News Story

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.