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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.