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New York, June 16, 2026 – Moody’s Ratings (Moody’s) has upgraded the senior lien rating of Municipal
Electric Authority of Georgia’s (MEAG Power) Plant Vogtle Units 3 & 4 (Vogtle Project) PPA Project J
revenue bonds (Project J) to A2 from A3. The outlook is stable.
RATINGS RATIONALE
The upgrade reflects the improved credit quality of JEA, FL - Electric Enterprise (JEA, Aa3 senior lien, A1
subordinated lien; stable). JEA is the sole offtaker pursuant to a take or pay (TOP) wholesale power
purchase agreement (PPA) with MEAG Power that supports the payment obligations of the Project J
revenue bonds. The PPA entitles JEA to approximately 206 MW of capacity and energy from the Alvin W.
Vogtle Nuclear Electric Generating Plant Units 3 & 4 (Vogtle Units 3 & 4) through 2044.
The rating considers the primary source of revenue that secures the debt service of the Project J bonds is
based on payments from JEA under the TOP contract with JEA. Under the terms of the TOP contract, JEA
will pay (a) all operating costs of Project J attributable to each of Vogtle Units 3&4 for the first 20 years after
commercial operation of each unit and (b) the first 20 years of debt service costs of Project J attributable to
each of Vogtle Units 3&4. The rating also acknowledges that under the terms of Project J revenue bonds,
and commencing in 2044 with the expiration of the initial 20 year TOP contract with JEA, the contractual
arrangements move from JEA to a diverse group of 39 MEAG Power municipal electric participants until
2064. The TOP PPA obligates JEA to make debt service payments to Project J whether or not Vogtle Units
3 & 4 are operable, underpinning the credit strength of the contractual framework. Furthermore, the PPA
and the TOP wholesale power contracts with the participants have been validated by the courts in the State
of Georgia, which we view as a unique strength underlying the contractual framework.
The rating further acknowledges the sound operational performance at both Vogtle Units 3 & 4, which
began commercial operations and entered service on July 31, 2023 and April
29, 2024, respectively. The successful start-up of Vogtle Units 3 & 4 eliminates the potential for
construction-related cost increases to the offtaker.

ATLANTA – May 27, 2026 – MEAG Power today announced that Pineview Solar LLC
(“Pineview”), a utility-scale solar energy facility in Wilcox County, Georgia, entered commercial operation and is now serving 22 MEAG Power Participant communities with 80 MW of generation. The Participants that are part of the 15-year power purchase agreement (“PPA”) MEAG Power has with Pineview include Albany, Blakely, Buford, Cairo, Calhoun, Camilla, Cartersville, College Park, Covington, Crisp County, Douglas, East Point, Forsyth, Griffin, LaGrange, Marietta, Monroe, Moultrie, Newnan, Palmetto, Thomasville, and Oxford.

“The addition of 80 MW of solar generation—enough to serve 15,000 households each year— gives our Participants a generation resource with long-term price stability and protection against spikes in energy market prices,” said MEAG Power President & CEO Jim Fuller. “The Participants will receive energy at a fixed price, pay only for the energy produced and collect renewable energy credits for each MWh produced. Offering non-emitting solar power also will enhance their ability to attract businesses and residents to their communities.”

The Pineview facility is owned by Linea Energy, a developer and operator of sustainable energy solutions, and was constructed by Discovery Industries. It utilizes innovative technologies, including bifacial solar panels and racking equipment that tracks the sun. Bifacial panels capture sunlight on both sides of the panel, taking advantage of light reflecting off the ground, while the racking systems adjust their tilt so that they follow the sun throughout the day, maximizing their energy production.

“For MEAG Power, the addition of solar energy will enhance the affordability, diversity and emissions-free profile of our generation portfolio, which has delivered, on average, 65% emissions-free energy since 2016.” said Fuller.

About MEAG Power

The Municipal Electric Authority of Georgia (MEAG Power) is a nonprofit, statewide generation and transmission organization created by the Georgia General Assembly in 1975. MEAG Power provides reliable, competitive wholesale electricity to its 49 member communities (Participants), who own their local distribution systems, through take-or-pay contracts. The organization also monitors and advocates on energy issues at the state and federal levels on behalf of its Participants. Recognized as one of the leading joint action agencies in the country, MEAG Power is among the top public power companies nationwide in terms of annual net generation, megawatt-hour sales and electric revenue. Its diverse, clean energy portfolio – delivering, on average, more than 65% emissions-free energy since 2016 – compares favorably with both the state and national averages.

On August 6, 2025, Fitch Ratings simultaneously affirmed its ratings on the above referenced Bonds (the “Bonds”) and at Municipal Electric Authority of Georgia (“MEAG Power”)’s request withdrew its ratings for MEAG Power’s Project One, General Resolution, Combined Cycle Project and Vogtle Units No. 3 and 4 Projects.

MEAG Power has decided to no longer utilize Fitch Ratings to rate its outstanding bonds and new issuances. MEAG Power’s bonds remain rated by Moody’s Investors Service and Standard & Poor’s.