Wyoming
Wyoming landed one of crypto’s biggest names. Here’s what that means for the state. – WyoFile
After years wooing the cryptocurrency and digital asset industry, Wyoming’s efforts were rewarded last month by one of the biggest players in the space.
Kraken — a multi-billion-dollar crypto company with over 2,200 employees and 15 million customers around the globe — announced it had officially moved its headquarters to Cheyenne.
“Wyoming may feel like one small town with really long streets,” Trevor Rutar, the Cheyenne-based head of Kraken’s banking venture, wrote on LinkedIn, “but it continues to punch above its weight in the future of finance.”
In a lengthy post on X, Kraken co-CEO Arjun Sethi praised the state for building the “most comprehensive and technically coherent legal framework for digital assets” in the country.
“This decision wasn’t about headlines or optics,” Sethi said. “It was about alignment.”
The company, which allows customers to securely trade cryptocurrencies and more traditional assets, opened a Cheyenne office over four years ago and has contributed hundreds of thousands of dollars to the University of Wyoming’s blockchain program. But the formal establishment of a Wyoming headquarters makes the company’s ties to the state “permanent,” Sethi said.
For the lawmakers and others who’ve led Wyoming’s yearslong effort to become a crypto hub, Kraken’s announcement is a big deal — particularly at a time when other states are beginning to vie for the industry’s business.
“For them [Kraken] to make this step now and kind of recognize and come to Wyoming, I just think it’s a really cool sort of validation of all the work that Wyoming has done,” said Matt Kaufman, a Cheyenne attorney and longtime member of the state’s blockchain committee.
Long-running pursuit
The digital asset space is best known for its volatile cryptocurrencies, like bitcoin and ether, and the massive gains and losses that can result from buying and selling them. But advocates, including those in Wyoming, see much broader potential in the underlying blockchain technology.
Blockchains are shared ledgers that allow transactions to be readily verified by all participants and, in theory, make it nearly impossible for the data to be tampered with or altered. Beyond tracking the transfers of digital tokens, supporters see a variety of potential uses ranging from supply chains, to electronic voting to making secure payments at a fraction of the cost of credit cards.
Believing that the technology would bring new jobs and other economic development, Wyoming lawmakers set out to become the home base for the digital asset industry in the same way that South Dakota became the hub for credit card companies. Over the past eight years, state lawmakers dove into the topic and passed over 30 laws related to blockchain technology and digital assets — from setting up a framework for crypto-banks to making clear what happens to customers’ digital assets if a crypto custodian goes bankrupt.
“When we started, the large financial institutions were shunning digital assets with every fiber of their being. They loathed them,” recalled Wyoming Sen. Chris Rothfuss, D-Laramie, who co-chairs the Legislature’s Select Committee on Blockchain, Financial Technology and Digital Innovation.

But traditional players have since come around: juggernauts like Fidelity and Blackrock now hold billions of dollars worth of bitcoin on behalf of their clients; Amazon and Walmart are reportedly mulling the possibility of launching dollar-like cryptocurrencies known as stablecoins in an attempt to save “billions of dollars” in payment fees; and the state of Texas is preparing to buy $10 million worth of bitcoin as an investment.
“A bunch” of the top 10 players in the traditional financial services space are looking to get into crypto, Kraken’s other co-CEO, David Ripley, recently told CNBC. “And we’re having a lot of discussions with them on how we can help them pull that off.”
Incorporating versus arriving
With crypto having its moment in the spotlight, Wyoming leaders are hoping the state’s time has come as well. Steve Lupien, the director of UW’s Center for Blockchain and Digital Innovation, noted the state has been working to pave the way for the digital asset industry for a “long time” — since 2017.
“… Sometimes we’ve kind of said, ‘Gee, it shouldn’t be this hard. I wish it would happen faster,’” Lupien said. “But it’s starting to happen now.”
He said “thousands” of entities in the digital asset space have domiciled in Wyoming in recent years. Some, like Cardano blockchain founder Charles Hoskinson, have also built deep connections in the state. Other firms aren’t based here, but have people living and working remotely in the state.
However, in many cases, the only thing “Wyoming” LLCs and more crypto-focused decentralized autonomous organizations, commonly referred to as DAOs, do here is hire a registered agent to serve as their public face and pay the Secretary of State’s Office an initial $100 fee and then $60 annually.
Kaufman has spent 18 years helping people form companies in Wyoming, and he acknowledged that new filings don’t always mean new business in the state.
“But what I would say, in my experience, is one follows the other,” he said.

Many times, Kaufman said, a company that forms some Wyoming LLCs decides to do more, such as make a deal or open an office here. Between the state’s status as a leader for incorporations, a new chancery court dedicated to expeditiously handling business disputes and the ongoing work on digital assets, “it starts to move the needle to where people say, ‘OK, this makes more and more sense, and we’re going to go ahead and move,’” Kaufman said.
“Over time,” he said, “that momentum continues to build.”
What’s in a move?
