$155.9M2021−1%2022: $114.6M$114.6M2022−26%2023: $151.4M$151.4M2023+32%2024: $162.7M$162.7M2024+7%2025: $170.7M$170.7M2025+5%
Net income789106$20.1M in 2025−56% since 2019
0$20.0M$40.0M$60.0M2019: $45.3M$45.3M20192020: $25.1M$25.1M2020−45%2021: $26.3M$26.3M2021+5%2022: $0$020222023: $10.1M$10.1M20232024: $20.5M$20.5M2024+104%2025: $20.1M$20.1M2025−2%
Fiscal year2019202020212022202320242025
Revenue$1.4B7$1.4B8$1.4B9$1.5B10$1.5B6$1.6B6$1.6B6
Operating expenses$1.2B9$1.4B10$1.3B6$1.4B6$1.4B6
Operating income$166.4M7$157.7M8$155.9M9$114.6M10$151.4M6$162.7M6$170.7M6
Interest$160.2M7$151.4M8$143.3M9$148.6M10$175.6M6$178.4M6$192.0M6
Income before tax$10.1M6$25.9M6$20.5M6
Income tax-$307.0K7-$534.0K8$295.0K9-$249.0K10$4.0K6$5.3M6$196.0K6
Net income$45.3M7$25.1M8$26.3M9$010$10.1M6$20.5M6$20.1M6

Compare Tri-State Generation & Transmission Association, Inc. with another company

Corporate structure

Tri-State Generation & Transmission Association, Inc. sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Tri-State Generation & Transmission Association, Inc. Westminster, Colorado, United States
    • Axial Basin Coal Company Subsidiary · Delaware, United States
    • Colowyo Coal Company L.P. Subsidiary · Delaware, United States
    • Elk Ridge Mining and Reclamation, LLC Subsidiary · Colorado, United States
    • Springerville Unit 3 Holding LLC Subsidiary · Delaware, United States
    • Springerville Unit 3 OP LLC Subsidiary · Delaware, United States
    • Springerville Unit 3 Partnership LP Subsidiary · Delaware, United States
    • Taylor Creek Holding Company Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What Tri-State Generation & Transmission Association, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$22.0K6 Dec 31, 2025$66.0K6 Dec 31, 2024−66.7%
Operating-lease assets (leased space)$10.9M6 Dec 31, 2025$10.1M6 Dec 31, 2024+8.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$177.6M6 Dec 31, 2025$229.4M6 Dec 31, 2024−22.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$157.9M6 Dec 31, 2025$39.6M6 Dec 31, 2024+299.2%

Properties, in its own words

Generating Facilities

Tri-State owns, lease or has undivided percentage interests in various generating facilities identified in the table below. All of Tri-State's interests in these facilities or agreements are subject to the lien of its Master Indenture.

The rest of Item 2

Name · Location · % InterestOwned or Leased · FuelUsed · UnitRating(MW)* · Tri-StateShare(MW)* · YearInstalled

Coal

Craig Generating Station Unit 1 · Colorado · 24.0 · Coal · 427 · 102 · 1980

Craig Generating Station Unit 2 · Colorado · 24.0 · Coal · 410 · 98 · 1979

Craig Generating Station Unit 3 · Colorado · 100.0 · Coal · 448 · 448 · 1984

Laramie River Generating Station Unit 1 · Wyoming · 28.5 · Coal · 560 · — · 1980

Laramie River Generating Station Unit 2 · Wyoming · 28.5 · Coal · 570 · 242 · 1981

Laramie River Generating Station Unit 3 · Wyoming · 28.5 · Coal · 570 · 242 · 1982

Springerville Generating Station Unit 3 · Arizona · 100.0 · Coal · 415 · 415 · 2006

Gas/Oil

Burlington Generating Station · Colorado · 100.0 · Oil · 114 · 114 · 1977

J.M. Shafer Generating Station · Colorado · 100.0 · Gas · 272 · 272 · 1994

Knutson Generating Station · Colorado · 100.0 · Gas/Oil · 144 · 144 · 2002

Limon Generating Station · Colorado · 100.0 · Gas/Oil · 144 · 144 · 2002

Pyramid Generating Station · New Mexico · 100.0 · Gas/Oil · 166 · 166 · 2003

Renewable

Axial Basin · Colorado · 100.0 · Solar · 145 · 145 · 2025

Dolores Canyon · Colorado · 100.0 · Solar · 110 · 110 · 2025

* The Unit Ratings and Tri-State's share for each generating facility are subject to fluctuations to account for various operating conditions and environmental mitigation equipment requirements.

