Board of Directors Approve Acquisition 

For Immediate Release 

Contact: Renee R. Whitener, Director of Corporate Communications, Blue Ridge Electric Membership Corporation, Phone: (828) 758-2383 
E-mail:  Renee Whitener

August 3, 1999 – Effective July 30, Blue Ridge Electric Membership Corporation became the sole owner of Blue Ridge Energies, LLC, an energy company formed last October by Blue Ridge Electric and three other investors.


The board of directors of Blue Ridge Electric authorized the cooperative to acquire the ownership interests of the two remaining investors in Blue Ridge Energies during a special board meeting held July 23. The Board of Directors of Blue Ridge Energies approved the acquisition on July 29. 


Blue Ridge Energies provides propane gas, fuel oil, diesel fuel, and kerosene to residential, commercial, and industrial accounts, as well as commercial gasoline, to a 13-county area. An initial investor was John Beall, former owner of Beall Oil and Propane companies, which Blue Ridge Energies purchased at its start-up in October 1998. The LLC acquired Beall’s ownership last December. The remaining investors, including Blue Ridge Electric, were National Cooperative Services Corporation (NCSC) and North Carolina Electric Membership Corporation (NCEMC).


The board’s decision comes after the signing into law of House Bill 476 (now known as General Statute 117-118.1) by Governor James Hunt in June. The bill clarifies existing law to state that electric cooperatives may diversify into other businesses.


“We have always believed that the spirit of the law was for electric cooperatives to operate in a manner that benefited their members and the rural communities we serve,” said Doug Johnson, chief executive officer of Blue Ridge Electric. “The signing of HB 476 clarifies that cooperatives may diversify into other energy products and services in a way that’s familiar to other business organizations—through forming separate, for-profit subsidiary companies,” explained Johnson.


The Board of Directors of Blue Ridge Electric will serve as a corporate parent board overseeing the cooperative and its subsidiary operations. Doug Johnson serves as chairman and chief executive officer of Blue Ridge Energies in addition to his responsibilities at the cooperative.


Mark Sherman has been promoted to president and chief operating officer of Blue Ridge Energies. As part of the transition, Beall will continue working with the company.


Blue Ridge Energies is headquartered in Caldwell County on Nuway Circle, across from the cooperative’s corporate office. A branch office is located in Burke County and another branch office will be opening soon in Watauga County. 


Blue Ridge Electric is a not-for-profit, member-owned electric cooperative with headquarters in Lenoir and four district offices in the territory it serves. The cooperative serves approximately 60,000 customers in Caldwell, Watauga, Ashe and Alleghany counties and parts of Alexander, Avery and Wilkes counties. 

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