Digital asset companies tend to be “decentralized,” and Kraken, which has employees in over 70 countries, doesn’t appear to be bringing a huge swath of new workers to Cheyenne.
“In accordance with our remote-first operating model Kraken has historically eschewed large, physical offices,” a company spokesperson told WyoFile.
Kraken, which has significantly reduced its workforce over the past couple of years, had 45 open jobs around the time of the announcement; 42 were fully remote while two were based in Washington, D.C., and one in San Francisco.
A Kraken spokesperson said the company doesn’t disclose how many people it employs in Wyoming, “to protect their privacy and the security of our business.”
However, co-CEO Sethi described the establishment of the headquarters as a “long-term investment” in Wyoming and said he’ll personally be “looking for a place in the Jackson area, because proximity matters.”
Rothfuss said the digital asset industry isn’t one that brings, say, 1,000 manufacturing jobs to one place, but he believes Kraken’s move will mean an increased in-person presence.
“We do know that as that ecosystem builds out, it does create more and more businesses and more and more opportunities that generate real jobs and real work in Wyoming,” Rothfuss added, “and we’ve seen that.”

Kraken is a big fish in the crypto world, ranking as the second-largest exchange in the United States. It generated $1.5 billion in revenue last year and is reportedly taking steps toward going public.
Beyond facilitating the sales of scores of crypto tokens, the company secures digital assets for institutional customers, and began offering traditional stock and ETF trading earlier this year. More recently, Kraken acquired NinjaTrader to offer futures trading and launched a new global payments app.
“We’re building a platform that goes beyond crypto trading — it powers the next era of global finance,” Sethi wrote earlier this year.
Founded in 2011, Kraken is one of the oldest digital asset companies around, and “they’ve just developed an incredibly impressive reputation in the industry,” said Kaufman.
Rothfuss believes Kraken could now be the most valuable company based in Wyoming.
Krakenite culture
Like many tech firms, Kraken was previously based in San Francisco. However, the business shuttered its headquarters there in 2022, citing not only its remote-first approach but also the city’s “out of control” crime, mental illness and drug abuse.
“San Francisco is not safe and will not be safe until we have a [District Attorney] who puts the rights of law abiding citizens above those of the street criminals he so ingloriously protects,” Kraken’s founder and then-CEO, Jesse Powell, said in a statement at the time.
The DA in question, Chesa Boudin, was later recalled by voters.
Powell is known for his libertarian views, drawing headlines for his sharp criticism of what he sees as “woke” concepts. Amid some internal disagreements over the company’s culture in 2022, he and Kraken released a document outlining its philosophy. It includes a commitment to liberty, due process, personal property rights and limited government.

For instance, Kraken says it: honors workers’ rights to “bodily autonomy,” such as by rejecting vaccine mandates; leaves it up to employees as to whether they want to use their coworkers’ preferred pronouns; hires strictly on merit rather than through “stereotypical team diversity measurements”; and may offer firearm and self-defense training at its corporate retreats.
Kraken cautions prospective employees that its culture may not be the right fit for every potential job applicant, but also emphasizes that “crypto is for everyone.”
“All are welcome to join the revolution,” the document says.
Politics move on-chain
Crypto was born out of a kind of libertarian ethos and a distrust of institutions, from governments to traditional banks. That’s reflected in the very design of blockchains — ledgers that are intended to be “transparent, immutable and resistant to tampering,” as Investopedia puts it.
Those in the space have generally kept politicians and partisan politics at arms’ length. But the conversation about crypto has become more partisan in recent years, following a regulatory “crackdown” by the Biden administration that the industry viewed as unfair and Donald Trump’s pivot from crypto critic to cheerleader and participant.
The industry responded to Trump’s embrace with a flood of campaign contributions. Kraken co-founder Powell gave the president $1 million worth of crypto last summer and the company itself chipped in $1 million to his inaugural committee, alongside other crypto firms and traditional corporate giants like Pfizer, Verizon and Toyota.

Since taking office, Trump has followed through on his promises to make the federal government more crypto-friendly, with his Securities and Exchange Commission dropping suits against and probes of numerous exchanges, including Kraken.
Under the new administration, Kraken also relaunched a staking service, which is a way for customers to receive passive income on their crypto holdings. Biden’s SEC had shut down the service and imposed a $30 million penalty on the company in 2023 — actions that Kraken viewed as “politically motivated.” In March, co-CEO Sethi said he believed Trump had helped “shift crypto from a partisan debate to a shared national interest.”
A polarizing president
But not everyone sees it that way.
Beyond backing the industry, Trump and his family members have launched — and profited from — various crypto ventures over the past year. Trump recently disclosed that he’s earned over $57 million from one of those endeavors. And in May, he hosted a private VIP reception and dinner for those who bought the largest quantities of his $TRUMP memecoin — a move that gave “pause” to even supporters like U.S. Sen. Cynthia Lummis, R-Wyo., who’s a leading voice on digital assets.
