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2021 Annual Report

Powering Our Future

MEAG Power’s future is bright. Our continued ability to provide clean, reliable, competitively priced wholesale power is built on a solid foundation of advantages that power our future: a diversified delivered energy portfolio that is 66% emissions-free and becoming cleaner and more diverse; a clear strategy to meet our Participants’ future resource needs; the financial strength to make it happen; the trading, technical and transmission tools for ongoing success; and 49 Participant public power communities that deliver a host of advantages of their own.

A Diversified,
Clean Fuel
Portfolio

MEAG Power’s generation fleet includes ownership in six nuclear units, four coal units, one combustion turbine and 100% ownership of a combined cycle (natural gas) unit, as well as access to Southeastern Power Administration (SEPA) hydro generation. This highly diversified and nearly 70% emissions-free electric generation portfolio has the flexibility to adjust as market demand and pricing change – and will become even cleaner as Vogtle Units 3&4 enter service and additional non-emitting resources come online.

22%Natural Gas

7% Hydro

9% Coal

59% Nuclear

66% EMISSIONS
-FREE
2021

3% Net Purchases

A Clear
Strategy

In 2020 MEAG Power adopted a new Integrated Resource Plan (IRP) – a roadmap to meet the future capacity and energy requirements of its 49 public power Participant communities. Since 2008, MEAG Power has delivered more than 50% emissions-free wholesale energy – and since 2016 has averaged nearly 70% emissions-free delivered energy. Our portfolio already compares extremely favorably with both the state and national averages, and the IRP lays out steps toward an even cleaner, more flexible portfolio over the next decade.

MEAG Power has signed a solar power purchase agreement for 80MW. The farm, to be located in south-central Georgia, is slated to cover some 600 acres and include 260,000 panels. It is expected to enter commercial service in early 2024. We project the use of additional solar in the future to meet resource needs.

Integrate the output from the new Plant Vogtle Units 3&4 into our portfolio when they are slated to come online between 2022 and 2024.

2022-2024
2025-2045

Solar
PPA

Vogtle Unit 3

Reduce Coal

Continue to lessen our reliance on coal, and to exit our ownership participation in Plant Wansley’s coal units in 2022.

Vogtle Unit 4

Add Solar

Reduce Gas

Add Nuclear

Support application to extend the operating license for Plant Hatch Units 1 & 2 by 20 years, and add the Vogtle Units 3&4 output after the JEA and PowerSouth sales contracts expire.

Financial
Strength

MEAG Power’s financial strength derives from its hard-earned credibility in the marketplace, with more than $12 billion in assets managed by utility industry financial experts who ensure that our projects are financed under the most favorable terms and rates possible.

Low-cost debt
averaging 3.91%

Access to $605 Million of bank credit facilities

$2.2 Billion of low-cost
Department of Energy
secured loans

$638 Million of Municipal Competitive
Trust assets

Investment-grade credit ratings

Fitch RatingBBB+ to A-

Moody’s Investment Services Baa2 to A1

Standard & Poor’s BBB+ to A

Competitive
Advantages

MEAG Power’s competitive advantages run the gamut from operational to financial to infrastructure, all derived from being a non-profit public power joint action agency.

  • Membership in Statewide Integrated Transmission System (ITS)
  • Access to Wholesale Markets
  • Low Cost per kWh (6.58¢ per kWh in 2021)
  • High Percentage of Emissions-Free
    Delivered Energy
  • United Advocacy at State and Federal Level
  • Engineering and Construction Solutions
    for Participants
  • Sophisticated Energy Market and Trading Resources Through The Energy Authority (TEA)
  • Membership in the Southeast Energy Exchange Market (SEEM)
  • Industry Leadership
    American Public Power Association SEEM
    Large Pubic Power Council The Energy Authority

Public Power
Communities

Our 49 public power Participants deliver a host of benefits to their communities that foster quality of life and long-term well-being. Local control allows Participants to deliver an array of public power advantages to the benefit of their communities with the full understanding and appreciation of local needs.

Community
Ownership

Local
Decision-Making

Favorable
Financing

Quality
Service

Hometown
Employment

Superior
Reliability

Affordable
Power

Revenue Reinvested
in the Hometown

Economic
Development

Continue to lessen our reliance on coal, and to exit our ownership participation in Plant Wansley’s coal units in 2022.

Support application to extend the operating license for Plant Hatch Units 1 & 2 by 20 years, and add the Vogtle Units 3&4 output after the JEA and PowerSouth sales contracts expire.