2005 Annual Report

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About Golden Spread

Golden Spread Electric Cooperative, Inc. is a tax-exempt, consumer-owned public utility, organized in 1984 to provide low cost, reliable electric service for its rural distribution cooperative members. Its 16 member systems serve more than 187,000 retail consumers located in the Oklahoma Panhandle and an area covering 24 percent of Texas land area including the Panhandle, South Plains and Edwards Plateau Regions.

Golden Spread operates in the Southwest Power Pool and the Electric Reliability Council of Texas. GS Electric Generating Cooperative, Inc. was formed by Golden Spread in 1996 as a wholly owned affiliate to engage in exempt wholesale generating activities. GSEGC is a 50 percent owner of the 480 megawatt Mustang Station, a gasfueled, combined cycle generating plant located near Denver City, Texas.

Oklaunion Electric Generating Cooperative, Inc. was formed by Golden Spread in early 2004, also as a wholly owned affiliate. Golden Spread was the successful bidder when AEP Texas Central Company auctioned a 7.81 percent ownership interest in the existing 690 megawatt coal-fired Oklaunion Power Station. Golden Spread intends to assign its rights under the Oklaunion Purchase and Sale Agreement to OEGC.

Yoakum Electric Generating Cooperative, Inc. was formed in early 2005, also as a wholly owned affiliate to own and operate a newly constructed, 150 megawatt gas-fired combustion turbine-generator. This project, Mustang Station Unit 4, was designed for peaking service and achieved substantial completion in March 2006. Golden Spread intends to transfer the project to YEGC.