The fundamental principles of cooperative operation are inherently in conflict with the traditional concept of an IPO.
1.Subordination of capital. Neither interest nor dividends may be paid on invested capital. Cooperatives provide for a return of capital-not a return on capital. Furthermore, neither the amount of patronage nor the amount of investment of a patron can determine such patron's degree of ownership or control of the organization, i.e., there must be patronage-based ownership.
Volatile wholesale market prices have put a damper on retail competition in Pennsylvania. But rate caps are not the answer.
"Both the environment and consumers will benefit in the end if retail electricity prices are allowed to "rise and fall according to market conditions."