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MEAG Power
Investor Relations
Edward E. Easterlin, Senior Vice President and Chief Financial Officer
About
Learn about MEAG Power, including Featured News, Key Projects, and The Team.
View 4 Photos
- Total Generating Capacity
- 2,069 MW
- Our Members
- 49 Participants
- Debt Outstanding
- $8.499 billion
About MEAG Power
The Municipal Electric Authority of Georgia (MEAG Power) is a nonprofit, statewide generation and transmission organization. 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 67% emissions-free energy in 2019 – compares favorably with both the state and national averages. 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. MEAG Power also monitors and advocates on energy issues at the state and federal levels on behalf of its Participants.
MEAG Power has more than $11 billion in assets and delivered 10.8 million MWh of electricity in 2019 through a generation fleet with a capacity of more than 2,000 MW. MEAG Power owns more than 1,300 miles of high-voltage transmission lines and nearly 200 substations. Its generation fleet includes co-ownership of two nuclear and two coal-fired generating plants and sole ownership of a natural gas combined cycle facility. MEAG Power is also a co-owner of the new nuclear Plant Vogtle Units 3&4, estimated to come online in 2021 and 2022.
Our Projects
Project One, established and financed under the Power Revenue Bond Resolution, consists of undivided ownership interests in nine generating units, separately owned transmission facilities and working capital.
Projects Two, Three and Four (the General Resolution Projects), established and financed under the General Power Revenue Bond Resolution, consist of additional undivided ownership interests in seven generating units.
The Combined Cycle Project, established and financed under the Combined Cycle Project Bond Resolution, consists of ownership in Wansley Unit 9 and includes two combustion turbines, two supplementary fired heat recovery steam generators, and one steam turbine.
MEAG Power also has an ownership interest, through the Vogtle Units 3&4 Project Entities M (off-taker is MEAG Power Participants), J (off-takers are JEA and MEAG Power Participants), and P (off-takers are PowerSouth Energy Cooperative and MEAG Power Participants), in two additional nuclear generating units under construction at Plant Vogtle, Units 3 and 4, which are estimated to come online in 2021 and 2022.
Our Participants
Acworth, Adel, Albany, Barnesville, Blakely, Brinson, Buford, Cairo, Calhoun, Camilla, Cartersville, College Park, Commerce, Covington, Crisp County, Doerun, Douglas, East Point, Elberton, Ellaville, Fairburn, Fitzgerald, Forsyth, Fort Valley, Grantville, Griffin, Hogansville, Jackson, LaFayette, LaGrange, Lawrenceville, Mansfield, Marietta, Monroe, Monticello, Moultrie, Newnan, Norcross, Oxford, Palmetto, Quitman, Sandersville, Sylvania, Sylvester, Thomaston, Thomasville, Washington, West Point, Whigham.
For more information about MEAG Power, visit www.meagpower.org.
Featured News
December 14, 2020
News
Condenser Vacuum Testing on Vogtle Unit 3 Completed
The following is a Georgia Power news release:
Georgia Power today announced the completion of the pre-operational condenser vacuum test of the Vogtle Unit 3 turbine system. The milestone marks another step for the Vogtle 3 & 4 nuclear expansion project toward operations and providing customers with a clean, carbon-free energy source for the next 60 to 80 years.
The test was conducted with the main turbine on turning gear and by operating supporting systems to establish the condenser vacuum, which is necessary to demonstrate the steam supply and water-cooling systems operate together and are ready to support hot functional testing and initial fuel load in the reactor.
For more information:
December 11, 2020
News
Plant Vogtle Vogtle Unit 4 shield building roof set
The following is a Georgia Power news release:
The two-million-pound roof of the Vogtle Unit 4 shield building has been set into place at the Plant Vogtle nuclear expansion project near Waynesboro, Georgia. With this placement, there is now one last major crane lift remaining for Vogtle Unit 4, the CB-20 module, which is part of the AP1000 reactor’s advanced passive safety system. The Vogtle Unit 4 shield building roof placement comes just days after the receipt of the first nuclear fuel shipment for Vogtle Unit 3, representing the first nuclear fuel shipment for the AP1000 reactor in the U.S.
For more information:
December 9, 2020
News
Vogtle Unit 3 receives first nuclear fuel shipment
The following is a Georgia Power news release:
Plant Vogtle Unit 3 has received its first nuclear fuel shipment, representing the first nuclear fuel shipment for this newly-designed AP1000 reactor in the U.S. The milestone marks a major step for the Vogtle 3 & 4 nuclear expansion project towards operations and providing customers with a carbon-free energy source that is expected to put downward pressure on rates for decades to come.
In order to receive nuclear fuel, construction of specific areas of Unit 3 had to be completed and inspected, ensuring critical infrastructure, such as the fuel vault and spent fuel pool, meet construction quality and design requirements. With site construction turning over the fuel handling area of Vogtle Unit 3 to operations, the Vogtle 3 & 4 site implemented specific and comprehensive policies, procedures and security measures to safely receive, handle and store the nuclear fuel.
For more information:
Key Projects
MEAG Power Projects Overview
Our Projects
Project One, established and financed under the Power Revenue Bond Resolution, consists of undivided ownership interests in nine generating units, separately owned transmission facilities and working capital.
Projects Two, Three and Four (the General Resolution Projects), established and financed under the General Power Revenue Bond Resolution, consist of additional undivided ownership interests in seven generating units.
