UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) July 9, 2012
TWIN CITIES POWER HOLDINGS, LLC
(Exact Name of Registrant as Specified in Charter)
Minnesota |
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333-179460 |
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27-1658449 |
(State or Other Jurisdiction of |
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(Commission File Number) |
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(IRS Employer |
16233 Kenyon Ave., Suite 210, Lakeville, Minnesota |
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55044 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrants telephone number, including area code (952) 241-3103
n/a
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On July 9, 2012, Twin Cities Power, LLC (TCP) and Twin Cities Energy, LLC (TCE), which are subsidiaries of Twin Cities Power Holdings, LLC, received invoices requiring these entities to pay an aggregate amount of approximately $759,000 to PJM Settlement, Inc., an affiliate of PJM Interconnection, LLC (collectively, PJM). These charges resulted from an order issued by the Federal Energy Regulatory Commission on May 11, 2012 directing PJM to process billing adjustments to reverse certain prior period Marginal Loss Surplus Allocations to a subset of PJM member companies, including TCP and TCE. TCP and TCE intend to make payment in full of these billing adjustment charges on or prior to July 13, 2012, when such payment is due. Following such payment, TCP and TCE intend to appeal these billing adjustment charges to the extent an appeal is legally available.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 10, 2012 |
By |
/s/ Wiley H. Sharp III |
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Wiley H. Sharp III |
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Its |
Vice President Finance and Chief Financial Officer |