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Fitch Affirms MEAG Power GA's Combined Cycle Project Rev Bonds at 'A-'; Outlook Stable

Fri 01 Nov, 2024 - 3:17pm ET

Fitch Ratings - Austin - 01 Nov 2024: Fitch Ratings affirms the 'A-' rating on the following bond issued by the Municipal Electric Authority of Georgia (MEAG Power):

--$23.9 million combied cycle revenue bonds, series 2020A

The Rating Outlook is Stable.

ATLANTA – April 29, 2024 – MEAG Power is pleased to announce that Unit 4 at Plant Vogtle entered commercial  operation today. Unit 4 adds 250 MW of emissions-free generation capacity to MEAG Power’s portfolio. Together with  Vogtle Unit 3, which entered commercial operation on July 31, 2023, MEAG Power has added 500 MW of clean energy to its portfolio, an equivalent amount to power an estimated 227,000 homes and businesses. 

“Vogtle Units 3 & 4 will provide reliable, clean, safe and affordable baseload power to our Participant communities for  the next 60 to 80 years,” said MEAG Power President & CEO Jim Fuller. “Building the first advanced nuclear reactors  in the U.S. is a historic achievement for Georgia, and reflects the hard work and unwavering dedication of everyone who  worked on-site and off, including MEAG Power’s Board members, our Participant communities, and project partners  PowerSouth Energy Cooperative and JEA.”  

“The Plant Vogtle expansion was a highly complex undertaking,” Fuller continued. “Throughout the entire process our  priority has been serving the best interests of our Participant communities. Vogtle Units 3 & 4 will be a key component  in satisfying the growing energy needs of their citizens and businesses for decades to come.”  

With its four units combined, Plant Vogtle is now the largest generator of clean energy in the nation, expected to  produce more than 30 million MW hours of electricity each year. Vogtle Unit 4 was declared available for reliable  dispatch by Southern Nuclear, which will operate the new units for the Vogtle co-owners: MEAG Power, Georgia  Power, Oglethorpe Power and Dalton Utilities.  

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, 66% emissions-free energy since 2016 – compares favorably  with both the state and national averages. 

Media Contact:

Andy Mus 

Communications Manager 

amus@meagpower.org 

770.563.0336

We are very pleased to share with you that fuel load into the Unit 4 reactor core has begun at Plant Vogtle. The fuel load process marks a crucial milestone toward startup and commercial operation of Unit 4. 

During fuel load, nuclear technicians and operators from Westinghouse and Southern Nuclear are  scheduled to safely transfer 157 fuel assemblies one-by-one from the Unit 4 spent fuel pool to the Unit 4 reactor core over the coming days.  

Startup testing will begin next and is designed to demonstrate the integrated operation of the primary  coolant system and steam supply system at design temperature and pressure with fuel inside the reactor.  Operators will also bring the plant from cold shutdown to initial criticality, synchronize the unit to the  electric grid and systematically raise power to 100%.  

This testing -- the same process Unit 3 went through starting late last year -- takes a number of weeks,  leading to commercial operation. Vogtle Unit 4 is projected to enter service by the first quarter of 2024. 

The Unit 4 fuel load milestone follows Unit 3 entering commercial operation just over two weeks ago, on  July 31, becoming the first newly constructed nuclear unit to enter service in the U.S. in more than 30  years. 

As always, we will keep you updated on the continued progress toward commercial operation of Vogtle  Units 4.  

If you have any questions, please feel to reach out to your Regional Manager, Steve Jackson  (770-563-0314) or me (770-563-0522).