Concerns about the president’s involvement with crypto were apparently one factor behind Senate Democrats’ early May vote to oppose the GENIUS Act, a Lummis-backed measure that aims to create a regulatory framework for asset-backed cryptocurrencies known as stablecoins. The bill was backed by members from both parties up until the 48-49 vote, largely along party lines.
U.S. Sen. Elizabeth Warren, a Massachusetts Democrat and one of the industry’s harshest critics, told reporters that the bill would put both national security and the broader economy at risk and “supercharge Donald Trump’s corruption.”
Rothfuss compliments the administration’s work to loosen some of the regulations on the industry, but said Trump’s personal projects are “just utterly poisoning the well.”
“It’s now becoming harder for national-level Democrats to support digital assets,” Rothfuss said, “because their constituents are seeing the fraudulent actions of the president, and associating that not just with the president, but with digital assets.”

He’s even been hearing more concerns among Wyoming Democrats about the space. “That’s a headwind that is disappointing to have to deal with.”
(The White House has said the president attended the dinner on his personal time, isn’t involved in the management of his assets and is following federal ethics rules.)
Seeking bipartisanship
Despite the initial setback, the GENIUS Act ultimately cleared the Senate by a 68-30 vote, winning the support of 18 Democrats.
During a late June subcommittee hearing to discuss an overarching market structure for digital assets, Lummis emphasized that she wants to “make sure that we continue to have a bipartisan discussion.”
The veteran lawmaker also said she was unsure why the topic has become more partisan.
“Maybe this is about concern that certain people that have family members in the [Trump] administration are going to be advantaged in some way by what we’re doing,” Lummis said, but “I don’t want that to be the case. I want everybody to be advantaged.”

The Wyoming Legislature has also prided itself on a bipartisan approach. Rothfuss, who’s one of only eight Democrats in the body, and Rep. Daniel Singh, a Cheyenne Republican and member of the Wyoming Freedom Caucus, underscored that cooperation in a May op-ed.
“Our collaborative efforts in the Wyoming Legislature, alongside Lummis’ leadership in Washington, show that Republicans and Democrats can navigate complex issues together,” the co-chairs of the state blockchain committee wrote, “crafting policies that protect consumers, foster innovation and strengthen America’s position in the global digital economy.”
Internal and external headwinds
Of course, not everyone is on board. Wyoming’s pursuit of the crypto and digital asset industry has drawn skepticism from all ends of the political spectrum, and some question the whole thing. At a recent blockchain committee meeting, retired geoscientist Kerry Aggen of Buffalo told the panel that, “the term digital asset is an oxymoron: Anything digital does not actually exist in real life.”
The complicated nature of the technology and esoteric nature of some of the legislation are also hurdles. At the same committee meeting, Rep. Lee Filer, R-Cheyenne, said it was tough to explain a set of proposed changes to the state’s crypto-focused banks — Special Purpose Deposition Institutions that are abbreviated as SPDIs or “speedies” — to his colleagues in the House.
“There’s many that just don’t understand it,” said Filer, who runs a bitcoin mining operation. “Eyes were glazed over.”

The industry has also received several black eyes from bad actors, hacks and exploits.
Crypto tends to run in boom-and-bust cycles, and a hyperbolic rise in token prices in 2020 and 2021 was followed by a massive crash — and subsequent implosion of several multi-billion dollar enterprises. That included the crypto exchange FTX and lending platform Celsius, which were revealed to have treated their customers’ deposits like their own play money; the leaders of both platforms are now serving federal prison sentences for fraud.
Rothfuss argues that an outfit like FTX “couldn’t have gotten away with it” here, noting the safeguards in place for SPDIs. Wyoming’s regulations attract good actors and keep bad ones out, he said — unlike other states where companies “can just do as they see fit.”
More crypto competition
The increased interest in digital assets across the country has brought Wyoming more competition for the industry’s attention.
Robert Slater, a director of an SPDI called Commercium Financial, told lawmakers in May that the shift in sentiment has led some potential investors and customers to explore other options in Texas, New York and South Dakota.
Barriers are also being lifted at the federal level: While Slater expressed continued optimism, he said new FDIC guidance allowing traditional banks to get involved with digital assets — potentially with fewer requirements than a SPDI — makes it “harder to champion the story of ‘why Wyoming.’”
Rothfuss said he and other state leaders long expected that large institutions would resist digital assets “right up until they wanted to make money,” at which point they would try to shut out Wyoming and its SPDIs.
“So nothing we’re seeing is surprising,” he said, “and we’ll keep trying to position ourselves in a leadership role.”
Both Rothfuss and Kaufman believe the state remains ahead of the pack, thanks to its years of work on the nitty-gritty details. In Kraken’s announcement of its new Cheyenne headquarters, Lummis said the move reinforced Wyoming’s position as “America’s premier crypto hub.”
Cody Carbone, the CEO of The Digital Chamber, indicated there are similar opinions among the more than 200 blockchain companies that his D.C.-based organization represents.