The Combined Cycle Project, established and financed under the Combined Cycle Project Bond Resolution, consists of 100% ownership in Wansley Unit 9.
MEAG Power also has an ownership interest, through the Project Entities M , J and P, in two additional nuclear generating units under construction at Plant Vogtle, Units 3 and 4, which are estimated to come online in 2021 and 2022.
Project One
Project One (acquired in 1977 and in subsequent transactions) established and financed under the Power Revenue Bond Resolution, consists of 17.7 percent ownership interest in Generation Station Hatch and Generation Station Vogtle (photo, right), each consisting of two nuclear generating units and common facilities, 10.0 percent ownership interest in the two coal-fired generating units and common facilities at Generation Station Wansley, including the Generation Station Wansley Combustion Turbine, 10.0 percent ownership interest in two of the four coal-fired generating units (Generation Station Scherer Unit Nos. 1 and 2), and 5.0 percent ownership interest in the common facilities at Generation Station Scherer, certain transmission system facilities and working capital.
MEAG Power’s ownership interests included in Project One represent a total of 693 MW of nominally rated nuclear capacity, 335 MW of nominally rated coal-fired capacity, and 5 MW of combustion turbine capacity. Georgia Power Company (GPC), Oglethorpe Power Corporation (an Electric Membership Corporation) (OPC) and the City of Dalton, Georgia (Dalton Utilities) are co-owners of the generating units with MEAG Power. GPC has contracted to operate and maintain these jointly-owned facilities as agent for the respective co-owners.
In addition to these generation facilities, MEAG Power, GPC, and Georgia Transmission Corporation (GTC; formerly OPC transmission division) and Dalton Utilities are joint owners of the Integrated Transmission System (ITS), which provides transmission access to 90 percent of transmission systems in the State of Georgia. The ITS was first formed in l973 and represents an asset for all its owners as it ensures checks and balances on individual new investment expenditures while providing each owner nearly statewide access. Individual transmission lines and substations are owned and maintained by the individual entities but they are planned and operated as one system. GPC has contracted to operate and maintain these jointly-owned facilities as agent for the respective co-owners.
MEAG Power’s ITS facilities and other transmission facilities consist of approximately 1,323 miles of transmission lines, 18 transmission substations, and 194 distribution substations and certain distribution substation investments at certain substations owned by GPC and GTC. MEAG Power’s aggregate investment in such facilities at year-end 2019 totaled approximately $860.5 million.
Project One is supported by take-or-pay contracts with each of MEAG Power’s 49 Participants in such projects, which are entitled to a percentage, or Entitlement Share. Each Participant is obligated to pay a percentage equal to its Entitlement Share of MEAG Power’s costs with respect to such generation and transmission facilities. To the extent capital improvements for these project are not paid from revenues, the costs are financed under the Power Revenue Bond Resolution.
Projects Two, Three and Four – General Resolution Projects
Project Two (acquired in 1978 and in subsequent transactions), established and financed under the General Power Revenue Bond Resolution, consists of an additional 5.1 percent ownership interest in the two coal-fired generating units and the common facilities at Generation Station Wansley, including the Generation Station Wansley Combustion Turbine, additional 5.1 percent ownership interests in Generation Station Scherer (photo, right) Unit Nos. 1 and 2, and an additional 2.55 percent ownership interest in the common facilities at Generation Station Scherer and working capital.
Project Three (acquired in 1980), established and financed under the General Power Revenue Bond Resolution consists of an additional 15.1 percent ownership interest in Generation Station Scherer Unit Nos. 1 and 2 and an additional 7.55 percent ownership interest in the common facilities at Generation Station Scherer and working capital.
MEAG Power’s fourth project (“Project Four” and, together with Project Two and Project Three, the “Existing General Resolution Projects”) acquired in 1984 and established and financed under the General Power Revenue Bond Resolution, consists of an additional 5.0 percent ownership interest in the original two nuclear generating units and the common facilities at Generation Station Vogtle and working capital. MEAG Power’s generating interests in the Existing General Resolution Projects represent a total of 115 MW of nominally rated nuclear capacity, 415 MW of nominally rated coal-fired capacity, and 3 MW of combustion turbine capacity.
Project Two, Three, and Four are supported by take-or-pay power sales contracts with 48 out of the 49 MEAG Power Participants in such projects, which are entitled to a percentage, or Entitlement Share. Each Participant is obligated to pay a percentage equal to its Entitlement Share of MEAG Power’s costs with respect to such generation facilities. To the extent capital improvements for these project are not paid from revenues, the costs are financed under the General Power Revenue Bond Resolution.
The Combined Cycle Project
The Combined Cycle Project (“CC Project”) began commercial operation on June 1, 2004. The CC Project is a separate project from Project One and the General Resolution Projects, as described above. The CC Project is wholly owned by MEAG Power and consists of a natural gas-fired combined-cycle facility (photo, right) that has a nominal summer capacity of 503 MW. The facility, which is also known as Wansley Unit 9, includes two combustion turbines, two supplementary fired heat recovery steam generators, and one steam turbine.
The CC Project is supported by take-or-pay power sales contracts with 37 of MEAG Power’s Participants, which are entitled to a percentage or Entitlement Share. Each Participant is obligated to pay a percentage, equal to its Entitlement Share, of MEAG Power’s costs with respect to such generation facilities. To the extent capital improvements for these project are not paid from revenues, the costs are financed under the Combined Cycle Project Resolution.