Craig Generating Station. Craig Station is a three‑unit, 1,285 MW coal‑fired electric generating facility located near Craig, Colorado. Craig Station Units 1 and 2 and related common facilities are known as the Yampa Project and jointly owned as tenants in common by Tri-State and four other regional utilities pursuant to a participation agreement. Tri-State owns a 24 percent interest in Craig Station Units 1 and 2, which have capacity of 427 MWs and 410 MWs, respectively, and a 100 percent interest in Craig Station Unit 3, which has a capacity of 448 MWs. Tri-State is the operating agent for all three units and are responsible for the daily management, administration and maintenance of the facility. The costs associated with operating Craig Station Units 1 and 2 are divided on a pro-rata basis among all the participants. Tri-State's total share of Craig Station’s capacity is 648 MWs. Tri-State and other owners of Craig Station Unit 1 planned to retire the unit by December 31, 2025. On December 30, 2025, Tri-State and the other utilities received an emergency order from the DOE under Section 202(c) of the FPA to keep Craig Station Unit 1 available for 90 days. See "— POWER SUPPLY RESOURCES." Tri-State and the other joint owners of Craig Station Unit 2 intend to retire Craig Station Unit 2 by September 30, 2028. Tri-State intends to retire Craig Station Unit 3 by January 1, 2028.

Laramie River Generating Station. Laramie River Generating Station is a three-unit, 1,700 MW coal‑fired electric generating facility located near Wheatland, Wyoming and operated by Basin. Laramie River Generating Station and related transmission lines are known as the MBPP and are jointly owned as tenants in common by Tri-State and three other regional utilities pursuant to a participation agreement. Tri-State owns a 28.5 percent interest in the total capacity of the facility. Certain costs associated with operating the facility are divided on a pro-rata basis among the participants, while other costs are shared in proportion to the generation scheduled and energy produced for each participant. Laramie River Generating Station Unit 1 is connected to the Eastern Interconnection, while Units 2 and 3 are connected to the Western Interconnection. Tri-State's share of Laramie River Generating Station’s total capacity is 482 MWs, which it receives out of Units 2 and 3.

Springerville Generating Station Unit 3. Springerville Unit 3, located in east‑central Arizona, is a 415 MW unit that is part of a four-unit, 1,578 MW coal‑fired electric generating facility operated by TEP. Under contractual agreements, Tri-State, as the lessee of Springerville Unit 3 takes 415 MWs of capacity from the unit and sells 100 MWs of such capacity to Salt River

Project. Tri-State owns a 51 percent equity interest (including the 1 percent general partner equity interest) in Springerville Partnership, which owns Springerville Unit 3. Tri-State's leasehold interest, as the lessee of Springerville Unit 3, is subject to the lien of its Master Indenture, but Springerville Unit 3 itself is not subject to the lien of the Master Indenture. Springerville Unit 3 is subject to a mortgage and lien to secure the Springerville certificates. The preferred portfolio approved in the 2023 ERP includes retirement of Springerville Unit 3 by March 1, 2031, subject to receipt of certain federal funding and reaching agreements with applicable parties. The conditions for retirement of Springerville Unit 3 have not yet been achieved.

Burlington Generating Station. Burlington Generating Station, located in Burlington, Colorado, consists of two 57 MW simple-cycle combustion turbines that operate on fuel oil. Burlington Generating Station is wholly owned and operated by Tri-State.

J.M. Shafer Generating Station. J.M. Shafer Generating Station, located near Fort Lupton, Colorado, is a 272 MW, natural gas-fired, combined-cycle generating facility. J.M. Shafer Generating Station is wholly owned and operated by Tri-State. Tri-State intends to replace the existing turbines at J.M. Shafer Generating Station by 2031 which is expected to increase the maximum capacity of J.M. Shafer Generating Station to a rating of 281 MWs.

Item 2 of the 10-K filed Mar 6, 2026.5

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Axial Basin Coal Company Delaware4
  • Colowyo Coal Company L.P. Delaware4
  • Elk Ridge Mining and Reclamation, LLC Colorado4
  • Springerville Unit 3 Holding LLC Delaware4
  • Springerville Unit 3 OP LLC Delaware4
  • Springerville Unit 3 Partnership LP Delaware4
  • Taylor Creek Holding Company Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 29, 20268-K Executive or director change16
  2. Sep 23, 20268-K Executive or director change17
  3. Sep 15, 20268-K Executive or director change18
  4. May 28, 20268-K Regulation FD disclosure19
  5. May 18, 20268-K Executive or director change20
  6. Apr 29, 20268-K Executive or director change21
  7. Apr 21, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation22
  8. Mar 30, 20268-K Regulation FD disclosure23
  9. Mar 20, 20268-K Regulation FD disclosure24
  10. Feb 3, 20268-K Executive or director change25
  11. Jan 15, 20268-K Debt or obligation accelerated; Executive or director change26
  12. Nov 26, 20258-K Regulation FD disclosure27
  13. May 19, 1952Founded Tri-State Generation & Transmission Association, Inc. is founded2