“Yes, everyone is very bullish on Wyoming,” Carbone said in an email. “It’s still viewed as the foundational jurisdiction for crypto regulation.”

That could change, he said, but Wyoming is “very attractive” to crypto companies that rely on remote work and want to leverage the state’s reputation, regulatory framework and tax incentives.
“I think Wyoming will always be successful,” Carbone said, “because the State is nimble enough to continuously innovate.”
The limits of small multitudes
Wyoming does, however, remain limited in its ability to recruit businesses by having the smallest population in the union.
The country’s largest crypto exchange, Coinbase, also nixed its San Francisco headquarters in 2021. However, as Kraken decided to anchor itself in Cheyenne, Coinbase reestablished itself in the Bay Area city by leasing a massive, 150,000-square-foot office space.
Asked why the company would set up shop in tax-heavy California, Coinbase CEO Brian Armstrong said many of their employees live there.
“We go to where the talent is,” Armstrong wrote on X.
His comment would seem to fit with Wyoming Business Council CEO Josh Dorrell’s experience — that companies care more about a vibrant workforce than low taxes.
“I have worked with and for countless companies that have very seriously looked at wanting to come to Wyoming, and they want to be here,” Kaufman said, “but when the rubber meets the road, it’s like, ‘Gosh, there’s not a good option for a place to put 100 people — and we don’t know that the labor force is there for us to hire 100 people as quickly as we need.’”
While frustrating, “it is what it is,” he said, “and that’s why … I think we have to expect wins over time.”
Lupien, however, is quick to argue that Wyoming has a lot to offer to the digital asset industry, even when it comes to the workforce. UW is one of the only Division I universities in the country offering a minor in blockchain — about 120 students go through the program each year — and he burnished the programs offered by the College of Engineering and School of Computing.
Lupien also heralded Wyoming’s quality of life, saying the more time people spend in the state, the more they come to appreciate it.
“I think Wyoming can compete,” he said, “and obviously it has in the case of Kraken.”
Wyoming
Wyoming Ranchers Hoping Solar Can Lower Costs Say Utilities and the State Stand in Their Way – Inside Climate News
COKEVILLE, Wyo.—Tim Teichert and Jason Thornock want the sun to help them survive as ranchers in Cokeville, Wyoming. On an overcast May day, the two drove around the one-restaurant town, lamenting high electricity prices and restrictive Wyoming laws that they say have thrown an unnecessary burden onto their broad shoulders.
“I pay $90,000 in an electric bill,” Teichert said as he and Thornock made their way through fields of cattle, alfalfa and hay. “Jason’s about $150,000. If Jason had that $150,000 back, his kids could all come back to Cokeville, and work and live here, and you’d be able to raise kids here in Cokeville.”
In 2023, hoping to improve their margins, Teichert and Thornock each applied for Rural Energy for America Program (REAP) grants, which the Biden administration had infused with $2 billion to help support farmers interested in renewable energy.
While neither man was thrilled about the prospect of applying for federal funds—they prefer smaller government—they were interested in using solar to cover their own electrical demand. Teichert and Thornock say this could have saved them five or six figures annually, and made their businesses more attractive to their kids.
Across Wyoming and the U.S., Americans increasingly face skyrocketing electricity bills. In 2023, Rocky Mountain Power, Teichert and Thornock’s utility and the largest in Wyoming, asked regulators at the state’s Public Service Commission to approve a nearly 30 percent rate increase; the next year, they asked to raise rates by close to 15 percent. Though both requests were ultimately granted at lower rates, affordability concerns have sent almost every corner of Wyoming scrambling for ways to defray rising electricity costs.
A fraction of homeowners already do this in the Equality State by using credits from their utility for generating their own electricity using solar panels and sending excess amounts back to the grid, an arrangement known as net metering. But Wyoming law caps net-metering systems at 25 kilowatts, large enough to include just about any homeowner’s rooftop solar system, but too small to provide enough credits to offset all the electricity larger properties, like ranches, draw from the grid.
Earlier this year, a coalition of environmentalists, businesses and ranchers, including Teichert and Thornock, unsuccessfully supported a bill that would have raised Wyoming’s net-metering cap to 250 kilowatts.
Teichert and Thornock were initially counting on changes to the law as they eyed REAP funds. Teichert, a sturdy man with pale blue eyes and a trim Fu Manchu mustache, eventually applied and was awarded a $440,000 grant to build a ranch shed supporting around 250 kilowatts of solar panels. Today, with no ability to net meter, he fears he may never recoup his investment, which was over $500,000. Thornock, whose wide, boyish grin sits atop a hefty build, was approved for $868,000 in REAP funding to build a 648-kilowatt solar system. Concerned that his project’s viability rested on the judgment of state lawmakers, he returned the money.
The Department of Agriculture has since stopped funding renewable energy projects on farmland. REAP was a “huge opportunity we all missed in Wyoming,” Thornock said.
