Project

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, an additional 5.1 percent ownership interest 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 “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. Following the retirement of Generation Station Wansley in 2022, MEAG Power’s generating interests in the General Resolution Projects represent a total of 115 MW of nominally rated nuclear capacity, and 327 MW of nominally rated coal-fired 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.