Filings

82 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 3 other. The latest 20:

  1. Sep 29, 20268-K EDGAR
  2. Sep 23, 20268-K EDGAR
  3. Sep 15, 20268-K EDGAR
  4. Sep 10, 2026SD EDGAR
  5. Aug 7, 202610-Q EDGAR
  6. May 28, 20268-K EDGAR
  7. May 18, 20268-K EDGAR
  8. May 8, 202610-Q EDGAR
  9. Apr 29, 20268-K EDGAR
  10. Apr 21, 20268-K EDGAR
  11. Mar 30, 20268-K EDGAR
  12. Mar 20, 20268-K EDGAR
  13. Mar 6, 202610-K EDGAR
  14. Feb 3, 20268-K EDGAR
  15. Jan 15, 20268-K EDGAR
  16. Nov 26, 20258-K EDGAR
  17. Nov 7, 202510-Q EDGAR
  18. Sep 23, 20258-K EDGAR
  19. Sep 9, 2025SD EDGAR
  20. Sep 2, 20258-K EDGAR

The 82 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$833.5M 2008–2024
Figures by year
YearFederal grantsFederal loansFederal contractsTotal
2024$128.0M$250.0M–$378.0M
2023$200.0K$75.0M–$75.2M
2020––$100.0K$100.0K
2013–$8.2M–$8.2M
2012–$17.9M–$17.9M
2011–$81.0K–$81.0K
2010–$109.5M–$109.5M
2009–$102.5M–$102.5M
2008–$142.0M$4.9K$142.0M

Federal awards

Obligated amounts from USAspending.gov28, by calendar year, 2008–2024, for its registration. Obligations are what agencies committed, not always what was paid out. Contracts pay for goods and services; grants, loans and direct payments are assistance. Loans are charted at the face value of the loans listed here. An award’s amount below is its lifetime total, and some began before the years charted.

Largest grants

  1. Nov 29, 2024$100.5M from Rural Utilities Service: New Empowering Rural America (New Era) Program29 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award CLSS00000088623
  2. Oct 1, 2024$26.8M from Department of Energy: Grid Infrastructure Deployment And Resilience30 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award DEGD0000927
  3. Jun 26, 2024$500.0K from Rural Business Cooperative Service: Rural Energy For America Program31 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award CLSS00000084747
  4. Sep 27, 2023$200.0K from Rural Business Cooperative Service: Rural Energy For America Program32 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award CLSS00000081053
  5. Mar 12, 2024$200.0K from Department of Energy: Manufacturing And Energy Supply Chain Demonstrations And Commercial Applications33 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award DEMS0000028

Largest federal loans

  1. Nov 29, 2024$250.0M from Rural Utilities Service: New Empowering Rural America (New Era) Program34 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award CLSS00000088618
  2. Sep 26, 2008$142.0M from Rural Utilities Service: Rural Electrification Loans And Loan Guarantees35 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award RCO0047AN8 99
  3. Sep 16, 2010$109.5M from Rural Utilities Service: Rural Electrification Loans And Loan Guarantees36 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award RO1970 15919
  4. Jun 15, 2009$102.5M from Rural Utilities Service: Rural Electrification Loans And Loan Guarantees37 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award RCO0047AP8 10
  5. Aug 30, 2023$75.0M from Rural Utilities Service: Rural Energy Savings Program (Resp)38 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award CLSS00000079447

Largest contracts

  1. Sep 21, 2020$49.2K from Bureau of Reclamation: Preliminary work to relocate the transmission lines at elephant butte power plant from the power plant roof to the designated new switchyard39 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award 140R4020P0089
  2. Oct 1, 2007$1.6K from Public Buildings Service: Lease40 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award GS08B1393607356
  3. Jan 1, 2008$1.6K from Public Buildings Service: Lease41 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award GS08B1393608023
  4. Jan 1, 2008$1.6K from Public Buildings Service: Lease42 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award GS08B1393608052
  5. Jan 1, 2008$1.6K from Public Buildings Service: Lease43 To TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC. Award GS08B1393608085

SEC filer profile

How Tri-State Generation & Transmission Association, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTri-State Generation & Transmission Association, Inc.1
  • CIK0001637880
  • Employer ID (EIN)84-04641895
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inColorado5
  • Fiscal year endsDecember 311
  • Industry code (SIC)4911 Electric Services1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address1100 West 116Th Avenue, Westminster, CO 802341
  • Phone303-452-61111
  • Shares outstanding0 as of Aug 7, 202613
  • Public float$0 as of Jun 30, 20256
  • AuditorDeloitte & Touche LLP, Denver, Colorado PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceApr 22, 20151
  • Filings176 in all: 8-K (111), 10-Q (34), 10-K (11), CORRESP (5), SD (3), UPLOAD (3), 8-K/A (2), EFFECT (2)1
    All 12 form types