The two men are not the only Wyoming ranchers interested in using solar to give their businesses more stability.
“A lot of ranchers really look to renewables to help diversify their revenue stream, keep the ranch whole, and keep their family on the ranch, keep the land together,” said Chris Brown, executive director of Powering Up Wyoming, a renewable energy advocacy group. Most of the ranchers he’s worked with are interested in leasing their lands to solar developers, rather than purchasing their own systems, and his organization is neutral on net-metering.
Rocky Mountain Power says it is open to changes in the state’s net-metering laws, and the utility did not take a position on net metering during last spring’s legislative session.
“It’s not a level playing field; you’re dealing with a monopoly—a government-subsidized monopoly, government-protected monopoly.”
— Jason Thornock
“We have worked diligently in recent decades with customers, municipalities, state legislatures, in order to facilitate particular regulatory and pricing changes to allow customers to meet their energy goals,” said David Eskelsen, a spokesperson for PacifiCorp, Rocky Mountain Power’s parent company and a subsidiary of billionaire Warren Buffett’s Berkshire Hathaway.
If rate hikes keep coming and margins don’t improve, Teichert, who runs his ranch with his brother, fears he and Thornock will eventually have to sell their lands, which crisscross much of Cokeville. They find other utilities’ arguments against net-metering expansion dubious, and fume at the business model and regulatory environment that allows utilities to earn enormous profits but restricts their customers from making their own energy use more affordable. The two ranchers find it particularly ironic that Rocky Mountain Power could build power lines across their property to carry renewable energy to California, Oregon and Washington, while it is illegal for them to install enough solar panels to cover their own electrical bills.
“It’s not a level playing field; you’re dealing with a monopoly—a government-subsidized monopoly, government-protected monopoly,” Thornock said on his ride to see Teichert’s solar array. “It’s got all the power in the world. And, like Tim says, they want to sell renewable energy to California, [Washington] and Oregon. They won’t let us do it because they want the control.”
Reaping Few Rewards
Teichert pulled his truck through a gate and into a field of alfalfa and hay. Just beyond was a shed with 18 red steel legs that looked like an enormous centipede straddling bales of hay and some farming equipment. On top of the shed sat Teichert’s $1.1 million solar system, which was designed to cover the electrical costs of running all his irrigation system’s pivots and pumps.
If Teichert could net meter, he says he would be more competitive with ranchers just a few miles away in Idaho and Utah, where net-metering laws are much less restrictive than in Wyoming.
In Idaho, ranchers can install up to 100 kilowatts of solar, and that number jumps to 2 megawatts for ranchers in Utah, 80 times the limit in Wyoming.
Rocky Mountain Power charges irrigators different base electricity rates in each state, but regardless of the price of the power, any savings are helpful to big users like agricultural operations.
“Quite a few of the farmers [in Idaho and Utah] do it,” said Teichert, of net-metered solar.
In 2023, while Teichert was designing his system, Thornock was considering whether it was wise to spend his money on a solar array. He believed there was a good chance Wyoming wouldn’t change its law to increase the cap on net metering. Since his system would be more than 25 times the size that’s allowed to net meter, Thornock anticipated it would be extremely difficult for it to pay for itself if he wasn’t credited for sending excess electricity to the grid. He backed out of his REAP grant, and advised Teichert to do the same.
But Teichert forged ahead and installed his panels, believing it would be no big deal to convince Wyoming lawmakers to adjust the state’s net-metering law—especially given the more advantageous arrangement ranchers in Idaho and Utah enjoy with the same utility. “I thought I’d be ahead of everybody,” he said.
Once the bill to raise Wyoming’s net-metering cap failed, Teichert pivoted. He began exploring a power purchase agreement with Rocky Mountain Power, in which the utility would buy electricity from him like he was a power plant. He said he had been told by the company installing his panels that a power purchase agreement could net him a good deal.
But when he saw how much the utility would pay him, he laughed. The utility would give him less than 1 cent per kilowatt hour in winter periods of low demand, and about 4 cents in peak summer demand hours. He would get much more of a financial benefit from the electricity he sent to the grid if he was instead compensated through net metering, which Wyoming law typically requires be credited at Rocky Mountain Power’s retail rate of electricity. The utility charges him around 14 cents per kilowatt hour, he said.
Setting up to sell his excess electricity to the grid through a power purchase agreement could leave Teichert even deeper in the hole, he added, as the utility informed him it would need $43,000 just to look at connecting his system to its grid.


Originally, Teichert expected to pay off his solar shed in 10 years, but with the additional costs and the rates the utility offered, “I don’t know that I’ll ever come out on the deal,” he said.
And now, the federal support that incentivized him to pursue solar has been eliminated; in August the Department of Agriculture announced it would no longer fund solar or wind projects through REAP.
Teichert eventually decided to purchase a battery system to back up his panels. He does not plan on selling any of his electricity to Rocky Mountain Power.
“I should have listened to Jason,” he said.
Thornock feels he dodged a bullet.
Driving away from the solar shed, Teichert and Thornock said their history with Rocky Mountain Power contradicts other utilities’ arguments against net-metering.
Lines in the Valley
The biggest of the power lines crisscrossing the valley where Teichert and Thornock ranch belong to PacifiCorp, whose planned Gateway West project to deliver renewable energy to customers in California, Oregon and Washington would add even more lines. Some of those new lines could cross Teichert and Thornock’s properties, the men say.
They’ve got more experience with power lines than most utility customers, as they actually built some of the smaller lines coming off Rocky Mountain Power’s system.
Both men say the utility sent inflated estimates of the cost to install new lines to bring additional power to their growing ranching operations, leading them to seek help elsewhere.
In 2020, Teichert said he contracted a company to put in a power line for about $600,000 after the utility told him he would need to pay over $1 million for the same job, he said. Thornock has repeatedly testified to state lawmakers that Rocky Mountain Power nearly bankrupted him when he first began ranching in the late 2000s after going back and forth with him about whether they would deliver power on lines he had installed. Thornock wound up in court and lost, then had to cover the utility’s attorney fees.
The whole saga “was that close to breaking me,” he said, as Teichert drove by the poles he had installed.


Utilities warn that net-metering systems can allow those with rooftop solar to avoid paying fixed expenses for the grid they feed into, like system maintenance and construction costs, which, according to reporting by the New York Times, account for a growing share of utilities’ spending. “That in effect sets up a subsidy flowing from customers who don’t use net-metering systems to those who do,” said Eskelsen, PacifiCorp’s spokesperson. Any price issues rooftop solar customers cause are confined within their “rate class” of customers who use a similar amount of electricity, he added.
Determining how—or whether—to alter the rates for net-metering customers to make sure they’re paying their fair share for the infrastructure that takes their excess energy has been a sticking point between utilities and Wyoming’s net-metering supporters. Rooftop solar supporters say that subsidization likely occurs all over the grid regardless of whether a homeowner or business is net metering, and claim that avoiding transmission costs saves all ratepayers money.
Experts generally say that rooftop solar’s dependence on infrastructure that it isn’t paying for won’t create billing issues until 10 to 20 percent of a utility’s customer base is in the program. Less than two percent of all Wyoming homes have rooftop solar panels, according to estimates from the Solar Energy Industry Association.
Given all the work he’s paid for, Teichert finds utilities’ arguments about cost sharing disingenuous. “When they sit there and say, ‘Well, we’re not paying our share,’ we’ve more than paid our share,” Teichert said. “That bugs me that they lie like that.”
Thornock said he would be happy to pay for any issues a net-metering solar system may cause—provided the new rate is fair, and preferably not suggested by a utility.
“We’re not asking for a handout. I don’t want Rocky Mountain Power subsidizing me,” he said. “I just want to be able to compete. I just want to be able to make a living.”
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When told of Teichert and Thornock’s experience building their own power lines, Eskelsen was surprised, but said it was possible in such a rural area. “That’s not something that we typically allow,” he said.
But what really bothers Teichert and Thornock is the utility business model. In Wyoming, as determined by the Public Service Commission in the company’s latest rate case hearing, Rocky Mountain Power is entitled to a 9.5 percent return on equity, around the national average, according to S&P estimates. In other words, if Rocky Mountain Power uses shareholder funds to build long-term assets, like power plants, it can recover up to an additional 9.5 percent of the total value of those assets from its customers and deliver that back to shareholders as profit.
This incentivizes Rocky Mountain Power to “explode [their] costs,” Thornock said. “Ten percent of 10 million is a lot more than [10] percent of a million,” he continued. “Even I can do that math.”
At least one former utility executive believes that the nationwide average of around 10 percent return on equity for utilities is too lucrative, and should be closer to 6 percent to more appropriately reflect the benefits and risks of investing in a utility.
“We’re not asking for a handout. I don’t want Rocky Mountain Power subsidizing me. I just want to be able to compete. I just want to be able to make a living.”
— Jason Thornock
A utility’s return on equity is misunderstood, Eskelsen said, and functions more like a ceiling than a guarantee. Because utilities must “open our books to utility commissions,” who judge whether the company has spent prudently, they have a “powerful incentive” not to exaggerate their costs, he said. A commission disallowing a utility’s costs cuts profits for utility shareholders, he added.
Back in Teichert’s truck, he and Thornock laughed at the fantasy of getting a guaranteed profit on cattle and crop purchases. “I think that’s why there’s such a huge blowback from these utilities on net metering,” Thornock said. “They can see that if we let these guys produce their own power, they’re going to see right through all the nonsense.”
“And I don’t blame them,” he continued. “If I was in their shoes, man, that’s crazy money—and they’re protected by the government to do it.”
Staying Alive
For their way of life to remain sustainable for themselves, their kids and grandkids, Wyoming needs to either increase the net-meeting cap or change how it regulates utilities “so we can have something fair,” Teichert said.