    S-4 (2), 424B1 (1), 424B4 (1), S-4/A (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Sep 29, 2026

Risk factors and legal proceedings

The risks Tri-State Generation & Transmission Association, Inc. names in Item 1A of its 10-K filed Mar 6, 2026: 30 risks under these headings, as written.5

  • Members and Regulatory Risks
  • If Tri-State's wholesale rates to the Utility Members are uncompetitive, Tri-State may experience Utility Member unrest and desires to withdraw.
  • If the contract termination payment amount methodology underestimates the monetary value of a Utility Member’s obligation or significant number of Utility Members withdraw, it may materially impact Tri-State's financial condition, results of operations, long-term system resource planning, liquidity and access to capital.
  • Resource planning regulatory requirements and Tri-State's ability to cost-effectively implement a resource plan may impact Tri-State’s financial condition and future plans.
  • The timing delay in any Class A-41 formula rate true-up could have an adverse effect on Tri-State's cash flow.
  • Increased competition could reduce demand for Tri-State's electric sales.
  • Utility Members have a substantial number of industrial and large commercial and industrial customers who could decrease operations, shut down, or elect to self-generate in the future.
  • Tri-State's financial condition is largely dependent upon the Utility Members.
  • Tri-State’s rate regulation by FERC could have an adverse effect on Tri-State's results of operations and financial condition.
  • High impact loads in the Utility Members' service territories could impact Tri-State's financial condition and liquidity.
  • Litigation may seek to hold Tri-State liable for the actions or omissions of its Members.
  • Environmental and Legislative Risks
The other 20 risks
  • Compliance with existing and future environmental laws and regulations may increase Tri-State's costs of operation and further affect the utilization of current generating facilities, and satisfying asset retirement and environmental remediation obligations are significant.
  • Tri-State is subject to physical, operational and financial risks associated with weather, natural disasters and resource depletion impacts.
  • Tri-State's business, financial condition, results of operations and prospects could be materially adversely affected by new or revised laws, regulations or executive orders, as well as by regulatory action or inaction.
  • Contradictory federal and state political requirements may materially adversely affect Tri-State.
  • Operating Risks
  • Tri-State could be adversely affected if it or third parties are unable to successfully operate Tri-State's facilities.
  • Tri-State may experience transmission constraints or limitations to transmission access, and its ability to construct, and the cost of, additional transmission is uncertain.
  • Losses from wildfires could adversely affect Tri-State's financial condition, future results of operations, and cash flow.
  • Tri-State is exposed to uncertainty in connection with construction projects at new and existing facilities, third party generating facilities related to its long-term power contracts, and in connection with decommissioning of certain existing facilities.
  • Tri-State relies on purchases of power from other power suppliers and long-term agreements to purchase and transport fuels and to sell electricity, which exposes Tri-State to market and counterparty risks.
  • Tri-State is exposed to risks related to its participation in organized markets that could have an adverse effect on its operations.
  • Volatile natural gas prices could have an adverse effect on the operation of Tri-State's facilities and Utility Member rates.
  • Existing and new generation facilities are exposed to economic and policy impacts that could have an adverse effect on Utility Member rates.
  • Tri-State is subject to risks associated with its ability to obtain adequate insurance at acceptable costs.
  • Financing Risks
  • Tri-State has a substantial amount of indebtedness and it expects this amount to increase significantly.
  • Tri-State's ability to access short-term and long-term capital and its cost of capital could be adversely affected by various factors, including credit ratings and current market conditions, and significant constraints on Tri-State's access to capital could adversely affect Tri-State's financial condition and future results of operations.
  • Tri-State must make long-term decisions involving substantial capital expenditures based on current projections of future conditions.
  • General Risks
  • Cybersecurity threats are increasing and if Tri-State is unable to protect its information systems, its operations could be disrupted and Tri-State's financial condition could be adversely affected.
  • Failure to attract and retain a qualified workforce could have an adverse effect on Tri-State's business.
  • Tri-State may be subject to physical attacks.
  • A portion of Tri-State's workforce is represented by unions. Failure to successfully negotiate collective bargaining agreements, strikes or work stoppages could cause Tri-State's business to suffer.

Legal proceedings

Information required by this Item is contained in "Note 14—Commitments and Contingencies—Legal" to the Consolidated Financial Statements in Item 8.

The opening of Item 3, Legal Proceedings.5

Sources

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