But he and Thornock see many of Wyoming’s representatives as too deferential to utilities, and neither of them has much faith that the state will overhaul the system.
While it is not unusual for politicians in Wyoming to accept donations from sectors they regulate, at least one member of the Wyoming Senate has close professional ties to a utility. Dan Dockstader, a state Senator representing Teton and Lincoln counties, which includes Cokeville, is a board member of Lower Valley Energy, an electric cooperative.
As last year’s net-metering bill came up for a vote in the Senate, Dockstader amended the bill to exempt electric utility co-ops from Public Service Commission oversight when it came to setting net-metering customers’ rates. The commission now has “limited jurisdiction over eighteen retail rural electric cooperatives,” according to its website.


The amendment didn’t sit well with Thornock. “[Dockstader is] representing Lower Valley Energy, he’s not representing the people who are using the power,” he said.
“I was representing the interests of the Wyoming Rural Electric Association (WREA) with 14 electric power distribution cooperates and another three generation and transmission cooperates,” Dockstader said, in an email. “All efforts to pass legislation should include a balanced approach with the rural cooperatives.”
Those who have been trying to find a way to raise Wyoming’s net-metering cap agree that utilities hold a lot of sway with lawmakers in Cheyenne.
“We watched numerous amendments chip away at the original intent of the bill, to the point where we realized if it passed it would actually be a step back for rooftop solar deployment in Wyoming,” said John Burrows, climate and energy director for the Wyoming Outdoor Council.
“Utilities have established, professional lobbyists,” he continued. “They lobbied quite aggressively on this issue and I suspect that that had an impact on where the bill went.”
Moving forward, net-metering supporters are trying to resolve their differences with utility companies through a third-party facilitator before introducing another bill, according to Burrows.
“Net metering still needs to happen,” Thornock said. Other energy sources, like small modular nuclear reactors that can generate power without emissions, but rely on unproven technologies, intrigue him—but he worries they’ll also be hobbled by the kinds of problems plaguing net metering. “If we don’t get this net-meeting stuff figured out we’re not going to be able to take advantage of the technology that’s coming,” he said.
Clouds shrouded the high sun over Cokeville when Teichert dropped Thornock off at his house around noon. Cruising around his hometown, where he once taught middle school English, Teichert pointed out about half a dozen homes sporting rooftop solar panels. As the cost of living goes up, his 91-year-old mother’s house may be next.
“At some point, my mom’s gonna have to choose between, do you turn on the power or do you buy groceries?” he said.
Rising costs, including for electricity, pose a similar dilemma to his business. “If it gets to the point where you can’t afford to ranch, our only option is to start selling 35-acre parcels,” he said.
Eventually, Teichert navigated toward the mountains. He slowed to admire the clarity of a creek, pulled over to gush over the ski slopes just outside of town and spoke eloquently about Cokeville’s history as an energy hub. But on his way home, he saw ranchland that had been carved up and sold to developers, and his eyes winced with angst. He kept driving.
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Wyoming
Penn State wrestling wins 75th straight dual meet by beating Wyoming 40-7: Full results
Penn State beats Wyoming 40-7
12/13/2025 08:30:01 PM
Penn State won its 75th consecutive dual meet by beating Wyoming 40-7 on the road Saturday night. The Lions won eight of 10 bouts, including four victories by fall.
Penn State returns to the mat next Saturday in Nashville. The Lions wrestle North Dakota State and Stanford at the Collegiate Wrestling Duals. If they win both, they will pass Oklahoma State for the Division I record for most consecutive dual victories with 77.
Here are the full results from Saturday night:
125 pounds: No. 2 Luke Lilledahl (So.), Penn State TF Sefton Douglass, Wyoming, 18-3 (3:26) (PSU 5-0)
133 pounds: No. 10 Marcus Blaze (Fr.), PSU F Luke Willochell, Wyoming (3:39) (PSU 11-0)
141 pounds: Nate Desmond (Fr.) Penn State d. John Alden, Wyoming, 11-4 (PSU 15-0)
149 pounds: No. 1 Shayne Van Ness (Jr.), PSU F No. 30 30 Gabe Willochell, Wyoming, 2:54 (PSU 20-0)
157 pounds: No. 15 PJ Duke (Fr.), Penn State F No. 23 Jared Hill, Wyoming, 4:09 (PSU 26-0)
165 pounds: No. 1 Mitchell Mesenbrink (Jr.), PSU F Sloan Swan, Wyoming, 2:00 (35-0 PSU)
174 pounds: No. 1 Levi Haines (Sr.), Penn State TF No. 28 Riley Davis, Wyoming, 18-1 (4:50) (PSU 37-0)
184 pounds: No. 4 Rocco Welsh (So.), PSU d. No. 12 Eddie Neitenbach, Wyoming, 4-1 (PSU 40-0)
197 pounds: No. 2 Joey Novak, Wyoming md. Connor Mirasola, 10-2 (PSU 40-4)
285 pounds: No. 10 Christian Carroll, Wyoming d. No. 11 Cole Mirasola, 10-4 (PSU 40-7)
FINAL: PSU 40, Wyoming 7
Wyoming
6 Colorado, Wyoming hot springs worth the drive this winter
Things to do in Fort Collins during winter break
Need to entertain your brood during the winter break from school? Here are 5 things to do in Fort Collins.
Weary of winter already?
Kick back in one of the many natural hot tubs our area has to offer.
Colorado and Wyoming are sprinkled with natural hot springs, with various resorts each offering something different — think untouched natural scenery, tropical plant-laden atriums and cold riverside plunge pools.
Virtually dip your toes in with this list and see if any stick out to you for a future winter getaway.
Hot springs to visit in Colorado, Wyoming
Strawberry Park Hot Springs
Where: 44200 County Road 36, Steamboat Springs, Colorado
Need to relax? Head to Strawberry Park Hot Springs where you’ll find thermal mineral water pools surrounded by Steamboat Springs’ natural beauty.
The pools are open to both its day visitors — admission costs $20 per person for a two-hour reservation — and overnight lodgers. It also offers up massage options and aqua therapy in private pools.
Located about 165 miles from Fort Collins, Strawberry Park Hot Springs is a roughly 3.5-hour drive away. From Nov. 1 through May 1, four-wheel drive with snow tires or chains are required to get to the hot springs. To avoid tough road conditions, Strawberry Park encourages contacting its shuttle partners to schedule drop off and pick up.
Pets, outside food, glass, alcohol and smoking are prohibited.
Minors are not permitted after dark, and clothing is optional after dark.
Hot Sulphur Springs
Where: 5609 Spring Road, Hot Sulphur Springs, Colorado
Soak your worries away at Hot Sulphur Springs Resort & Spa. The resort — once used as a winter campground for Native Americans — is now home to 20 manmade pools supplied by a handful of natural hot springs that flow through the resort and into the Colorado River, according to its website. Located about 130 miles away, the springs are a roughly 3-hour drive from Fort Collins.
Its pools — which run from 98 to 112 degrees — are open yearround and welcome walk-ins. Adult day passes cost $30, senior day passes cost $23 and children’s passes (ages 4-11) cost $16. Towels and robes are also available for rent.
Pets (except trained service animals), outside food, glass containers, alcohol, smoking and vaping are prohibited.
Indian Hot Springs
Where: 302 Soda Creek Road, Idaho Springs, Colorado
Located the closest to Fort Collins on this list, Indian Hot Springs is a quick two-hour jaunt down Interstates 25 and 70. Once there, you’ll find a large indoor mineral water swimming pool and tropical plant-strewn atrium as well as private baths, outdoor tubs and geothermal caves.
Regular admission to the indoor swimming pool costs $30 per person Monday through Thursday and $35 per person Friday through Sunday. Caves are open to visitors 18 years old and older and can be accessed for $35 per person Monday through Thursday and $40 per person Friday through Sunday. Prices are different when “summit pricing” is in effect. Check the calendar on the Indian Hot Springs website for those dates.
Private baths and outdoor tubs can be reserved for varying rates. For more information, or to make a reservation, visit the Indian Hot Springs website.
Glenwood Hot Springs Resort
Where: 415 E. 6th St., Glenwood Springs, Colorado
At more than 200 miles away, Glenwood Springs is a bit of a hike — but that hike comes with beautiful scenery and, of course, hot springs. Try its Glenwood Hot Springs Resort, a fixture since 1888 that offers up a collection of hot springs pools, including its historic Grand Pool, an athletic club and other amenities.
Day passes range from $38 to $55 for adults and teenagers and $27 to $34 for children, with pricing varying based on off-peak and peak times. Reservations are not required. For more information, visit the resort website.
The Springs Resort
Where: 323 Hot Springs Blvd., Pagosa Springs, Colorado
Located more than 300 miles away in Pagosa Springs, The Springs Resort is a worthy weekend trip contender instead of a day drive. But despite its distance, it has plenty to offer — more than 50 hot springs pools, cold river plunges, a waterfall, steam grotto and more.
You can either stay at its resort or reserve a day pass to visit its pools, with general admission passes costing $69 for adults and $37 for children ages 3-12. For more information, or to make a reservation, visit the resort website.
Hot Springs State Park
Where: 51 US Highway 20 North, Thermopolis, Wyoming
Colorado can’t have all the fun. While located quite a ways away — 350 miles from Fort Collins — Wyoming has some impressive natural hot springs of its own in Thermopolis’ Hot Springs State Park. There are three soaking pools and a free and open-to-the-public Wyoming State Bath House. The bath house is open 8 a.m. to 5:30 p.m. Monday through Saturday and 12-5:30 p.m. Sundays in the winter. For more information, call 307-864-2176.
Want more Fort Collins development news? Subscribe to The Buzz, the Coloradoan’s weekly dive into local business, development, real estate and restaurant news.
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